A few weeks ago I mentioned Key Performance Indicators. KPIs should be a simple way to take the vital signs of your practice. The problem is that, in may practices, they are impossibly complex and time consuming.
Please let me solve that problem for you.
The first KPI to watch is dollars collected per day. It's very simple to calculate. Get your computer to print out a figure for your total personal collections last month, then divide that amount by the number of days you worked. The resulting figure is like the speedo on a car. It shows how fast you are going.
Now do the same thing for the past 2 years. Plot those figures on a graph.
Are you gaining altitude, holding your own or descending? If you have not been tracking this figure you really need to. I defy anyone to say that they are fully in control of their practice if they do not know this figure.
Watch for part 3, coming up.
Master the Art of Case Acceptance, Dr Hassed's new audio program, has just been released. It tells you step-by-step how to discuss treatment in a way that makes patients want to say “yes”. To find out more click here.