Doctor owners of a Wisconsin dental practice approached Baker Tilly after their current accounting provider failed to deliver timely and accurate financial reporting services. Specifically, they were receiving haphazard reports up to 60 days after month end. A delay in critical data was not valuable for financial performance tracking from both a timing and organizational standpoint. In addition, dental practice staff spent a significant amount of time on manual record keeping instead of patient-focused outcomes.
Baker Tilly solution
Baker Tilly Advantage outsourcing specialists met with doctor owners to learn more about their frustrations with monthly close and year-end financial reporting processes. To mitigate the inefficiencies associated with manual data entry, we recommended and implemented a cloud-based accounting software that automates payment, bill and payroll processes for businesses with limited accounting resources. The solution is designed to import client transaction data from financial accounts on a real-time basis to eliminate the need for manual entries.
Our team also leveraged their dental industry specialization to integrate a personalized dental dashboard with the client’s practice management software. The dashboard tracks employee productivity and benchmarks the practice against valuable dental industry data. For example, we helped our client set daily productivity goals for staff to measure key performance indicators (KPIs) around new patient onboarding and per hour productivity.
The dental practice has grown by more than 25 percent since Baker Tilly Advantage successfully implemented an outsourcing solution in 2016. Cloud software generates real-time reporting, eliminates the need for manual entries, reduces staffing needs and results in a timely, accurate and trusted monthly close process that supports data-driven management decisions. Baker Tilly Advantage ultimately empowered staff to focus less on administrative tasks and more on value-added management responsibilities to achieve patient outcomes that drive practice growth.
Our client’s dental dashboard continues to measure the practice against key industry benchmarks for increased clarity around financial performance. Managing the business is easier with a strong system in place to monitor KPIs such as the number of new patients seen, ratio of treatment presented versus treatment accepted and staff production on an hourly, daily and monthly basis. The dashboard also supports critical data underlying month and year-end financial reporting.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.