Laurie Stanwick, Sales Director, Percipient, looks at the business value of digital transformation in dentistry.
Having experienced rapid growth and significant consolidation over the last 10-15 years, dental practices are turning to digital, not just in the techniques and methods in their treatment rooms, but also in the back office.
Driven by a need to optimise the patient experience, demonstrate best practices, and capitalise on new opportunities to diversify or expand, forward-thinking practices are replacing the spreadsheets, manual systems and bespoke applications which have traditionally underpinned back office and management processes, with modern platforms.
Complexity Bites
Financial management in dentistry can be complex, and bottlenecks in the billing, invoicing, procurement, and payment tracking, can impede cash flow and result in delays and errors. Furthermore, manual processes represent an unnecessary drain on valuable finance team time and can hamper their ability to take a strategic view of the overall business.
Often practices operate a multitude of services. From NHS and private dentistry to cosmetic procedures and orthodontics, all of which come with different funding and pricing structures, each relies upon very different supplier profiles, with variable payment terms.
Automation & Accuracy
Through investing in capabilities which can automate financials, integrate with patient record and treatment systems, and generate insights for better visibility and decision-making, dentist practices can ensure greater control over all aspects of the business.
Modern systems address this need by providing a dimensional general ledger, continuous consolidation, and the ability to drill down into the numbers across multiple entities through easy-to-use reporting features and dashboards.
The best platforms are cloud-based, scalable and easy to use, allowing transactions to be created and tracked across multiple locations in minutes. Those which facilitate the consolidation of multi-entities, enabling easy access to insights in real-time, and managing permissions to allow the right people access to the right information are key. Crucially, the best systems will shorten close time substantially and eliminate the inevitable inaccuracies which come with manual processing of accounting information.
When looking for a solution, it’s important to focus on industry specificity and dashboards for easy access to insights. Reporting tools should have an advanced audit trail to track patient data, spend management, budgeting, and planning. Sage Intacct’s role-based dashboards, for example, feature visuals or critical metrics and accounting information to enable both financial and non-financial users to easily acquire the answers they need at just a glance. This ability to examine data at any given point in time by location, item, cost drivers and more in a matter of minutes, drives unprecedented visibility. Every transaction within the system is tagged with dimensions, making it easy to sort, filter, view, and report on the specific information needed at any given point.
Precision Operations
More accurate financials mean better patient communications and faster payments, while insurance claims can be processed effectively against treatment codes to reduce the likelihood of billing errors that could lead to disputes or delays.
This expedited payment cycle, alongside reduced administration, and fewer frustrations to support productivity, means that management can focus on the patient experience, performance, and future growth.
Another consideration is consolidation. Increasingly, the level of maturity and capability of a business’s tech stack can influence valuations, so getting it right has become a prerequisite rather than a value-add.
Embracing a Digital Future
The future of dentistry is undoubtedly digital, and those who embrace technology, not just in the treatment room but also in the back office, stand to lead the way in a new era focused on efficiency, innovation, and excellence in patient care.
Sage Intacct brings financial proficiency around reporting, consolidation, and more to enable dental practice and healthcare finance teams to regain control, automate processes, and focus on strategic decisions that will drive the business forward.
Sage Intacct for Dentists
Choosing a new finance system for your business can be overwhelming – but that’s where we can help. For more information on how we can integrate Sage Intacct into your practice, get in touch or call the team on 01606 871332.
