Along with a more robust version of the company’s analytics software platform, members will have access to new financial tools, quarterly business reviews, and personalized coaching.
Gaidge LLC announced a new program built to provide orthodontists a more robust version of Gaidge that includes the analytics software platform, new financial tools, quarterly business reviews, and personalized coaching. According to the company, the program was designed for orthodontists who want quick and easy access to their practice and financial performance while saving time and increasing visibility to critical business drivers.
The two new, add-on financial modules—the Overhead Expense Tracker and Practice Projections, both of which will be included for program subscribers—are designed to complement the analytics platform. The Gaidge Executive membership reportedly provides an end-to-end view of practice performance and includes the full suite of Gaidge software modules plus the expert guidance from impact360 practice management consultants during ongoing quarterly business reviews.
Executive members access reportedly allows for unprecedented visibility into all aspects of practice operations and financial performance as well as interactive planning and tracking of their spending. Available via desktop or mobile application, this easy access to critical KPIs is designed to give doctors and management what they need to identify and focus energy on solution seeking. As the company puts it, in today’s marketplace practice owners must begin thinking more like CEOs, leading practice operations, efficiencies, financial management, profitability, and strategy. Data analysis, business intelligence, and performance insights are requirements for understanding business and are required tools for mapping a path to long-term success.
Gaidge Analytics Platform
The Gaidge analytics platform provides automation and time-savings reportedly by simplifying large volumes of operational data into actionable information that allows practice owners to make informed decisions for a more profitable practice. The platform can be fully integrated with the leading six practice management systems, according to the company, meaning users can access critical business metrics without dual entry or pulling and preparing reports. Additionally, the Gaidge user community provides clients secure access to national and regional comparison data for practices of all types.
Overhead Expense Tracker
Meanwhile, the new Overhead Expense Tracker module was developed with the input of three well-known accounting firms, according to Gaidge, and was built to provide easy access and views to understanding the spending pareto. Accounting data is pulled directly from Quickbooks Online and uploaded into Gaidge using the software’s nightly automation, incorporating new metrics and displaying the data in easy-to-interpret data visualizations. Users will be able to view expenses broken down into standard categories such as staff expense, clinical expense, equipment, facility, marketing, and compensation related expenses, making it easier to review trends and control overhead.
The Overhead Expense Tracker module features three tabs—summary, budgeting, and reports. The Summary page provides a list view of all expenses displayed by the user’s choice of date ranges. Users will see the roll up of all expenses by category that includes color-coded arrow indicators of current performance over previous periods. The Budgeting feature allows practices to plan spending and track progress along the way. Users can enter a budget by year or month and see spending against the budget displayed in a progress bar. The charts provide a snapshot and trends of the practice’s spending performance to aid decision making and determine if there are areas that need attention. The Reports tab, meanwhile, displays user data trends using interactive charts and comparisons for expense types as well as categorized marketing costs for new patient acquisition from new calls through starts.
Practice Projections Module
The new Practice Projections module is a new interactive forecasting module that allows practice owners to determine a go-forward plan for their practice at any point in the year. Choosing from a variety of levers that impact revenue, Executive members can reportedly use a pre-populated, historical baseline to plan their goals for clinical days, net production, or starts increases and work backwards into how to achieve the goals by month. Alternatively, the program allows users to set percent increases by month and it automatically cascades the projections to each category based on the forecast—with the option of overriding and customizing any month. According to the company, the module is user friendly with slider bars, toggle switches, and interrelated calculations that give practice owners a way to weight which levers to pull in their businesses and turn their aspirations into achievable goals.
Quarterly Business Reviews
Within this roll out, Executive program members will have access to quarterly business reviews that include a detailed analysis of practice performance as well as practice management coaching from the impact360 consulting team. As the company says, reviewing historical practice performance metrics as well as forecasting plans is the most proactive way to achieve practice goals. Gaidge Business Reviews are intended to help clients get the most out of their software and expand their knowledge on how to use the data to easily and effectively improve and measure progress against the most critical metrics impacting the practice using real-time performance. The impact360 consultants reportedly will provide guidance on what is most needed for day-to-day operations and help identify opportunities to achieve efficiency or growth plans.