How Do You Know What Practice Area Needs the Most Focus?

Let’s face it, there are so many things a practice owner needs to do to run his practice smoothly and efficiently.  The key here is to delegate these tasks to your top people.  However, I am not going to talk about that right now.  What this article is about is how to know which one of these areas of practice management do you have to focus on.

You see, the purpose of the owner is to be a coach.  The coach needs to tell the staff what you want them to concentrate on. The only way to get what you want out of your practice is to focus on the main need for your practice.

This need can change weekly or monthly.  The best way to know is by graphing your key numbers.  There are many statistics one can graph, but the easiest and fastest way to get this done is by graphing four key numbers.  These are:

  1. Weekly Charges
  2. Weekly Collections
  3. Weekly New Patients
  4. Weekly Office Visits.

These numbers should also be done monthly as well.  So, when looking at these numbers, one number should stand out.  Remember, all of these vital statistics are inter-related.  In order for collections to increase, you need more office visits and/or new patients.  You also cannot collect money if you don’t have adequate charges.  So, let’s say your charges are down.  You have to dig deep to find out the causes.  Are visits down?  If so, are you recalling patients?  How is your internal and shoe leather (visiting other referral sources) marketing doing?  Maybe these numbers are just fine, but your per visit value is down.  If this is so, you might have to rethink your protocols, your better yet, follow the ones you have.  There is a good chance you might not have written out these protocols.

So, you need to take action immediately in whatever area is in need of an overhaul or just some attention.  The key in life is this: whatever you focus on is what you get.

If you need help in analyzing your numbers, then I recommend signing up for the Top Practices Practice Management Institute to learn the tools you need to manage your practice effectively.  You can talk to us about it by calling (717) 725-2679 or emailing answers@toppractices.com.

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