Tag Archives: statistics

What Gets Measured — Gets Managed in Your Chiropractic and Service Business

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bus driver with the dashboard in front of him guiding him where to go.

ED shares how chiropractic business owners can effectively manage their practice as it grows by using key performance statistics. Initially, managing both patient care and business operations is feasible when a practice is at 50-60% capacity. However, as the practice grows, the increasing demand for management and staff coordination can lead to stress and “growing pains.” To overcome this, the article introduces the Fast Flow CEO system, which helps doctors manage their businesses effectively by dedicating just a few hours a month to business operations.

Key to this system is the use of performance statistics, which help track progress and identify areas for improvement. The article outlines essential components for tracking performance, including:

  • Key statistics: New patients, paid visits, charges, and collections.
  • Time period comparisons: Weekly, monthly, and yearly comparisons.
  • Same-month comparisons: Analyzing ratios like Visits/New Patients or Charges/Collections.
  • New patient tracking: Monitoring where new patients come from, especially for practices investing in marketing.
  • Marketing expenses: Tracking cost per new patient to optimize marketing spending.
  • Visual tools: Graphs and charts to help visualize trends and results.

The article emphasizes that these numbers represent outcomes, not just data. The goal is to improve patient care and practice efficiency, not simply to increase the numbers. Displaying these metrics in team meetings and using them as a “dashboard” helps everyone stay aligned with the practice’s goals.

The overall message is that managing a growing chiropractic practice requires smart use of data to drive decisions, improve outcomes, and continue progressing toward long-term goals.

Read the full article here: https://www.goaldriven.com/post/what-gets-measured-gets-managed

 

Are You Looking at All Your Statistics?

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As one year ends and another gets ready to launch, I look back at our clients’ numbers and see that, for the most part, everyone’s numbers went up.

And these are not new offices. Their increases were not because of a snazzy ad campaign or a motivational seminar. Their numbers increased because of their hard work, courage, sacrifices, and love. I am sure the same is true with you and your practice as well: because of the wonderful improvements your patients experience, as a byproduct, your numbers for this year also went up.

But maybe not. Maybe not this year.

Maybe your practice numbers did not go up?

Well, you may not be accounting for all of your positive outcomes. For example:

** Our goal with one office was not to increase their numbers, but just to keep them from going down the drain. The successful outcome was no bankruptcy! Positive numbers did not go up, but negative cash flow numbers did not occur.

** One business owner I worked with, whose numbers had gone up for a few years, but had recently dipped, was able to take a vacation for the first time ever. In fact, because of additional providers, was able to leave for a few weeks. Practice numbers did not go up, but vacation and personal statistics did!

** One practice owner saw her numbers go down. She had her third child and would have gone down further had it not been for the work we did on bringing on another provider who she deftly managed. Family numbers went up!

We do manage by the numbers as these are objective and because so much conventional management is done through emotion, bias, new but dumb ideas, or other weird standards.

But not all accomplishments show up on the standard practice scoreboard. You would need a different set of statistics and a different scoreboard for family, personal, and organizational outcomes.

• Maybe you spent time training in a new clinical technique.
• Maybe your staff spent extra time training and becoming more proficient.
• Maybe you were able to see more of your child’s activities.
• Perhaps you and your spouse finally went on that vacation.

Business building can be understood by the Law of the Farm (Also Law of the Harvest). As Steven Covey says:

“The only thing that endures over time is the ‘Law of the Farm.’ You must prepare the ground, plant the seed, cultivate, and water if you expect to reap the harvest.”

I like this analogy because it shows that so much is involved in producing what finally ends up in your grocery store.

Yes, you reap what you sow. But the sowing itself is an accomplishment that needs to be recognized and acknowledged. If you keep building and nurturing all aspects of your business, including your skills, your people, and your procedures, both in and out of the office, and stay aligned with your mission, your production numbers will improve.

You might take some time this month to look at all the gains you have made that might not show up on the bottom line.

Celebrate ALL your positive improvements in 2023, and prepare for a prosperous 2024.

Stay Goal Driven,

Ed

What gets measured gets done

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Your Goal Driven Analytics Scoreboard

Sometimes you can’t see the forest for the trees.

Sometimes you think things are worse than they are.

But then again, sometimes you think things are going better than they are. And then, BANG! Poop hits the fan!

What is the best way to determine how your business is doing?

Your Scoreboard

Your numbers are the best indicator of your Key Performance Indicators. They are your dashboard. Your Google maps. Your altimeter, as you take your business off the runway and up towards your goals.

In our consulting work, too often we see major management changes based on a minor error, hearsay, or emotions. This can have long-term devastating results.

On the other hand, improvements that show up on the stats can be ignored if no one is watching them.

