What distinguishes a successful practice from a failing one? One surefire indicator of your success is your business’s statistics. As our consultancy’s name (Measurable Solutions) suggests, we know that the data doesn’t lie. The only way to truly track your growth is with statistics. Are you making more or less money than last week? Are your employees getting a higher or lower number of patients through the door than last month? These facts and figures are actually quite simple to measure and monitor with the right methods. At Measurable Solutions, our consultants, instructors, and management experts have helped thousands of businesses succeed with statistics. We emphasize accurate, applicable techniques practice owners can easily implement for improvement. Read on to learn more about why statistics are the best way to track your growth as a practice, and how you can leverage them to your advantage.
Do You Know Your Numbers?
It seems like common sense that a business owner would know the data reflecting his or her production, but this often isn’t the case. In his Entrepreneur article, “Numbers You Need to Know to Grow Your Business,” Dave Lavinsky begins with a hypothetical statistical scenario: “Assume for a moment that I just gave you a business and today is the eighth of the month. Monthly sales so far total $65,000. Are you having a good month?…I’ve found that when I ask entrepreneurs this same question about their own business, they don’t have an answer.” He urges business owners to make calculations about their current and projected income on a daily basis, “comparing this to last month’s results,” as well as “the same month last year.” Mr. Lavinsky advises entrepreneurs: “if you start to track and understand the numbers in your business, you can quickly increase your sales and profits.”
We get it: measuring your metrics can seem overwhelming or too complex to even contemplate. Perhaps you’re even afraid of what you’ll find if you take a closer look at your company data. However, your statistics can capture key information about your business, numbers you really ought to know. Developing a greater understanding of your monthly, weekly, and even daily figures can help you take charge of your profits. If you want to understand and expand your business, you’ll need to make tracking statistics a priority.
What Are Your Statistics Saying?
To begin, spikes or dips in aspects such as patient retention, patient satisfaction, revenues, or referrals can be very telling. Over time, these trends can show you where to place your resources within your practice. For example, if you experienced an influx of new patients during a certain time period, you may be able to link it to a successful marketing strategy. This proven approach can therefore be applied once again to obtain new clients.
Similarly, if there is an increase in patient satisfaction, it is vital to cross-reference other changes during that time period. If the improvement was caused by the introduction of a new physician, it may be important to incentivize that doctor to stay with your practice. If you can link increased patient satisfaction to a period of decreased waiting time, you can put more focus into scheduling and timing. Thus, tracking your growth can help you decide how to direct and emphasize future efforts.
Statistics can also allow you to set (and achieve) much clearer goals. In his Entrepreneur article, Lavinsky notes that you can use this data to: “know how far you are from reaching your goals…[and] quantify success and failure.” Rather than hoping you’ll have a productive month, you can create a transparent target and feel certain about whether or not you’ve hit it. Ideally, you’ll reach new heights on your graph every month, but if you don’t, you’ll still collect valuable calculations you can use to do better next time. Lavinsky argues that statistics can help you “pinpoint and manage key underlying issues [and] discover problems before it’s too late.” Whether you’re able to track massive success or do damage control, statistics can help you better manage your practice.
Learn and Implement Statistical Solutions
Measuring your practice’s production can allow you to strive for constant growth and continued success. Measurable Solutions offers valuable courses, customized consulting, and other services to help you discover how statistics can improve your business. Contact us today to find out more or schedule an appointment with a member of our team.
