Hi, I'm Dr. Peter Wishnie and here's another One Minute Practice Management Tip.
Today I'm going to go over the 80/20 principle, also known as the Pareto Principle. The Pareto Principle states that 80 percent of the output of any situation and system is determined by 20 percent of the input. So for example, let's say you have a group of people working on a project. 80 percent of that outcome from that group will be done by 20 percent of the people in that group. So in your practice, remember that.
How can you use the Pareto Principle in your practice? First, I will tell you that 80 percent of the income comes from 20 percent of your patients. So discover who those 20 percenters are and market and schedule accordingly to those 20 percenters. This will save time and it will also make you more money. In addition, your tasks that you do on a daily basis, I will tell you that 20 percent of them will produce 80 percent of the result that you're looking for.
So, get rid of the waste and you will see a skyrocketing income before you know it. So, have a great day and stay focused my friends.