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6 steps towards measuring the success of your practice

If you are not sure where to start when looking at your practice success, then this is a great little starting point for you. Its not hard, but does require you to sit down in a quiet space and start to think about what are the important things that happen in your practice that will help make it successful, and how will you track the performance of those things over time.

Here are 6 steps to get you started on measuring success in your practice:

Step 1: Decide how often you will collect statistics – I would suggest doing a monthly checkup at least.

Step 2: Look back on your vision. Where are you headed? What is success to you? Is it money, is it happiness, is it flexibility in your weekly diary, is it all of these or something else? Your time is best invested in choosing success indicators that are most important to you in demonstrating the health and success of your practice. 

Step 3: To make the most of your business success factor calculations, you have to have a comparison. There needs to be a baseline or some kind of benchmarking so you know whether your figures tell you if you are going okay, or not going so well. Spend some time working out what you are expecting from your practice. Everyone wants great customer satisfaction, but how much will you be happy with? 80%? 75%? How much do you expect your business to grow in a year? Would you like your referrals to increase by 10%, 15% or more? What about people who cancel appointments. How many of those do you consider to be okay each month? Are 10 cancellations a month okay for you, or are you happy with more because you are growing and have more therapists working with you? Or are you not happy with any! Remember everyone will be different. 

Step 4: Write a list of your success factors. They can be divided into categories to make things easier. Customers, financial, processes, learning, or innovation. As a general rule, it is worthwhile tracking success factors that include profitability, customers, quality and time. Choose indicators that relate to tasks that add value to your practice. This might include measuring waiting times for appointments, and customer satisfaction with a new booking app. You should not feel compelled to choose the same indicators as other practices but develop your own so they are relevant to your practice.

Step 5: Work out where you are going to get your data from – where is the evidence? There are different kinds of evidence within your practice, and most of the things you need will more than likely be right there. Most practice management software programs have inbuilt statistics that you can look at. If you do not use a patient software program, then you will have to do some more manual calculations or retrieve your data from elsewhere. Your profit and loss statement on your accounting program can also give you good information.

Step 6: Create yourself a spreadsheet that you can use to track your business success factors. Excel is a great option.

Happy tracking!

Read 661 times Last modified on Tuesday, 31 October 2017 08:08