Maximizing ROI: Insights from Forrester’s Latest Study on CareStack in Dental Practices
The dental industry is evolving rapidly, with technological innovations like Artificial Innovation playing a pivotal role in transforming practice operations and patient experience. In this ever-changing landscape, making well-informed decisions about the right software solutions is a difficult activity for dental office operators, who are already short on time due to their day-to-day tasks. This is especially true of Practice Management software that serves as the beating heart of a dental office, and a wrong choice can significantly impact the efficiency, patient satisfaction, and financial health of the practice.
The Straumann Group, a strategic partner of CareStack, recognized this critical need to support dental practices for making informed choices for practice management software, and commissioned Forrester Consulting to conduct a comprehensive study on the return on investment (ROI) of implementing CareStack in dental practices. Today, we are proud to announce the release of this groundbreaking study, which is a game-changer for dental practices that are looking to adopt technology for growth and success.
Understanding the Study
The study, titled "The Total Economic Impact™ of CareStack," conducted by Forrester Consulting, provides an in-depth analysis of the financial benefits, cost savings and patient satisfaction that dental practices can achieve by adopting CareStack's all-in-one practice management solution. The research methodology included detailed interviews with CareStack customers, analysis of customers' operating metrics over a 3-year period, and an evaluation of the platform's impact on the various aspects of dental practice management.
Highlights from the Study include the following improvements for customers over a 3-year period:
307% Return-on-Investment over the period
40% higher patient production, with an average increase of $1,300,000 in production due to higher number of appointments being scheduled and completed
35% reduction in Day Sales Outstanding, with an average savings of $162,200 due to improved revenue cycle management processes
A total savings of $282,400 from consolidating systems
A Net Present Value (NPV) of $1,280,000
Based on their research, Forrester determined that the investment made for implementing CareStack paid back within 6 months for dental practices.
The study also summarized the overall benefits of implementing CareStack into 2 sections:
Quantified Benefits
1. Increased Profit from fuller schedules
2. Improved Revenue Cycle Management (RCM)
3. Avoided costs due to system consolidation
Unquantified Benefits
1. Enhanced patient experience
2. Improved analytics visibility
3. Increased forecast accuracy
The release of Forrester's "The Total Economic Impact™ of CareStack" study marks a significant milestone for us at CareStack, as it objectively validates what our customers have been experiencing all along - overall improvement in practice health that they have experienced after switching to CareStack.
We are elated with this validation from one of the most reputed independent research firms in the world, and further strengthens our mission to help dental practitioners focus on what really matters - quality patient care.
You can now access the full Forrester study and discover how CareStack can revolutionize your practice. To access the complete study and learn more about the benefits of implementing CareStack, visit this link.
