After being trapped in a Polar Vortex for most of the month, January of 2019 became the worse January in twelve years for my practice. Needless to say, I was a bit depressed and worried that OTCs, the widespread availability of internet hearing devices and the increased interference of third party payers had negatively impacted my practice in the small town of St. Joseph, MI. Many colleagues have cautioned me that it would happen but somehow I thought the longevity of the practice and the unique patient experience would insulate the business but the numbers were telling me a different story.
I spent several sleepless nights perusing the data and was relieved to discover that it really wasn’t the outside influences that had brought my business to its knees. When I dug into the numbers, I realized that certainly the unusually cold weather had been a factor, but the biggest problem was failing to adhere to the policies and procedures that are the hallmark of the business’s success.
Hearing Professionals: Join the Sapphire Society where I provide incredible resources you can use to take your practice from Fine to Fabulous.”
As a business owner, I have become a numbers fanatic because I have found that looking at data is critical for making quick decisions and essential for tracking the health of the business. It helps give me a feel for what’s working and reveals areas that need to be improved. We use Key Performance Indicators (KPIs, which are measurable targets that demonstrate how effectively a company is achieving key business objectives. KPIs, when properly utilized are a proven approach to providing better patient outcomes, maintaining a productive staff, generating more revenue and being more profitable. Rather than making unsubstantiated judgments, a targeted set of KPIs allow you to make educated decisions about your practice. For a KPI to be helpful, it has to be simple, specific and easy to track.
What I discovered when I dug into the numbers was that the problem seemed to be Internal. It wasn’t the external factors that had the biggest impact on the business in January. Sure, the Polar Vortex was a factor but we actually saw as many people in January 2019 as we did in January of 2018. So what was the difference? Calls weren’t being converted to appointments, the schedule wasn’t full, the HELP rate for the professionals was down, advertising hadn’t brought in new patients, employees weren’t calling patients that needed appointments to fill the gaps in the schedule, accounts receivable were through the roof and more. Sure the weather was a factor, but the biggest impact on the sales numbers was not reaching our KPIs.
Not one to sit by and let things happen, I devised a new spreadsheet and reminded people that it was their responsibility to work harder to reach their individual KPIs. We created new marketing with a stronger Call to Action and we met every Monday in February to discuss with Our Team where the business was and where it needed to be. As a result, that Awful January was followed by an Awesome February. Business is all about the numbers and tracking those numbers to make certain the business stays on track and if it’s not on track, helping employees find new resources and encouraging them to reach their goals.
Members of DrGyl’s Sapphire Society will receive a copy of my tracking sheet and goals for KPIs. These resources are things I have used to generate 3.5 million dollars a year in my practice in the little town of St Joseph, MI. If you would like to receive the tracking sheet and other resources go to DrGyl.com and join The Sapphire Society. Only $129 a year!
Tracking numbers or KPIs is the most important part of the success of any business. I know it takes time, but it’s critical to success. You can’t know where you are going if you don’t know where you have been.
I want to do whatever I can to help you take your practice from Fine to Fabulous!