Finance
•
30 min read
•
Nov 18, 2020
Key Numbers to Track and Amplify in Your Clinic
Knowing Your Numbers is Knowing Your Opportunities
A really common question that private practice clinic owners ask us is about their numbers:
“What numbers should you track and measure in your clinic to know how you are preforming and make plans for how you can grow?”
I’ve spoken with thousands of clinic owners and they say that knowing your numbers can be scary, overwhelming, boring or laboursome.
If you don’t know your numbers, how can you expect to grow profitably, sustainably and with enough cash flow?
You MUST know exactly how your clinic is performing at any moment!
I’m not suggesting that this is about being a “Million Dollar” health professional…because that doesn’t mean anything. There’s more to the story than money!
Yes… there is a commercial reality to being in business that demands you know your numbers, however, the intention of focusing on numbers is to help you make informed decisions.
Importance of Knowing Your Numbers
Knowing your numbers allows you to track, measure and influence your finances so that you can reinvest in your team and reinvest in your patients!
If you are like most clinic owners then you just look at what’s left in the bank at the end of the month and hope there’s some left over… without any insights into why.
It was Peter Drucker who said, “What get’s measured, gets managed!”. As a health professionals ourselves, and as part of the Clinic Mastery Business Academy, we work exclusively with private practice owners to measure your numbers daily so that you can Grow Your Clinic.
Given that our core role as a health professional is to see patients, knowing how to ethically influence these numbers is important for your clients outcomes and your business’ success.
If you don’t like numbers, or you’re not good at math, suck it up – we’ll simplify it for you!
In this article I’m going to share with you 11 core measure that you should track and how to find out how your clinic is performing right now.
What Do The Numbers Mean For Your Clinic
Basically, every figure or metric is a measure of the effectiveness of a SYSTEM (s) in your business.
“True business owners can go on vacation forever because they own a system, not a job” (Robert Kiyosaki).
By knowing your numbers, you can make better, more informed decisions about when to hire, what to reinvest, how much to spend on marketing, how to reward your team, how much you have to live off etc
Tracking Systems in Your Clinic
So, if every figure that we measure is just a reflection of how effective a system is, then you need to know how to write and implement Systems in your clinic.
Once the systems are in use, we need to:
Monitor the system
Review the results
1 of 2 – Monitoring the System
This can be as simple as a check box next to the item on the to-do list as a way to know it’s been done
Record successful completion of each task
Tracking sheets
Checkboxes
Tasks completed (e.g. using Asana for system management etc)
Reports in your practice software
2 of 2 – Reviewing the Results
In the ‘corporate world’ you’d call the results Key Performance Indicators (KPI’s)…
…but we’ve jazzed it up, thanks to Brigid from NSTT
We call them, Clinic Excellence Indicators (CEI’s)!
It’s nuances, however, the important thing is that they get reviewed.
You can use a simple spreadsheet, hand-written page, or detailed CEI dashboard, as long as it works for you.
Below is a suggested list of some CEI’s that can be used in your clinic, it’s not exhaustive but it does give you an idea of the types of CEI’s that can be used.
Be careful though…
Don’t fall into the trap of “analysis paralysis” by trying to do all of them. Just pick and choose what might work for you, and go from there.
Clinic Excellence Indicators
Other Clinic Excellence Indicators
Reports per New Patient
The percentage of new patients who have reports sent to other health professionals involved in their care
Good for keeping practitioners motivated to send letters / reports (internal marketing strategy)
New Patient Referral Sources
You are looking at where referrals of new patients come from as a percentage
Aim for 40% referral partners, 40% word of mouth (clients), 20% external marketing
Visits to Referrers & Business Partners
Track the number of visits to other health professionals who refer to your clinic
Could be coffee catch ups, dropping off a gift, saying hello in person etc
Referrals to Professionals in our Network – Outbound Referrals
Track number of referrals from your clinic to other people
If you have connected with other great professionals or businesses that you believe add value to your clients, you should refer regularly!
