It’s difficult to get to where you want to go if you don’t know where you’re starting from.
Your main goals as a physical therapy owner should be to lead, educate and motivate your staff to deliver the best possible outcomes for patients.
Unfortunately, it’s not possible to know if you’re accomplishing your goals if you aren’t diligently tracking the KPIs (key performance indicators) that signal success. To that end, measuring statistics and metrics must be at the forefront of running your private practice. In the same way, make sure you know the difference between metrics vs. statistics.
By comparing results against a baseline or a starting point, you can uncover the trajectory of growth while also mining the data necessary to create informed action plans for your business that can take you from where you are to where you want to be.
Where Business Metrics Fit Into Your Private Practice
Brian Gallagher, PT discusses this in depth in his Physical Therapy Private Practice “Secrets of the Top 10%” podcast. Listen to Episode #46: How to Succeed with Stats & Metrics. In the podcast, he breaks down the stats and metrics that should be on your radar as well as where these measurements should be coming from.
Understanding and implementing key operational methodology and tactics are the foundation that the top 10% of private practices build their clinic upon. Brian’s company, MEG, trains thousands of owners and staff to ensure their operational systems are running efficiently and effectively.
Need help setting your practice up for success? MEG is made up of practice management specialists who have advised thousands of physical therapy owners, from various stages of startup to expansion, to ensure they are measuring the proper analytics and holding themselves (and their team) accountable.
In the end, if you’re not tracking the right metrics, you can’t be sure what is attributing to the success or decline of your business.
These Physical Therapy Reporting Metrics Matter:
Luckily, alongside Brian’s blog, we’ve compiled the essential physical therapy clinic statistics to measure. Alongside the financial statistics, marketing statistics and personnel statistics that we recommend you track, it’s also important to evaluate the performance of your patients.
Here are just a handful of patient reporting metrics to track:
- How many patient appointments are you booking per month?
- How many are repeat patients?
- How many were referrals?
- What communication touchpoints are you using?
- How effective are they?
- How many reviews have you received?
- What services are most popular?
- Are you being paid promptly?
- Is your NPS score improving or declining?
As you measure various metrics, be sure to examine the cause and effect of related statistics. For instance, if your communication touchpoints are fewer than the previous month and you have fewer appointments on the books, it can be safely assumed these are related.
Get Started with a Free Evaluation of Your Private Practice Reporting
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Download our self-assessment or request a free evaluation from our specialists to see what’s working well, what needs help and what opportunities are available.