In Part 3 of this series on . . .
How To Systematically Build A Multimillion Dollar Practice That Is Highly Sellable . . . Working Way Less . . .we discussed how to Create Patients for Life.
In Success Key Part 4, we’ll discuss how to Lock in Results.
I have referenced having “systems” in place several times in this 4-part series. The reason is that they ensure that the processes you put in place continue to produce the desired results.
I am not a fan of tons of reports and data gathering. This may surprise you but information overload leads people to put up their protective barrier and simply ignore data and information.
What I am a fan of is having the right KEY data and information that are focused on mission critical metrics that drive the practice. Here are a few of those:
- Number of leads/inquiries per marketing vehicle or method, i.e. AdWords.
- The average cost per lead per marketing vehicle
- The average cost of patient acquisition per marketing vehicle
Armed with this simple information you can make intelligent marketing decisions and know where to put your focus if they are underperforming. When a client realizes that one vehicle is costing them $126 a patient and another $867, they take action.
- New Patients Key Metrics, such as conversion to wellness/care plans is important as well (assuming of course that this is best for the patient). What level of care is also an important metric. And if you have more than one doctor or intake person, comparing results is vital as well.
- Patient Data, including average patient visits. When patients drop out of care and average visit dollars are clearly important as well.
My goal here is not to create a detailed list of the metrics but instead share the importance of identifying YOUR most important metrics and ensuring that these are reviewed and acted upon regularly.Reports
The frequency of reports is another issue. When I see a lot of daily reports, I know that the vast majority are being generated too often, which leads to them being ignored. Too many things change daily that are not significant at all: one day the number of patients is slow, the next off the charts. It is the averages and trends that matter. Weekly reports provide a nice “at a glance” view, but again things change too much week to week. For most reports, monthly reporting is adequate for a thorough review.
The most valuable reports are “trended” reports that let you look at the performance of your top metrics over time, i.e. January–December and year over year. These provide not only clear signs of progress or deterioration in performance but are also really quick to review.
The RIGHT reports allow you to Lock in Results by setting alarms, meaning acceptable ranges of performance. If the average weekly patient visit drops below 200, for example, the trended report will show that. If they top 250, it will show that as well. And because you trend these results, there is no need for panic or too much celebration until the negative or positive trend repeats itself.
I encourage you to identify your top 4–5 metrics and ensure that you have accurate, timely, and trended reports on these.
To your success,
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