Metrics to Measure By

In order to gauge the success of your practice, you need to track certain data. In a sea of numbers, you need to know what metrics to measure by.

Revenue Per Visit

It’s never easy to raise your fees but sometimes it’s necessary. You don’t want to do it arbitrarily, on January 1 for example, because it will seem to your patients, well, arbitrary!

You should have a solid number to base rate increases on. That’s what revenue per visit will give you. To calculate your revenue per visit, calculate the average amount you collect from patients and subtract the average cost of conducting a visit. Now that you have that number, you can determine if you need to increase your fees. (For additional information and guidelines, you can consult the most recent edition of the Physicians’ Fee Reference book.)

Not Always Dollars

Revenue isn’t the only metric you should judge your practice on. If you want to have long term success, you need to have a high patient satisfaction rating. You can design a brief survey for patients to fill out rating you on things like waiting time, ease of scheduling, how well you listen, and how helpful your staff is. A simple 1-10 rating on a few key questions is all that’s required to get some good data here.

If patients don’t feel they can address these issues with your office, you can bet they’ll address them on public forums like Yelp and Zocdoc and give you a poor review. Give them the chance to explain any frustrations to you.

Not Always Patients

It’s not only patient satisfaction you should be concerned about. How happy is your staff? How much turnover do you have? Unhappy employees aren’t going to treat patients the way you’d like them to be treated. Unhappy staff quit, and it’s frustrating for patients to see a different face each time they come in. It makes you look bad and it’s expensive to continuously hire and train new staff.

And honestly, a lot of doctors don’t know how to run the front desk. Some don’t even know how to schedule an appointment, let alone the complicated stuff like insurance billing or sending out blood for lab testing . If your entire staff quit without notice (whether that’s one person or several), how bad off would you be? You probably don’t want to find out.

You likely give feed back when a staff member does something you’re unhappy about. Give them the same opportunity to provide feedback to you. And make an effort to tell your staff when they’re doing something right!

Traffic Patterns

What times of day are you busy and slow? Do you open at 10:00 and wait until 12:00 for your first patient to come in? It’s easier for working people to come in before work or during lunch than late morning or late afternoon. Would your patients benefit from evening appointments?

Start asking your patients if they’d have any interest in Saturday appointments. For people who are paid hourly, they lose money if they aren’t at work. Saturday appointments might work really well for them and increase patient satisfaction for you!

There’s a lot to be said for working a typical 9-5 schedule, but even if you were available one late evening a week or one Saturday a month, it might help increase your patient load.

Slow Times

Make note of busy and slow times of year too. Summer is typically slow for many practices. Use those times to go on vacation, to do renovations, or to do major systems upgrades. Sometimes if makes financial sense just to close the office rather than pay staff when it’s quiet.

Referrals

You should know where every patient who comes into your practice was referred from. By an existing patient, a Facebook ad, Google, another physician? If you want to grow you practice,you need to know where to concentrate your energy and money when it comes to attracting new patients.

If you aren’t getting patient referrals, something is wrong with your patient satisfaction or education. How can you fix it? If you aren’t getting a lot of referrals from people who were Googling, you need to improve your SEO.

If you aren’t getting traffic from ads you’re paying for, you need to rethink your advertising strategy. If you aren’t getting doctor referrals, you need to work harder at building relationships with your colleagues.

If You Don’t Measure It, You Can’t Improve It

You should always be striving to improve every aspect of your practice. And maybe you are, but if you aren’t using metrics to measure your improvements, you don’t know what impact those improvements are having. Or not having. And that wastes money, time and energy. If you don’t measure it, you can’t improve it.

For more information on building community connections, I encourage you to read my new book Community Connections! Relationship Marketing for Healthcare Professionals. If you want more valuable information about how to Connect with YOUR Community, you can find FREE healthcare practice marketing content, PowerPoint Presentation Jumpstart Kits, workbooks, blog articles, and my FREE “Practice Marketing Planner” Now!