DataDx, a business intelligence platform for independent medical and dental practices, has announced the availability of BenchmarkDx, a dynamic benchmarking system for dentists. This new software tool allows for real-time comparison of aggregate private practice data.
Dental practices can use this feature within the DataDx analytics platform to compare their practice against high-performing practices of a similar size, as well as smaller and larger practices. Expenses and revenue can be filtered by size of the practice, number of dentists on staff, procedure counts and number of patients, down to the specific detailed expenses such as labor costs, supply expenses, and administrative costs.
“Dentistry, in particular, is a specialty that wants to compare it’s businesses against others in the industry,” said Glen Lawrence, chief business officer, DataDx. “This is an important rollout in our DataDx offering, as we are providing a capability that has been lacking in the industry. This tool delivers on our quest to get to the true cost per unit of care.”
BenchmarkDx helps dental practices look to their future growth, especially coming out of the pandemic shutdowns, and as they address debilitating staffing shortages facing the industry. Dentists are back to running at a full pre-pandemic patient load with less time to strategize and address future growth. They need access to this kind of benchmarking and financial information to both meet current demand and operate profitably, while also finding ways to grow capacity.
Dentists are struggling to forecast costs and revenue coming off two unprecedented years. This dental benchmarking tool produces models and helps accurately forecast expenses despite extreme outliers year-over-year (i.e., PPP loans, low procedure counts due to the pandemic, and outdated competitive salary data).
The DataDx tool does this by taking into account real-time data from multiple private dental practices. Putting real-time data in the hands of private practice dental offices is critical as the industry faces dramatically shifting supply chain issues and rising labor costs.
“I need a way to efficiently and accurately compare my financial performance against other private dental practices,” said Dr. Benjamin Wolfe, Wolfe Dental. “I do not have much control over the changing supply chain costs, so the key to growing my topline revenue is increasing treatment acceptance rates. I also need to be smart about my labor costs in an increasingly competitive labor market. I think I am on the right track, but I need and want to compare my data to real-time data in the market of my peers. This is critical in helping me make smart business decisions in this new climate.”
The new benchmarking capability offered by DataDx allows a dental office to build out custom ratios and benchmark criteria to look at their specific business activities in new ways and identify potential efficiency gains.
“The purpose of this tool is to help dentists interpret and understand their workload and its impact on all parts of the business,” continues Lawrence. “If practices are looking at the ratio of expenses to patient volume only, it will not paint the complete picture. The power is in being able to quickly analyze different units of service and determine where they are falling short against their peers, and then make changes to match the opportunity.”
Industry data available publicly is outdated before its even released and other data analytics solutions available to the industry today miss the mark as they rely on outdated data or are otherwise limited due to the reliance on self-reported data only.
This tool, along with the DataDx forecasting module, ForecastDx, puts machine learning in the hands of the end-user.
The dental financial tools, BenchmarkDx and ForecastDx are currently available to our HPA Dental members. Dentists interested, can request a demo at https://datadx.com.
DataDx plans to roll out similar benchmarking features to other medical specialties in the future, such as dermatology, orthopedics, and pain management.
DataDx provides business intelligence solutions for medical and dental practices. This cloud-based software solution provides real-time advanced analytics and actionable strategies to implement changes to achieve quality healthcare services, as well as revenue and cost goals. DataDx easily integrates with existing platforms and business applications to create a comprehensive view of the most important insights and context to identify shifting business trends and respond to environmental changes and industry regulations.
The company also offers a set of consulting services in practice management, payor contracting, telehealth, strategic planning, executive recruiting, finance initiatives, coaching, and more. The mission of DataDx is to bring best-in-class management and business intelligence resources to its clients, to improve business and clinical operations and help private practices achieve lasting success so that they can better serve patients and their community.