One office we worked with continued to see an increase in new patients referred from a local gym. But amidst the busyness of the daily patient care, they hadn’t noticed. Since we closely monitored their numbers, I saw this increase in new patients from a local business on their New Patient Tracker. After discussing this with the doctor and manager, they finally took action to strengthen this valuable relationship. Last I heard, they are continuing to get referrals from this location.

You can miss the good things — as well as the coming crash. Numbers help you predict what needs fixing before things get ugly and what needs reinforcement to keep the good times going.

Ultimately, statistics tell you if you are moving towards your goals or away from them.

Unfortunately, most offices do not keep clear and consistent track of their numbers.

As a result, business owners do not get the information they need to manage their business properly. Software can spit out reports which can help, but they are not enough. And usually only partly used, if at all.

Here are some fast tips for your stat analysis scoreboard:

  • Key numbers. Monitor numbers week-to-date and month-to-date, especially new patients, visits, charges, and collections.
  • Individual providers. If you have multiple providers, find some way to measure their production. This can help both of you manage performance.
  • Percentages. Use percentages, such as visits divided by new patients, to give you an idea of how long your patients are staying with you.
  • This year to last year. You should be able to compare this year-to-date with last year-to-date.
  • Line charts. We use line graphs plotted over a couple of years. These clearly show what is trending — up or down.
  • New patients. Track the sources of your new patients as well as the types of new patients.
  • Weekly reports. Have someone in your office give you a daily, or at least a weekly and monthly statistical report.

Keeping statistical analysis in place has proven so valuable for offices that many clients have asked us to keep providing their stat analysis for them years after completing an intensive service with us.

While this is not a major service we offer, we realize how useful it is in our Goal Driven System of management.

Therefore, we have decided to start offering our Goal Driven Analytics program as a service to more offices.

We are only taking 5 new clients on this program for now, first come, first serve.   It is moderately priced and, as most of our clients can verify, managing by the numbers is invaluable. To learn more about the program, we’ve posted some more info, with the link below. If interested, just reply to this email, and we can set up a time go over the details.

But whether we provide you with your statistical analysis or you set it up yourself, I can’t recommend a more valuable management tool for managing your business profitably. Not only is it effective, but it is fast!

Your analytics scoreboard will help you smoothly navigate to your goals.

To your greater prosperity,

Ed

More info on the Goal Driven Analytics Scoreboard.

Those Numbers: Do You Manage by Emotions or by Goals?

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scoreboard for statistics

It’s Monday morning. The staff is getting the office ready for the new day. And while doing so, they are wondering… “How is the boss’s mood going to be today?”

They are taking their cues on how the day will transpire based upon, at least in part, your emotional state.

Your team, as well, will often be tempted to manage their roles in the office emotionally, based on the circumstances in their personal lives.

There is nothing wrong with positive emotion. Emotion is a feeling “a mental reaction subjectively experienced” (Merriam-Webster). Some are more positive than others, such as joy, delight, cheerfulness, and others are more negative, such as anger, grief, and fear.

But emotion is reactive. Setting your sights and working for goals is proactive.

Your Scoreboard

Your practice numbers show you if you are headed towards your goals or away from them.

They can predict what needs to be done to improve your business and achieve your goals. They also keep everyone on your team informed on the status of the practice and included in its management.

There is a right and wrong way to use your numbers to help you achieve your goals.

There is, in fact, an entire methodology on how to use statistics to improve business performance.

Large companies use analytics to manage and improve their production in formal processes such as Kaizen, Six Sigma, and Total Quality Management.

In the Goal Driven System, we use a simplified version called GAP, the Goals Achievement Process, which works just fine.

At the beginning of each month:

  1. Review. Review your key numbers monthly at staff meetings. (This can also be done weekly to check on your progress.)
  2. Notice and support. Notice where the numbers went up. Then, plan a couple of action steps to support the areas that went up.
  3. Notice and fix. Notice where the numbers went down. Then, plan a few action steps to fix the areas that were down.

Remember that numbers by themselves are nothing. They are symptoms or representations of the quality and quantity of your outcomes. Don’t get so caught up with the “stats” that you lose sight of what the numbers represent. Expecting the numbers to improve without confronting and enhancing the factors causing the numbers is at best ineffective and, at worst, can be abusive.

But numbers can assist you and each team member to stay focused on the goals: your office mission, its values, and its outcomes.

In a Goal Driven office, your team takes its cues from the office scoreboard.
There is an art and a method to capture, display, read your statistics and apply what they tell you. This is not adequately taught to most doctors in business – or to employees. Yet managing by numbers is a fast and very effective method to keep your business improving.

We are creating a short training course to remedy this called Goal Driven Analytics for the Chiropractic Practice. Subscribers to this newsletter (you!) will be the first to hear about it.

In the meantime, stay true to your goals, and use your scoreboard to help you do so.

Seize the Future

Ed