Key Numbers of your Practice

This is the first week of the new quarter, did you meet all the goals set for the first quarter?  If you are not tracking, and monitoring, the financial dashboards of your business you will have no way to tell!

The good news is that you don’t need a dashboard crammed full of number and graphs, it only takes key metrics and reports to know the health of your practice.

On a weekly basis, you should be monitoring the eight-essential metrics that are key numbers to drive you to your goal.  These numbers pertain to the productivity of the marketing and clinical staff and are matched up to your key performance indicators (KPI’s) to determine if you are on the right track.  It is also important that these key numbers be reviewed at the end of the month to look at the bigger picture.

The two key numbers on the weekly metrics report are the number of new patients and the collections.  The number of new patients is vital to the growth and sustainability of the business through increased visits.  The collections aspect will determine if the business has the capability of paying its upcoming bills.

Monthly, you should be comparing your P & L (profit and loss statement) to ensure you are right on track with your planned budget.  The annual budget, projecting where you plan to go, needs to be reviewed at the end of each month and revised either the end of the month or end of the quarter to set you back on the right path.  If you do not have a budget in place, you do not have a plan!

To be a growing, and thriving, business there must be goals set and a simple way to track and measure progress to those goals.  If your business is lacking these critical aspects schedule a FREE consultation to learn how we can help!

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

You Might Also Like...