Help received from Team Member
Invite staff to share and record how they’ve been helped by other team members
We might use a platform like Bonus.ly for a social recognition culture
Wow Moments
Record moments of Wow to share with the team
Technical Knowledge Gained
Track events and knowledge received for professional development
Talks & Presentations Delivered
Track how many workshops or events have been given by team members (marketing)
Social Media Posts Published
Have your team engaged with social media or blog channels
E.g. Aim for one post per week from each team member
Track and Record Clinic Improvement Ideas
How to do things better
Team support
Service experience
Training suggestions
Benchmarking
In order to successfully build targets / benchmarks around each of your CEI’s,
Firstly, use the CEI to track what is currently happening, get a baseline.
Compare figures between practitioners, and from week to week or month to month.
Decide on your ideal targets
Keeping in mind clinic expenses, wages etc Have your accountant help you out
Make reference to what other colleagues / practitioners in your area do.
Then, Set the target.
Get Your Accountant to Benchmark You Against Other Clinics
At our recent Grow My Clinic Workshop we had Nathan Carger from Griffin O’dea Bowler Accounting to show us benchmarking reports and statistics of individual professions within private practice.
This sort of data can be really insightful.
Conclusion
You need to keep it simple by deciding on the numbers that are most important to your clinic growth now!
Identify the 3 key numbers that you need to measure now to improve patient experiences and create consistency between practitioners.
Start with what is most urgent e.g. if you get a lot of cancellations, start there.
Now you have an understanding of all the numbers that influence the amount left in your bank at the end of the month you can take control over your growth.
The irony is that most health businesses are seriously sick on the inside because they dont know what’s happening on a financial front.
I think it’s much scarier not knowing what’s going on with the health of your clinic.
Remember, it’s not about being a “Million Dollar” health professional…The intention of focusing on numbers is to help you make informed decisions.
Knowing your numbers allows you to track, measure and influence your finances so that you can reinvest in your team and reinvest in your patients!
If you’re looking to take your practice to the next level, then perhaps the Clinic Mastery Business Academy could be the right thing for you…
We work exclusively with private practice owners to measure your numbers daily so that you can Grow Your Clinic with clarity and confidence.
Until next time, remember to…
Live with Passion, because Everyday is an Opportunity for you to Make Your difference!
Knowing Your Numbers is Knowing Your Opportunities
A really common question that private practice clinic owners ask us is about their numbers:
“What numbers should you track and measure in your clinic to know how you are preforming and make plans for how you can grow?”
I’ve spoken with thousands of clinic owners and they say that knowing your numbers can be scary, overwhelming, boring or laboursome.
If you don’t know your numbers, how can you expect to grow profitably, sustainably and with enough cash flow?
You MUST know exactly how your clinic is performing at any moment!
I’m not suggesting that this is about being a “Million Dollar” health professional…because that doesn’t mean anything. There’s more to the story than money!
Yes… there is a commercial reality to being in business that demands you know your numbers, however, the intention of focusing on numbers is to help you make informed decisions.
Importance of Knowing Your Numbers
Knowing your numbers allows you to track, measure and influence your finances so that you can reinvest in your team and reinvest in your patients!
If you are like most clinic owners then you just look at what’s left in the bank at the end of the month and hope there’s some left over… without any insights into why.
It was Peter Drucker who said, “What get’s measured, gets managed!”. As a health professionals ourselves, and as part of the Clinic Mastery Business Academy, we work exclusively with private practice owners to measure your numbers daily so that you can Grow Your Clinic.
Given that our core role as a health professional is to see patients, knowing how to ethically influence these numbers is important for your clients outcomes and your business’ success.
If you don’t like numbers, or you’re not good at math, suck it up – we’ll simplify it for you!
In this article I’m going to share with you 11 core measure that you should track and how to find out how your clinic is performing right now.
What Do The Numbers Mean For Your Clinic
Basically, every figure or metric is a measure of the effectiveness of a SYSTEM (s) in your business.
“True business owners can go on vacation forever because they own a system, not a job” (Robert Kiyosaki).
By knowing your numbers, you can make better, more informed decisions about when to hire, what to reinvest, how much to spend on marketing, how to reward your team, how much you have to live off etc
Tracking Systems in Your Clinic
So, if every figure that we measure is just a reflection of how effective a system is, then you need to know how to write and implement Systems in your clinic.
