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DEFINE AND TRACK PRACTICE FINANCIAL PERFORMANCE |
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INVOLVE THE ENTIRE TEAM |
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Data is essential to understanding the health of |
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Real progress begins when every team member |
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practice operations. To truly understand how your |
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understands their role in achieving company goals. |
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practice is performing, you need a clear framework |
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Transparent communication is essential; share the |
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for defining what financial success looks like and a |
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goals, explain why they were chosen and outline |
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disciplined approach to tracking it. Consider these |
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specific behaviors or processes that support them. |
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steps to get started: |
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When your team understands what you’ re |
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1. Identify the key performance indicators |
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measuring and why, financial performance |
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that matter most to your specialty and |
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becomes a shared responsibility rather than |
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business model. |
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an abstract concept. This sense of ownership |
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2. Establish baseline measurements so you can
see where you stand today as a benchmark
for moving forward.
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encourages staff to look for efficiencies, improve patient interactions and support one another in meeting targets. Regular check-ins, specific feedback and celebrating milestones helps |
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3. Monitor these indicators monthly and |
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maintain momentum and reinforces that success is |
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compare them against industry benchmarks |
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a collective effort, not just a leadership initiative. |
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and your own historical trends. |
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This ongoing visibility allows you to spot inefficiencies early, evaluate whether operational changes are working and make informed decisions that strengthen your financial foundation.
Your Strategic Ally in Practice Growth
When you make business decisions based on the data that drives your practice, you’ re able to operate more efficiently and work toward a more profitable practice.
03
SET GOALS FOR YOUR PRACTICE
Once you have clarity on your current financial performance, the next step is to set intentional, measurable goals that drive growth. Focus on the areas that most directly influence your bottomline, including collections, new patient acquisition, profitability and treatment acceptance. Profit goals can be tied to reducing overhead or increasing revenue per visit, while treatment acceptance goals may involve enhancing patient education or refining case presentation. When these goals are clearly defined, realistic and aligned with your mission, they create a roadmap that guides daily decision-making and keeps the entire team focused on meaningful progress.
Our health care pros understand the ever-evolving complexity of being a medical practice owner. Count on us for strategic collaboration to help define current practice metrics, set realistic goals, build business plans, outline budgets and everything in between
About the Author
STEPHEN SKOK, CPA, MST
PRINCIPAL, DOEREN MAYHEW ASSURANCE PRINCIPAL, DOEREN MAYHEW ADVISORS LLC skok @ doeren. com
With nearly 20 years of experience, Stephen is a trusted business advisor to clients in the dental and health care industries. Collaborating closely with general practitioners and dentists, he provides strategic, financial and operational guidance to enhance practice performance.
18 | VIEWPOINTS: ISSUE 1 2026