Hi everyone, welcome back to the Sikka Software Podcast. Here at Sikka we are passionate about bringing you tools and solutions that benefit your patients AND your practice. Today we are going to introduce you a powerful benchmarking index available on our Practice Optimizer and Practice Mobilizer – The Sikka Success Score. As a practitioner, you can benefit from the score by comparing your own performance to other practices across the country, identifying areas that could use improvement, and building actionable growth plans. We will also give you a view of how this Score is calculated.
So what does The Success Score tell you in general? The score allows doctors to easily understand how well their practices perform compared to the others in their peer group within Sikka Ecosystem. How big is our ecosystem? Sikka ecosystem connects to 96% of the retail healthcare market, and our cloud gathered data from over 12,000 installations, processing billions of transactions a day. And this is why we are proud to say this score is powerful. Because of our huge database, we are able to offer one of the most accurate and authoritative benchmarks for your practice in real time.
If you log in your practice Optimizer account, the first thing that jumps out is an Overall Score accompanied with a Percentile Score. The Overall Score analyzes 10 key metrics (or KPIs) of your business and compares Team and Practice performance to thousands of other similar businesses nation-wide. Based on performance your business is then ranked, using percentiles in each area and overall. Percentiles shows you how you compare to your peers. For example, if your overall percentile score is 95, then that means only 5 % of dentists of 12,000 installations are scoring equal or higher than you, and you are ahead of 95% of the others.
The minimum Overall Score is 63 and the maximum is 630. The Overall Score is the sum of the subscores for 10 KPIs, with each KPI weighted differently. For example, the Total Collection to Adjusted Production is considered a more important KPI than the No Shows to Appointments. Because we found a 10% drop in collections can translate into a 30% negative impact on the net revenue of a practice, whereas no shows would not affect a practice to the same degree. Therefore, the former one’s maximum score is set as 100, and later one’s maximum score is 30.
If we look at the subscore for each KPI, you will find each subscore is calculated based on certain range criterion we provide. For instance, if your No Shows to Appointments is below 1%, then you will get 30 (the full score) for this KPI. If it is between 1.5% to 2%, then your score will be 18. And if No shows reach above 3% of your total appointments, you will only score 3 for this KPI. The other subscores are calculated in the same way, but with different range criteria.
So this is how we calculate the Success Score. Your overall scores and KPI subscores for the last 30 days and last 365 days are both available on the platform. We hope you find it helpful and utilize this score to monitor your performance regularly.
Thank you for listening to the Sikka Software podcast, where we share tips and strategies to optimize your practice’s performance. Until next time!