Once the systems are in use, we need to:
Monitor the system
Review the results
1 of 2 – Monitoring the System
This can be as simple as a check box next to the item on the to-do list as a way to know it’s been done
Record successful completion of each task
Tracking sheets
Checkboxes
Tasks completed (e.g. using Asana for system management etc)
Reports in your practice software
2 of 2 – Reviewing the Results
In the ‘corporate world’ you’d call the results Key Performance Indicators (KPI’s)…
…but we’ve jazzed it up, thanks to Brigid from NSTT
We call them, Clinic Excellence Indicators (CEI’s)!
It’s nuances, however, the important thing is that they get reviewed.
You can use a simple spreadsheet, hand-written page, or detailed CEI dashboard, as long as it works for you.
Below is a suggested list of some CEI’s that can be used in your clinic, it’s not exhaustive but it does give you an idea of the types of CEI’s that can be used.
Be careful though…
Don’t fall into the trap of “analysis paralysis” by trying to do all of them. Just pick and choose what might work for you, and go from there.
Clinic Excellence Indicators
Other Clinic Excellence Indicators
Reports per New Patient
The percentage of new patients who have reports sent to other health professionals involved in their care
Good for keeping practitioners motivated to send letters / reports (internal marketing strategy)
New Patient Referral Sources
You are looking at where referrals of new patients come from as a percentage
Aim for 40% referral partners, 40% word of mouth (clients), 20% external marketing
Visits to Referrers & Business Partners
Track the number of visits to other health professionals who refer to your clinic
Could be coffee catch ups, dropping off a gift, saying hello in person etc
Referrals to Professionals in our Network – Outbound Referrals
Track number of referrals from your clinic to other people
If you have connected with other great professionals or businesses that you believe add value to your clients, you should refer regularly!
Help received from Team Member
Invite staff to share and record how they’ve been helped by other team members
We might use a platform like Bonus.ly for a social recognition culture
Wow Moments
Record moments of Wow to share with the team
Technical Knowledge Gained
Track events and knowledge received for professional development
Talks & Presentations Delivered
Track how many workshops or events have been given by team members (marketing)
Social Media Posts Published
Have your team engaged with social media or blog channels
E.g. Aim for one post per week from each team member
Track and Record Clinic Improvement Ideas
How to do things better
Team support
Service experience
Training suggestions
Benchmarking
In order to successfully build targets / benchmarks around each of your CEI’s,
Firstly, use the CEI to track what is currently happening, get a baseline.
Compare figures between practitioners, and from week to week or month to month.
Decide on your ideal targets
Keeping in mind clinic expenses, wages etc Have your accountant help you out
Make reference to what other colleagues / practitioners in your area do.
Then, Set the target.
Get Your Accountant to Benchmark You Against Other Clinics
At our recent Grow My Clinic Workshop we had Nathan Carger from Griffin O’dea Bowler Accounting to show us benchmarking reports and statistics of individual professions within private practice.
This sort of data can be really insightful.
Conclusion
You need to keep it simple by deciding on the numbers that are most important to your clinic growth now!
Identify the 3 key numbers that you need to measure now to improve patient experiences and create consistency between practitioners.
Start with what is most urgent e.g. if you get a lot of cancellations, start there.
Now you have an understanding of all the numbers that influence the amount left in your bank at the end of the month you can take control over your growth.
The irony is that most health businesses are seriously sick on the inside because they dont know what’s happening on a financial front.
I think it’s much scarier not knowing what’s going on with the health of your clinic.
Remember, it’s not about being a “Million Dollar” health professional…The intention of focusing on numbers is to help you make informed decisions.
Knowing your numbers allows you to track, measure and influence your finances so that you can reinvest in your team and reinvest in your patients!
If you’re looking to take your practice to the next level, then perhaps the Clinic Mastery Business Academy could be the right thing for you…
We work exclusively with private practice owners to measure your numbers daily so that you can Grow Your Clinic with clarity and confidence.
Until next time, remember to…
Live with Passion, because Everyday is an Opportunity for you to Make Your difference!
Knowing Your Numbers is Knowing Your Opportunities
A really common question that private practice clinic owners ask us is about their numbers:
“What numbers should you track and measure in your clinic to know how you are preforming and make plans for how you can grow?”
I’ve spoken with thousands of clinic owners and they say that knowing your numbers can be scary, overwhelming, boring or laboursome.
If you don’t know your numbers, how can you expect to grow profitably, sustainably and with enough cash flow?
You MUST know exactly how your clinic is performing at any moment!
