“3” Things That Every Successful PT Business Owner is Measuring – Sometimes Daily!

“This scares me!”

Those were the words out of my clients mouth after we finished fine tuning their budget spreadsheet.  I then asked what was scary, and the response was “the big number!”  My initial thought was that number means success!  I then took a few moments and broke it down to three simple metrics that would help them achieve that ‘scary’ number.  These three metrics are the basis for providing a clear picture on the clinic health.  When you break it down to simply looking at evaluations, visits, and collections you have the basics of knowing if your business is hitting its targets.

To achieve in business there are certain key drivers that lead to success, the first of these is the number of evaluations in a week.  An evaluation is not a referral, or a free visit, it is a patient who was seen for their first visit in the plan of care.  This is important to your clinic because it this is the single largest driver of growth (and success) to your business.  A business that wants to grow MUST have continued new customers to grow and is directly proportionate to marketing.

The next key number is visits in a week and forms a direct relationship with evaluations.  Once the patient is evaluated, and the plan of care set, how do you know the patient is following through with the plan of care?  The visit number will tell you quickly if that is happening or not.  The true revenue to the business comes from the visit number so you know immediate if there is growth.  This number is a relationship to your clinicians’ productivity and quality of care.

The last key number is collections during the week.  All business owners MUST know how much money they are bringing in each week and this is much more than looking in your bank account.  Your billing company, and/or EMR, must report to you the exact dollar amount that was posted on that given day, week, and month.  This single number will help ensure the billing is on target or if there is an issue deep inside.

These three key drivers are important metrics that help build your business to be successful and profitable!  These metrics must be monitored on a weekly basis at least, and can even be broken down daily to achieve success.  BE AWARE, these are not the only numbers you need to measure, but if you must measure these are where you start!  Do you need help defining your key drivers?  Click Here to schedule a FREE consultation to see how we can help!

Andrew Vertson, PT, DPT, ATC
Latest posts by Andrew Vertson, PT, DPT, ATC (see all)

You Might Also Like...