We’ve traveled across the nation, through hundreds of practices coaching, evaluating, and advising private practice owners and their staffs’ on how to make their practice reach the level of success they’ve been working towards.
However, a common theme in all the practice’s that reach out to us for help, is a lack of understanding of the importance of the most basic statistics to measure their practice. For instance, if your A/R is rolling, your billing may be ineffective. If you don’t know your marketing referrals or how your patients are coming to you, how do you know which marketing activities are most effective? Do you know if your clinic is under performing or over-staffed? By knowing these numbers, you can put plans in motion to hit targets that will define your success for 2019 and years to come.
- Do you know what your cost per visit or cost per hour of services deliver is for your practice?
- Do you have your aging in A/R over 90-days greater than 15% of your total A/R?
- Is your A/R rolling, meaning greater than 50% of the category to the left when moving across your report from 0 to over 120-days?
- Do you generate a net revenue (profit minus all expenses) greater than 15% of your gross income?
- Do you have a budget for marketing, rent, payroll, and operating expenses that you run your practice within based on your specific practice demographics.
- Do you have a well-trained internal marketing position to address the patient advocate needs, surveys, testimonials, holidays, social media duties and more?
- Do you have a well-trained external marketing position to address patient referral sources, community events, educational talks, branding, media outlets and more?
Productivity & Personnel Statistics
- Do you know what the monthly or annual ROI is for each therapist you have on staff?
- Do you have a standardized hiring system complete with on-boarding checklists and training protocols?
- Do you have a 90 day and annual performance review process based objectively products obtained?
- Do you routinely adjust your operational performance actions each month according to your Business Strat Plan and annual Marketing Program targets?
- Do you know what your Clinician to Admin ratio is in order to determine if you are over-staffed or under-performing?
- Do you have a company organization chart that defines every position, their duties, their products, and how you are measuring their success on a weekly basis?
- Do you have a monthly ongoing internal training system to enhance the SKILLS of your entire staff not just your clinical staff. Understanding that only training has been proven effective for enhancing ones SKILLS IN AN AREA?
- Do you have a standard raise matrix and company wide personnel incentive system to bonus your staff for out performing throughout the year?
- Do you have a peer to peer chart auditing system in place operating each month?
Want to know more about which stats can help you evaluate your practice? Download our self-assessment or set up a free evaluation to find out where your practice stacks up and what your areas of opportunity are.
Brian Gallagher, PT is the founder and CEO of MEG Business Management, LLC. He has more than 27 years of experience in the field of rehabilitation and 19 years in business and specializes in Physical Therapy practice management and executive coaching nationwide. As a licensed business management consultant, Brian has helped hundreds of business owners nationwide improve their business operations through proper restructuring to achieve improved systems of efficiency and productivity as well as marketing and sales with effective public relations which have proven results for double-digit growth year-over-year with businesses around the country.