I’m not suggesting that this is about being a “Million Dollar” health professional…because that doesn’t mean anything. There’s more to the story than money!
Yes… there is a commercial reality to being in business that demands you know your numbers, however, the intention of focusing on numbers is to help you make informed decisions.
Importance of Knowing Your Numbers
Knowing your numbers allows you to track, measure and influence your finances so that you can reinvest in your team and reinvest in your patients!
If you are like most clinic owners then you just look at what’s left in the bank at the end of the month and hope there’s some left over… without any insights into why.
It was Peter Drucker who said, “What get’s measured, gets managed!”. As a health professionals ourselves, and as part of the Clinic Mastery Business Academy, we work exclusively with private practice owners to measure your numbers daily so that you can Grow Your Clinic.
Given that our core role as a health professional is to see patients, knowing how to ethically influence these numbers is important for your clients outcomes and your business’ success.
If you don’t like numbers, or you’re not good at math, suck it up – we’ll simplify it for you!
In this article I’m going to share with you 11 core measure that you should track and how to find out how your clinic is performing right now.
What Do The Numbers Mean For Your Clinic
Basically, every figure or metric is a measure of the effectiveness of a SYSTEM (s) in your business.
“True business owners can go on vacation forever because they own a system, not a job” (Robert Kiyosaki).
By knowing your numbers, you can make better, more informed decisions about when to hire, what to reinvest, how much to spend on marketing, how to reward your team, how much you have to live off etc
Tracking Systems in Your Clinic
So, if every figure that we measure is just a reflection of how effective a system is, then you need to know how to write and implement Systems in your clinic.
Once the systems are in use, we need to:
Monitor the system
Review the results
1 of 2 – Monitoring the System
This can be as simple as a check box next to the item on the to-do list as a way to know it’s been done
Record successful completion of each task
Tracking sheets
Checkboxes
Tasks completed (e.g. using Asana for system management etc)
Reports in your practice software
2 of 2 – Reviewing the Results
In the ‘corporate world’ you’d call the results Key Performance Indicators (KPI’s)…
…but we’ve jazzed it up, thanks to Brigid from NSTT
We call them, Clinic Excellence Indicators (CEI’s)!
It’s nuances, however, the important thing is that they get reviewed.
You can use a simple spreadsheet, hand-written page, or detailed CEI dashboard, as long as it works for you.
Below is a suggested list of some CEI’s that can be used in your clinic, it’s not exhaustive but it does give you an idea of the types of CEI’s that can be used.
Be careful though…
Don’t fall into the trap of “analysis paralysis” by trying to do all of them. Just pick and choose what might work for you, and go from there.
Clinic Excellence Indicators
Other Clinic Excellence Indicators
Reports per New Patient
The percentage of new patients who have reports sent to other health professionals involved in their care
Good for keeping practitioners motivated to send letters / reports (internal marketing strategy)
New Patient Referral Sources
You are looking at where referrals of new patients come from as a percentage
Aim for 40% referral partners, 40% word of mouth (clients), 20% external marketing
Visits to Referrers & Business Partners
Track the number of visits to other health professionals who refer to your clinic
Could be coffee catch ups, dropping off a gift, saying hello in person etc
Referrals to Professionals in our Network – Outbound Referrals
Track number of referrals from your clinic to other people
If you have connected with other great professionals or businesses that you believe add value to your clients, you should refer regularly!
Help received from Team Member
Invite staff to share and record how they’ve been helped by other team members
We might use a platform like Bonus.ly for a social recognition culture
Wow Moments
Record moments of Wow to share with the team
Technical Knowledge Gained
Track events and knowledge received for professional development
Talks & Presentations Delivered
Track how many workshops or events have been given by team members (marketing)
Social Media Posts Published
Have your team engaged with social media or blog channels
E.g. Aim for one post per week from each team member
Track and Record Clinic Improvement Ideas
How to do things better
Team support
Service experience
Training suggestions
Benchmarking
In order to successfully build targets / benchmarks around each of your CEI’s,
Firstly, use the CEI to track what is currently happening, get a baseline.
Compare figures between practitioners, and from week to week or month to month.
Decide on your ideal targets
Keeping in mind clinic expenses, wages etc Have your accountant help you out
Make reference to what other colleagues / practitioners in your area do.
