Peer to Peer: Practice Metrics

So, how's your practice doing – we mean really doing? And how can you make it even better? Finding the answers can be challenging if you don't know where to start. That's where metrics come in.

Metrics allow you to monitor key performance areas of your practice and serve as a road map to make adjustments as necessary. If you're not tracking any metrics, you're essentially flying blind when it comes to truly managing your practice.

To help enhance your practice and increase your bottom line, we periodically ask practicing DCs for ideas and solutions that have been tested in real-world environments. Our latest question: "What metrics do you consider most important in tracking the success of your practice? Here's what a few of your peers said when asked for their input:

"I use a number of statistics to track practice performance, but the most important metric for me is the profit margin per patient," said Dr. Robert Smith of Easton, Pa. "Income minus expenses equals profit, divided by the total number of patients seen. This gives me a very clear picture of how much money is made per patient.

"Our goal is to maximize our profit per patient by increasing our offering of services," he continued. "Seeing lots of patients does no good if we aren't making a profit."

Brunswick, Maine DC Dr. Thomas Augat relies on four primary practice metrics: 1) number of referred new patients; 2) successful outcomes achieved in the fewest possible visits; 3) number of return patients; and 4) net income."

Finally, Dr. Doug Pray (Tulsa, Okla.) named patient retention and referrals, as well as staff retention and training, as critical elements of a successful practice amenable to metric evaluation.

What metrics do you value most? Aren't quite sure? Read "Metrics Matter!" (March 2016 issue) to learn more.