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MailFebruary 2022--Patient Prism’s CEO, Amol Nirgudkar, and Chris Sands of Pro-FI 20/20 Dental CPAs continue their discussion about the challenges facing dental practice owners and managers today that can be overcome by using Patient Prism’s AI software. In this final video segment of the series, they talk about the return on investment that real users of Patient Prism have had. It’s significant!
Just how much new patient revenue could your dental practice recover by using Patient Prism?
Patient Prism has clients that recover many thousands of dollars, sometimes over a million dollars, each month.
“Dental Depot used the data from Patient Prism’s performance report to gain insight into why some of their offices were struggling to book new patients,” says Nirgudkar. “They had capacity problems.” Thirty percent of new patients were turned away. Using the data Patient Prism tracked over six months, they decided to do an expansion. “Those are the decisions that sometimes people make,” says Nirgudkar.
Today, there is no problem with demand asserts Nirgudkar. The problem is supply. Do we have the chairs? Do we have the doctors, the hygienists? Elevating the AI information into an insight made Dental Depot’s owners aware that they could afford to add two more chairs and hire an associate. Otherwise, they would be continuing to turn patients away.
If you are a multi-location group and you have two or more offices within a specific geographic area, you can use Patient Prism to recommend more immediate appointments at another nearby office in your dental group.
“Patient Prism users become highly aware of what is at stake if the caller they turn away becomes the patient of a competitor. That’s an insight we drive in,” says Nirgudkar.
"Patient Prism has had small dental practices increase revenue by $150,000 within six months and a DSO with fifty locations recover almost $1.6 million within one month by using Patient Prism alerts and coached feedback to call back prospective patients. The patients they recovered with call backs came at no extra marketing cost," says Amol Nirgudkar.
Constant coaching reminds team members of best practices and to do their best
“The big thing we've learned, and as I've said before, dentistry is a team sport. We've got to get everybody on the bus. Our front office, our back office, our hygienists, our assistants, our treatment owners, our doctors -- everybody's got to be aligned. And we feel that, if we can get the front office team aligned with the values of the practice and giving the best patient experience all the time, Patient Prism is a tool that facilitates their greatness. It really coaches them into becoming better versions of themselves,” says Nirgudkar.
“I think people have to know that they're having impact on the business that they're working for,” says Chris Sands. “Ultimately, it's about those patients coming in and being served.”
“I one hundred percent agree,” says Nirgudkar. “At the end of the day, we're in the people business. We're in the business of caring for our patients. We’ve got to get our entire team to buy into it.”
An example of teamwork is the case of a DSO with one hundred offices.
- Patient Prism sent them 5,687 alerts during the month of August 2021. Over 5,600 potential new patients did not book appointments.
- The teams in those offices followed up by making call backs to 5,626 patients, and 1,147 of the patients booked appointments.
- Those 1,147 booked appointments resulted in 802 patients who showed for their appointments.
Three takeaways from this example:
- The DSO had an ROI of twenty times by using Patient Prism.
- The teams learned through the callbacks how to better optimize their first conversations with new patients. During the next month, they had fewer failures to book appointments. As they are becoming more competent, they are building significant efficiency across one hundred dental offices.
- The teams learned they need to improve how they confirm appointments to reduce that 30% no show rate they experienced in August. That’s an insight they are working on now.
What does the ROI look like?
“The ROI is massive provided that you actually use the data, alerts, and intelligent insights that Patient Prism delivers,” says Nirgudkar. "In large cities like Miami, Atlanta, and New York, the cost of acquisition is in the triple digits due to the costs of marketing and because front office teams are not optimally conversing with new patients who call. That's the key problem that we're trying to solve. We are lowering the cost of acquisition by increasing conversion.”
Patient Prism’s sales team is happy to have ROI conversations with individual dental practices, multi-location dental groups, and DSOs. They have the expertise to assess what the ROI would be, based on the scale of the business, the market they are in, and the commitment the owners and managers must have to deploy its intelligence.
“A single doctor or two-doctor practice may look at this and think, ‘Oh, wow, this is fancy,’ but the best time to begin is always at the beginning, even if you just have one office,” says Sands. “Maximize that one office by capturing as much of the potential that that office has.”
Many of Patient Prism’s DSO clients have been with Patient Prism a long time. They started as one office and grew. “They grew to two offices and scaled by systematizing patient acquisition, retention, and case acceptance. They put their operational systems in place, and once they figured it out, they went on to expand to the next location and the next,” says Nirgudkar.
Just how easy is it to use Patient Prism?
Dental practice owners and managers often ask about how much time it will take for their team to learn how to use Patient Prism. They wonder if it will upset team members.
“Patient prism has an advanced training team,” says Nirgudkar. “We call them our customer success team. They basically set up and train your team on how to use the software. But we also have a library of over 1,200 videos made by industry experts that that talk about every aspect of dentistry. Out of those 1,200 videos, about four hundred of them have to do with front office conversations with callers and the soft skills related to converting callers…
"We definitely believe that education is key. Our customer success team is amazing. They will not leave you alone. They will make sure that you're using it. And they will uncover the insights for you and tell you that it's time to focus on a specific issue or the development of a particular employee."
People can be hesitant about being recorded but recording calls with customers/patients is common practice across the health industry. Setting emotion aside and realizing that it is all about improving what you do and becoming the best version of yourself is the first step. Then, it’s a matter of learning and watching your success as you do.
Team members, who are coachable and open, are the most successful, and they actually have fun with it. They are constantly competing with their personal rate of success and celebrating the impact their work has on patients coming into the office.
Because their employers and managers are monitoring the results of their new patient conversations, the receptionists know their contribution is being seen and recognized. It’s definitely gratifying to the front desk staff to see their monthly number of wins and estimated total of new patient revenue because now they feel like valuable players. They know clearly what they are there to do and others know they are succeeding at doing it.
Patient Prism’s extensive reports are designed to give you quick insight into your patient acquisition analytics
Patient Prism reports make it easier for:
- Front desk receptionists to work with competence, confidence, efficiency, and success
- Marketing personnel to do their job more effectively and at better calibrated cost
- Employers to intelligently budget, hire, train, schedule, and review team members
- Management to make smart, strategic improvements in the entire patient experience
- Management to know true demand and make intelligent expansion decisions
- Everyone to create moments that engender trust
Seeing the reports firsthand is great next step.
Dental practices of all sizes are saving time, saving money, generating more revenue, meeting expansion goals, and ensuring their future through new patient acquisition that is optimized by Patient Prism.
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