Then, Set the target.
Get Your Accountant to Benchmark You Against Other Clinics
At our recent Grow My Clinic Workshop we had Nathan Carger from Griffin O’dea Bowler Accounting to show us benchmarking reports and statistics of individual professions within private practice.
This sort of data can be really insightful.
Conclusion
You need to keep it simple by deciding on the numbers that are most important to your clinic growth now!
Identify the 3 key numbers that you need to measure now to improve patient experiences and create consistency between practitioners.
Start with what is most urgent e.g. if you get a lot of cancellations, start there.
Now you have an understanding of all the numbers that influence the amount left in your bank at the end of the month you can take control over your growth.
The irony is that most health businesses are seriously sick on the inside because they dont know what’s happening on a financial front.
I think it’s much scarier not knowing what’s going on with the health of your clinic.
Remember, it’s not about being a “Million Dollar” health professional…The intention of focusing on numbers is to help you make informed decisions.
Knowing your numbers allows you to track, measure and influence your finances so that you can reinvest in your team and reinvest in your patients!
If you’re looking to take your practice to the next level, then perhaps the Clinic Mastery Business Academy could be the right thing for you…
We work exclusively with private practice owners to measure your numbers daily so that you can Grow Your Clinic with clarity and confidence.
Until next time, remember to…
Live with Passion, because Everyday is an Opportunity for you to Make Your difference!
Knowing Your Numbers is Knowing Your Opportunities
A really common question that private practice clinic owners ask us is about their numbers:
“What numbers should you track and measure in your clinic to know how you are preforming and make plans for how you can grow?”
I’ve spoken with thousands of clinic owners and they say that knowing your numbers can be scary, overwhelming, boring or laboursome.
If you don’t know your numbers, how can you expect to grow profitably, sustainably and with enough cash flow?
You MUST know exactly how your clinic is performing at any moment!
I’m not suggesting that this is about being a “Million Dollar” health professional…because that doesn’t mean anything. There’s more to the story than money!
Yes… there is a commercial reality to being in business that demands you know your numbers, however, the intention of focusing on numbers is to help you make informed decisions.
Importance of Knowing Your Numbers
Knowing your numbers allows you to track, measure and influence your finances so that you can reinvest in your team and reinvest in your patients!
If you are like most clinic owners then you just look at what’s left in the bank at the end of the month and hope there’s some left over… without any insights into why.
It was Peter Drucker who said, “What get’s measured, gets managed!”. As a health professionals ourselves, and as part of the Clinic Mastery Business Academy, we work exclusively with private practice owners to measure your numbers daily so that you can Grow Your Clinic.
Given that our core role as a health professional is to see patients, knowing how to ethically influence these numbers is important for your clients outcomes and your business’ success.
If you don’t like numbers, or you’re not good at math, suck it up – we’ll simplify it for you!
In this article I’m going to share with you 11 core measure that you should track and how to find out how your clinic is performing right now.
What Do The Numbers Mean For Your Clinic
Basically, every figure or metric is a measure of the effectiveness of a SYSTEM (s) in your business.
“True business owners can go on vacation forever because they own a system, not a job” (Robert Kiyosaki).
By knowing your numbers, you can make better, more informed decisions about when to hire, what to reinvest, how much to spend on marketing, how to reward your team, how much you have to live off etc
Tracking Systems in Your Clinic
So, if every figure that we measure is just a reflection of how effective a system is, then you need to know how to write and implement Systems in your clinic.
Once the systems are in use, we need to:
Monitor the system
Review the results
1 of 2 – Monitoring the System
This can be as simple as a check box next to the item on the to-do list as a way to know it’s been done
Record successful completion of each task
Tracking sheets
Checkboxes
Tasks completed (e.g. using Asana for system management etc)
Reports in your practice software
2 of 2 – Reviewing the Results
In the ‘corporate world’ you’d call the results Key Performance Indicators (KPI’s)…
…but we’ve jazzed it up, thanks to Brigid from NSTT
We call them, Clinic Excellence Indicators (CEI’s)!
It’s nuances, however, the important thing is that they get reviewed.
You can use a simple spreadsheet, hand-written page, or detailed CEI dashboard, as long as it works for you.
Below is a suggested list of some CEI’s that can be used in your clinic, it’s not exhaustive but it does give you an idea of the types of CEI’s that can be used.
