When it comes to assessing practice success, understanding various returns on investment is critical. Kiera and Kristy explain what the Dental A-Team is looking for when it comes to understanding the success (or lack thereof) of various investments. They specifically touch on the power of five different KPIs that'll keep your practice in line.

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Transcript:

Kiera Dent (00:00 )

Hello, Dental A Team listeners. This is Kiera and today it's the KK podcast. Kiera and Kristy hanging out today. Kristy, how you doing today?

 

DAT Kristy (00:10 )

Good, it's a good day.

 

Kiera Dent (00:12 )

It's a great day. you like, I feel like I want to like KK. I mean, it's not, it's only two K's everybody listening, but I feel like it's like the Kit Kat. I don't know. It feels kind of like that between you and me. don't know why, but yeah, double the, or we could be like double mint, like double the flavor, double the fun. It's Kieran Kristy on the pod. Like there's just the two of us cause there's no other K names in the consultant world. It's just Kieran Kristy. So I mean, we got

 

DAT Kristy (00:36 )

That's right.

 

Kari and Kristy, you got it.

 

Kiera Dent (00:40 )

Kiera and Dana, so that could be my initials, cute. Then there's Kiera and Trish, but there's Trish and Tiffanie. Then there's Kiera and Brittany, no BS, Britt, she's on her own realm. And then we've got Monica. So, see, it's the two Ks, it's the double the, like, we're just gonna have fun here. Like, you get two of us, two brilliant brains. And believe it or not, Kristy and I actually might just be rivaling for like some of the biggest gains this quarter, so.

 

DAT Kristy (00:55 )

Yes, it does.

 

Kiera Dent (01:07 )

⁓ not that we're here just for gains on clients, but Kristy does give me a run for my money, which all the consultants do. And Kristy's just like, she's, she's coming on hot this, this quarter. So I thought it'd be really fun, Kristy, for us to kind of dig into. Like either quarterly or twice a year annual reviews that we kind of do with clients and how you assess it. And we show the ROI that clients are getting, just cause I think it's important for clients to see like, what should you be assessing in your practice quarterly or two times a year?

 

How's the practice going? And Kristy, I think you're really, really strong in this. And I think you're really talented at looking at the practice and about their numbers and about, like, you love that. You and I will geek about numbers all day long, which is why it's the KK club, the KitKat club. Like we're here for the numbers. We're here for the fun. ⁓ But yeah, Kristy, kind of take it away of how do you set this up? What do you look at with clients when you're assessing their practices? Because always client style is like, I want ROI on consulting. And you do like,

 

amazing job at showing that ROI. So kind of take it away of what do we look at? How do we determine ROI? And I know this is your jam. This is what you love to do.

 

DAT Kristy (02:15 )

I love it. You're right. I do. You know, we all.

 

Kiera Dent (02:18 )

Do hear that little

 

giggle? I hope everybody heard that. Like that's Kristy's like. Kristy lives for this stuff and it makes me so happy because I do too. Like it's fun. It's fun to get the gains.

 

DAT Kristy (02:28 )

Yeah,

 

absolutely. Well, you and I have talked about this before. So many doctors just look

 

their bank account to see if they're on track or off track. And it's such a false sense of security looking at or lack of security, one of the two. with that being said, ⁓ there truly is like five

 

Kiera Dent (02:36 )

you

 

Mm-hmm.

 

DAT Kristy (02:48 )

KPIs that we're going to look at. And a couple of them are lag measures. A couple of them are lead measures.

 

⁓ first view would be production net production collections. Yeah.

 

Kiera Dent (03:01 )

Yeah, don't even get into that gross. We don't want gains that are fake all y'all, okay? Like get

 

out. ⁓ Jason and I were talking the other day about guys, there's this, okay, Kristy, I'm gonna go on Tanger for a second. There's this really attractive actor on this show we're watching and I'm like, truly I was so disappointed when they kind of cut him from a couple episodes. I was like, no, she's gotta get back together with this guy because he's so good looking. And my husband and I, we look, because he looks pretty short.

 

DAT Kristy (03:13 )

you

 

Kiera Dent (03:28 )

So I like scoped him and I was like, how tall is this guy? And he says he's six foot and Jason's like, there's no way he's six foot. He's like, but do you ever hear some guy come in and they're like, yeah, I'm like 5'11". He's like, no, they all push them to the six foot. And I feel like that's what gross production is. It's like all of us are like, yeah, like I'm basically six foot. Yeah, I'm basically like a millionaire. Yeah, I'm basically there. Like, so we're talking, no, get out. We're here for like actual gains that you're actually getting net production.

 

my little side tangent, it's okay. It's okay if you're 5'10". It's okay if you're 5'9". It's okay if you're 5'11". We in production want to know the real number that we can actually collect, not the artificial one that makes you feel good when you're chatting with friends. You can fluff your height, but don't fluff your production.

 

DAT Kristy (04:15 )

love that 100%. So we got the net production and then the collections,

 

Kiera Dent (04:16 )

you

 

DAT Kristy (04:22 )

dollar for dollar percentage. Obviously we want them to be 98 % or higher. And then on the flip side, where are we diagnosing? What's our case acceptance? And so many people just look at the percent of case acceptance, but I also want to look at the dollars of what you're diagnosing because is it enough to reach your goal?

 

you know, where's your profit point at and what do we need to hit? Because we can celebrate 100 % case acceptance, which I don't think anybody ever has 100%, but you know, if you're getting 50 % case acceptance, which is still a very good percentage, 50 % of what? If we need to hit 150 every month and we're only hitting 100, it's not enough to get us there. So those would be the main five KPIs that

 

⁓ tell us the health of your practice, right? And go ahead, care.

 

Kiera Dent (05:18 )

I

 

was gonna say, and Kristy, as you said that, diagnosing, don't think people realize is as important as it is. For whatever goal you wanna hit, there's a industry standard that you need to diagnose three times what you wanna produce. So if you wanna produce 100 grand, you need to be diagnosing 300,000 minimum to be able to get there, and you better hope you've got a great treatment coordinator who can close. And this is actually like...

 

I'm gonna like give a little secret away that we'll see if people are smart enough to pick up on in future years. This is the number one thing I actually look for in a consultant. I l