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

Successful business owners have one key habit in common, they stat!  What does “stat” mean? Simple, successful business owners collect the key data for the business and make strategic decisions based on that data.

Your clinics stats are a measure of the health of your business, telling you how your business is successful or failing.  These stats are collected weekly to allow you, the owner, to make the adjustments needed to achieve success.  These stats are called key performance indicators (KPI’s) and are much like the short and long term goals you set for a patient on their initial evaluation.  Here are three common KPI’s that are not regularly tracked but can cost a business dearly!

<download your FREE Stat Sheet now!>

You should already be measuring the number of evaluations you see in a week or month but you are missing a significant number.  Four of 10 physician referrals actually contact a physical therapist, but do all of those show up for their first evaluation?  Once you put the referral metric in place, compare weekly and monthly the number of referrals against the number of actual evaluations.  For every referral that doesn’t come in, you have lost a significant amount of money AND a future source of friend/family referrals.

 <download your FREE Stat Sheet now!>

Most every practice owners measure cancellation rate, but do they make any effort to change it?  When the weather is warm and sunny, the national average for cancellations is in the 7-8% range (when the weather is cold and snowy this will decrease).  What is the loss to the clinic for one single cancellation?  If you are not watching, and changing, this metric you have lost that income for good!  If you don’t know the cost of that cancellation, you NEED our help.

 <download your FREE Stat Sheet now!>

All practice owners know how much money they collect in each week or month, their bank account and paycheck (or lack thereof) shows it firsthand.  Do you know how much money you make per a visit?  When you learn how much you make per visit you can then determine how much you can to spend each visit to make a steady profit.  When your stats are measured, you will know when your cash will flow in and be able to better control that flow.

These scenarios happen every day in your practice: your stats go up or down, sometimes toward a positive benefit and sometimes to a negative benefit.  If you don’t know what normal, and abnormal are, your business is at risk.

Do you want to learn more how we can help?  Click here to schedule a FREE consultation.

Andrew Vertson, PT, DPT, ATC
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