DataDX®, a business intelligence platform for independent medical and dental practices, has announced the availability of BenchmarkDX™, a benchmarking system specifically 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 any size. Expenses and revenue can be filtered by the size of the practice, the number of dentists on staff, procedure counts, and the number of patients—down to specific detailed expenses such as labor costs, supply expenses, and administrative costs.
BenchmarkDx is designed to help 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, according to a press release from the company. 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expenses despite extreme outliers year-over-year (i.e., PPP loans, low procedure counts due to the pandemic, and outdated competitive salary data).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.
The new benchmarking capability offered by DataDx allows dental offices to build out custom ratios and benchmark criteria to look at their specific business activities in new ways and identify potential efficiency gains.