04 Sep KP…WHAAT ARE YOU MEASURING!?
Do you want more control over your practice results right now?
Having things under control, knowing what to measure, how to measure it and building that into your routine is crucial to your success.
When you have you have control over your results, things change massively!
First of all, you gain a lot more confidence because you know where you are at, you gain control of your business, and you’re pro active with your strategic decisions rather than being reactive.
The greatest benefit is that you are less stressed because you are in control and financially you will get greater results faster.
It’s an absolute must to measure your results.
However sometimes exactly what you should be measuring is a little less clear.
This week I was asked by Lenore who runs a physio practice “What KPI’s and KPA’s should I measure and how often?”
For some people out there it’s more like KP….WHAAAT?
They have no idea what’s going on when it comes to their numbers.
It’s crucial to know your key performance indicators so, let’s dive in and get super clear on what you should be measuring.
So, first things first.
Chances are that you want one of two things…
-
You want to be able to control your growth and feel in control
OR
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You really want some growth and you understand that being on top of your numbers is a key component.
The thing is, if you aren’t on top of your KPI’s then you don’t know where you are at in your practice, you can’t control your growth, you end up being reactive in your business and ultimately you just don’t get to where you want to go.
So, what you should you measure with your KPI’s?
Well, I’ll cover the basics for you to get you moving.
First of all, measure everything that positively and negatively contributes to your bottom line.
So on the positive side, the things that you want to increase – You need to measure:
- Revenue generated from services and products
- The number of new patients per week
- The total number of services and products provided weekly by the practice overall and by each practitioner individually
- The retention rates of patients by your practice and by individual health professionals within your team
- The percentage of time that your staff are booked with patients
- How far in advance your staff are booked
In terms of the things to measure that you want to minimise – You need to measure:
- Your cancellations
- Non-attendances
- Dropout rates
Being on top of these numbers will make your next move a lot easier and will guarantee that you are in control and growing faster.
Put a dashboard together and record this every single week.
Someone on your team needs to take this on as part of their role and own it.
Each week, you need to meet with that designated person and go over the numbers.
Diarise it and make it the same time each week.
As a practice owner, if you have a team, especially a growing one, then you need to prioritise the following activities as your KPA’s on a weekly basis and make them a crucial part of your role.
Number 1: Your marketing time
Your business needs new leads to grow.
Dedicate time to growing your practice each and every week.
I recommend 2-4 hours per week on marketing as a minimum standard.
My top guys doing over $100k per month, they are doing 4 hours per week every week.
That’s your first KPA.
Number 2: Training and leadership
No, I’m not talking about clinical training, stop focusing on that.
If you want to grow a business then think like a business owner not like a clinician.
Educate and train your team each and every week on what they need to be doing to get their own performances up, build your business and create an amazing practice.
Number 3: Management.
Dedicate time to actually managing and giving feedback to your team based on what you’ve trained them on.
Manage them, inspire them, keep them accountable.
To build a business, the revenue needs to be dependent on your team and not you.
Dedicate time to management.
I mean literally take your diary and book all these KPA’s in as meetings with yourself.
Just like you would with seeing patients.
If you book it in, it will happen, and if you don’t, it won’t.
When you spend more time on performing key performance activities, your key performance indicators will also go through the roof.
One is dependent on the other.
So flip your approach, prioritise your KPAs, approach your business like a true owner and not like a clinician if you want to get real results.
Take it, apply it and smash it.
You’ve now got my quick tips but perhaps you want to take things a step further?
Do you want REAL fast results and get them to stick?
If you want to get your KPI’s in check and take your business to the next level here’s what you need to do…
Click the button below to book in for a Practice Acceleration Game Plan and we will show you how to add what you’re missing.
There are little known secrets to ensure success, and we can show you 3 tactics that you can install to make it a reality fast.
Click the button below, book it in!
Look forward to seeing you on top.