Knowing where your practice is at, both as a practice owner and practitioner is critical to your growth.
The challenge is knowing which stats, when to access them and how to interpret them.
Hi, I’m Dr. Andrew Arnold (Chiropractor), the Million Dollar Wellness Mentor and today I’m going to show how to best track your practice without getting caught up in the day to day ups and downs.
WHEN: Monthly. The temptation is to check in weekly, even daily particularly if you’re in a growth phase or start up. Avoid this at all costs. Your appointment book on any given day is often far from reflective of how your overall practice is going and will only lead you to micro-managing and anxiety. Even monthly can be new much however, in the beginning aim for this and then after 12months move to quarterly.
- Patient Visit Average (pva): Tells you how many visits on average your clients are seeing you.
- Case Average (ca): Tells you how much a client is worth to you in $.
- Trend analysis (ta): Tells you how your overall practice is tracking as a graph.
- Occupancy %: Tells you what % of the time you have clients.
- Referral %: Tells you the % of your clients you are referring out, either for product or other services.
- Rebooking %: Tells you how many clients you are rebooking.
- PVA: Total office visits / new clients.
- CA: Total gross $ / new clients
- TREND: Most practice software should provide this. A 20% steady incline is what you are looking for.
- Occupancy: Again, your practice software should provide this.
- Referrals: Usually you will need to check individual clients. More time consuming so probably something you do sporadically, or only using a snap shot.
- Rebooking: Again, you will need to check individual clients.
The way to think about stats is from a reverse engineer perspective. Think about your ideal treatment plan, or the practices treatment / wellness philosophy. What treatment process best reflects the best patient care and outcomes? Is it 6 sessions initially following by a reducing schedule down to a maintenance process? Work out what PVA number best reflects your ideal wellness journey and work backwards.
The same applies for the ca. How much does a client need to invest to get the best health outcomes according to your model?
Wellness is never about an end point, even though we provide interim prognoses. It is always about a long-term management, a wellness journey, from pain to pleasure.
So, every client really should be re-booked if not with you with someone else in your practice. Every client should be referred to at least 2 other practitioners in your practice, and /or a product. You can’t be all things to every patient. It’s about the bigger picture.
We recommend the 70:70:70 rule > 70% rebook; 70% occupancy; 70% referral.
As a practice manager / owner you need to keep these stats for all your team and know your ideal targets which best reflect your practice wellness trajectory.
Your practitioner team should learn to maintain their own stats which should then lead to a pro-active discussion around how to best support them to build their practices.
The question is always, what are the ideal stats that best reflect the wellness journey I want for my clients? And then reverse engineering this by investigating what needs to change NOW to reach these stats.
At the end of the day it’s not about how many visits I can get out of a client but rather, how can I best align with my ideal wellness process to help my clients reach their ideal health outcomes.
Hope that was useful, cheers
About the Author:
Dr. Andrew Arnold (Chiropractor) is a Chiropractor and the Million Dollar Wellness Mentor.
Founder: The Practice Leverage Revolution, Cranbourne Family Chiropractic and Wellness Centre and the Million Dollar Wellness Practice.
Andrew is married to Dr. Linda Wilson, the Stress Specialist and has two children, Isaac and Bella. He lives in Melbourne, Australia.