Three keys to practice health amid the COVID-19 crisis
The best businesses do more than survive a downturn. They manage their cash, financials, and performance metrics closely. They seek opportunity and position themselves to thrive in the subsequent upturn.1 So, what should orthodontic business owners do to not only survive but also find ways to thrive after the COVID-19 pandemic?
Evaluate your business metrics to navigate your recovery
First, understand the full picture of your business operations, and identify which are the critical metrics driving your business. Next, ensure you have a system in place for regular tracking, review, and action planning based on what your data tells you. Having a system to review your metrics is essential so that you establish a regular cadence and consistency in what you are measuring and reviewing each period — daily, weekly, monthly, quarterly, and yearly.
Extract value from every action
The mantra of successful businesses since the Industrial Revolution has been about maximizing efficiency and minimizing waste by leveraging tools and technology to continuously improve. Successful, resilient practices embrace this concept for the betterment of their bottom line. In challenging times, the importance of this is amplified. You must ensure every action and resource spent brings value to the organization. When reviewing your metrics with your team on a regular basis, identify the areas where actions will have the greatest impact. Prioritize and commit to timelines for following through on actions. Use your metrics as a check-in to motivate, celebrate, and hold each other accountable to ensure the business stays on track to plan.
Explore as a solution seeker
By understanding your end-to-end business performance, your mind is open to explore a multitude of solutions. We get stuck when we get caught in binary thinking or only focus on one idea to solve a problem. From managing your schedule, to harvesting your observation pool, to managing your collections, having visibility into the areas where you can make quick and immediate impact first is the best approach getting your business back to health.
Power your practice with tools that help manage your business better
Gaidge answers the complicated question of what to measure and solves the system and time problems with automation and data visualization. This gives business leaders an easy way to comprehend large masses of information in a snapshot and thereby guiding them on where to focus efforts. Gaidge is a cloud-based business analytics software custom-built for orthodontic practices. The program offers its users comprehensive analysis and seamless, automated access to their practices’ key performance indicators (KPIs). With over 80 available metrics and 35 visual reports, Gaidge is an essential management tool that provides business intelligence dashboards, functional performance detail, benchmarking, and practice performance comparisons.
Coming soon! Overhead expense tracking
The Gaidge platform’s powerful features are automated with nightly uploads to give you unprecedented visibility into your practice’s performance, essential business metrics, and your most important goals. Launching in Summer 2020 – the new Overhead module will be integrated with QuickBooks® for automated expense tracking and added performance metrics. This new module allows you to view your expenses by category, making it easier than ever to review trends and control your overhead.
For more information, visit www.gaidge.com or call 800-287-3396.