Be careful though…
Don’t fall into the trap of “analysis paralysis” by trying to do all of them. Just pick and choose what might work for you, and go from there.
Clinic Excellence Indicators
Other Clinic Excellence Indicators
Reports per New Patient
The percentage of new patients who have reports sent to other health professionals involved in their care
Good for keeping practitioners motivated to send letters / reports (internal marketing strategy)
New Patient Referral Sources
You are looking at where referrals of new patients come from as a percentage
Aim for 40% referral partners, 40% word of mouth (clients), 20% external marketing
Visits to Referrers & Business Partners
Track the number of visits to other health professionals who refer to your clinic
Could be coffee catch ups, dropping off a gift, saying hello in person etc
Referrals to Professionals in our Network – Outbound Referrals
Track number of referrals from your clinic to other people
If you have connected with other great professionals or businesses that you believe add value to your clients, you should refer regularly!
Help received from Team Member
Invite staff to share and record how they’ve been helped by other team members
We might use a platform like Bonus.ly for a social recognition culture
Wow Moments
Record moments of Wow to share with the team
Technical Knowledge Gained
Track events and knowledge received for professional development
Talks & Presentations Delivered
Track how many workshops or events have been given by team members (marketing)
Social Media Posts Published
Have your team engaged with social media or blog channels
E.g. Aim for one post per week from each team member
Track and Record Clinic Improvement Ideas
How to do things better
Team support
Service experience
Training suggestions
Benchmarking
In order to successfully build targets / benchmarks around each of your CEI’s,
Firstly, use the CEI to track what is currently happening, get a baseline.
Compare figures between practitioners, and from week to week or month to month.
Decide on your ideal targets
Keeping in mind clinic expenses, wages etc Have your accountant help you out
Make reference to what other colleagues / practitioners in your area do.
Then, Set the target.
Get Your Accountant to Benchmark You Against Other Clinics
At our recent Grow My Clinic Workshop we had Nathan Carger from Griffin O’dea Bowler Accounting to show us benchmarking reports and statistics of individual professions within private practice.
This sort of data can be really insightful.
Conclusion
You need to keep it simple by deciding on the numbers that are most important to your clinic growth now!
Identify the 3 key numbers that you need to measure now to improve patient experiences and create consistency between practitioners.
Start with what is most urgent e.g. if you get a lot of cancellations, start there.
Now you have an understanding of all the numbers that influence the amount left in your bank at the end of the month you can take control over your growth.
The irony is that most health businesses are seriously sick on the inside because they dont know what’s happening on a financial front.
I think it’s much scarier not knowing what’s going on with the health of your clinic.
Remember, it’s not about being a “Million Dollar” health professional…The intention of focusing on numbers is to help you make informed decisions.
Knowing your numbers allows you to track, measure and influence your finances so that you can reinvest in your team and reinvest in your patients!
If you’re looking to take your practice to the next level, then perhaps the Clinic Mastery Business Academy could be the right thing for you…
We work exclusively with private practice owners to measure your numbers daily so that you can Grow Your Clinic with clarity and confidence.
Until next time, remember to…
Live with Passion, because Everyday is an Opportunity for you to Make Your difference!
Article by
Daniel Gibbs
After winning the Telstra Business Award I started getting phone calls from other clinic owners who wanted help, and that’s how Clinic Mastery was born.
How Does Your Clinic Score?
Discover your Clinic Score & Amplify your Impact with Clinics Mastery’s Assess Your Clinic™ Scorecard. Get a rating for the 7 Degrees of Business that you need to master.
Assess Your Clinic
How Does Your Clinic Score?
Discover your Clinic Score & Amplify your Impact with Clinics Mastery’s Assess Your Clinic™ Scorecard. Get a rating for the 7 Degrees of Business that you need to master.
Assess Your Clinic
How Does Your Clinic Score?
Discover your Clinic Score & Amplify your Impact with Clinics Mastery’s Assess Your Clinic™ Scorecard. Get a rating for the 7 Degrees of Business that you need to master.
Assess Your Clinic
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© 2024 Clinic Mastery Pty Ltd. All rights reserved.
How Does Your Clinic Score?
© 2024 Clinic Mastery Pty Ltd. All rights reserved.