Are You Tracking Your Practice Macros?
Updated: Oct 25, 2019
Some practices track some numbers and others none. When I get a new client, it can be fascinating to see what is being tracked. Often there is resistance to tracking because it takes energy, so often I am asked what are the most important operational numbers to track. My answer might surprise you because the numbers I suggest tracking are simple yet they are the essential key indicators (the macros if you will) that all practices should track. These "Macro KPIs" allow you to see the forest before drilling down into the trees. They are :
Average Encounter Charge
Encounters per Day
If your plan is to work 208 days and your practice falls short, it will be impossible to replace the revenue from those days. Excuses don't replace revenue and increased commitment to the schedule is required.
Average Encounter Charge
If your plan for each encounter is $200 and it drops to $195, that will also be devastating. Though this number isn't going to give you the exact details, it will signal there is a problem that needs to be discovered and solved.
Encounters per Day
Similarly if your plan is to see 16 patients per day or 2 per hour and your schedule is short by 2 on average, well that is also impossible to replace. Similarly tracking the number isn't going to give you the exact problem that needs solving but it will signal a problem that needs to be discovered and solved.
Your assignment for next week is to think about which of these macro KPIs is perhaps the most important. We will publish the results of the Survey in our next post.
Until then we would appreciate your signing up for our blog and forwarding this post or other relevant posts to your fellow practice owners and office managers. If you have a question that you would like answers in a blog post, please email it to firstname.lastname@example.org.
Doctors CFO is now launching a FREE tool to help you track your MACRO KPIs. The basic model is free for one user. Please email us at email@example.com to sign up.
Developing a management report is not easy and Doctors CFO currently has a robust model for most practice types that is customized for our monthly and bi-monthly clients. If you have questions on how this model applies to your practice or you are interested in applying the Doctors CFO model in your practice, via one of our annual, bi-monthly or monthly assessments, please reach out to us as firstname.lastname@example.org. Doctors CFO provides financial analysis and valuations for doctors and dentists in the United States. We also offer programs for new patient marketing, revenue and collection management, medical practice consultant, dental consultant, and practice analysis.
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