Blog 13 Metrics to Drive Practice Success in 2019 By Sarah Baumann, 01.03.19 FacebookTwitterLinkedin It’s the most wonderful time of the year – the time to start thinking about your clinic’s new year’s resolutions. Every January, people take stock and reevaluate where they are and where they want to be. And every new year is a chance to make different choices and improve your practice, help more patients and increase your revenue. So, what will your goals and resolutions be for 2019? Here’s how data can help it be your best year yet. Setting goals for the new year To make 2019 your best year yet, you first need to think about what your goals for the year are. Better engagement with your patients? Better patient outcomes? More efficient staff? Increased revenue? Expansion? Set your goals and figure out what your priorities should be to get you from point A to point B. As a starting point, you need to have a basic understanding of the current state of your business. For example, you should benchmark: Total Visit – How many visits am I seeing? Charges per Visit – What are my average charges per visit? Payment per Visit – What am I getting paid per visit on average? A/R – Are my claims getting paid in a timely manner? Once you have a baseline understanding of your current status, you can set SMART goals – Specific, Measurable, Achievable, Relevant, and Time-bound. What metrics should you be tracking for value-based care? Download our free tip sheet to learn the most important metrics to track for value-based care success.Download Tip Sheet How to set specific goals Let’s say your goal was to increase your visits in 2019 to a point where you can justify an expansion of your business in 2020. You need to set a specific goal (let’s say an increase of 100 visits per month) and then understand the metrics that could help you meet that goal. Conversion Rate – How do you convert more of your referrals into patients? Evaluations vs Discharges – Am I bringing in more patients than I’m discharging? Arrival/Cancellation Rate – How do you increase the number of patients who attend their scheduled appointments? Active Patients without Future Appointments – Are my patients completing their prescribed plan of care and then being discharged appropriately? Weekly Frequency – Are my patients being scheduled for and attending their visits as they are prescribed? Capacity – What is a reasonable goal of appointments per day for my therapists to see? To both increase visits and revenue, you need to understand the financial impact of certain things. For example: Payment per Visit by Referral Source – Are you increasing visits from profitable referral sources? Average Cost per Visit vs. Average Payment per Visit – Are you making enough profit on your visits to expand? Patient Balance Collection – Is your team keeping up on patient collections so that you can capture the most revenue When looking at these metrics, always look at how your entire team can impact the business. Everyone should feel responsible for their part of maintaining the metric. For example, increasing visits is often considered a “front desk” metric, but everyone has an impact. If the therapist works with the patient at the eval to explain the course of treatment and why they are prescribing the visit frequency and duration that they are, the patient is more likely to feel engaged and bought in to their treatment and is more likely to attend visits as scheduled until they are discharged. If the billing team follows up on claims in a timely manner and bills and collects accurately, the patient is less likely to drop out of treatment due to a surprise bill. If the clinic management focuses on hiring employees who fit the company culture and are dedicated to making the clinic an inviting and welcoming space, it is more likely that your practice is going to be somewhere that both patients and staff feel comfortable. If an owner reviews metrics and is transparent about expectations and coaches their staff towards success in a productive manner, it is more likely that the team will understand what they need to do each day and be focused on making decisions that impact metrics in a positive way. Encouraging an atmosphere of collaboration instead of “not my job” helps ensure that everyone works together to reach your common goals. What are your goals for the new year?