Table of Contents
1-Minute Chiropractic Practice Management System
Save Time and Money and Successfully Grow Your Practice Starting Today… Looking To Get Organized And Improve Your Practice Management? 1 Minute a Day + 1 Page Executive Dashboard Report Is All You Need
What is Practice Performance Management?
Grow your practice successfully with the art of performance management
No more guesswork and wasting time and money… build your successful practice based on proven management best practices.
Effective practice performance management is a set of strategy-driven and properly selected management techniques that allows you to accomplish your strategic goals.
Practice performance management includes 3 crucial things you need to do to be successful and profitable:
- Setting the goals
- Managing the progress towards achieving the goals
- Implementing initiatives based on facts to improve performance
Generally these 3 functions are managed simultaneously with trends and initiatives influencing the choice of goals and objectives, the management system, as well as the actions being carried out by the practice.
Performance management continues to be impacted by the use of various performance dashboard and scorecard alternatives utilized as management tools to better manage the ongoing 3-step management cycle. However this creates some confusions and misconceptions. Many practices confuse management system with technology system which requires IT, skills, investments and ongoing maintenance and expenses…
However the 1-Minute Chiropractic Practice Management is not dependent on any technology, software and investments… The 1-Minute Chiropractic Practice Management System uses one-page executive style dashboard report created in Excel where you can manage the entire system without any Excel skills or any other technical skills.
Using Facts to Develop Profitable and Successful Practice
Is your practice as successful as you would like? How much time do you really need to get the facts you need in order to make the right management decisions? Trying to create meaning out of different sources of information? Planning and making decisions without having the facts you want?
Fact based management can help you really understand where is your practice today, where would you like to be down the road and allow you to grow your practice by understanding your real opportunities.
The benefits of using this management approach are ongoing time savings, improved productivity, responsiveness and better practice management and profitability…
In addition the use of the one-page executive excel dashboard gives you:
- Excellent presentation showing all your important metrics on one page
- Extremely fast information processing without any complicated technology to deal with
- Simple, easy and powerful on screen or print dashboard
- Most affordable – getting all the benefits without investing thousands in complex information programs you'll never use
- Everything you need on one page
- Tested by hundreds of managers – after you start using this effective way of managing your practice you'll use your dashboard report daily to make smart decisions
- Visual display of your practice management metrics
- Power to discover and address unfavorable trends and developments on time
- Continuously monitoring profitability and productivity without IT and technical skills
- Capacity to create in depth information displaying your latest trends
- Capability to make smart business decisions based on facts
- Plan and link metrics, goals, targets and strategies into an organized system
- Increase your insight and knowledge of your management processes instantly
- Easy recognition of trends in your information and making visual correlations
Sample Chiropractic Dashboard Report and Sample Metrics Examples
The following 25 important practice management metrics can be tracked and viewed on one single page:
1. Total Revenue; 2. Operating Costs; 3. Net Profit; 4. Product Sales; 5. Inventory; 6. Collection; 7. Cash Billed; 8. Average Claim Value; 9. Number of Claims Processed; 10. Number of Claims Rejected; 11. Marketing Expenditures; 12. Number of Referrals; 13. Total Number of Patients; 14. Number of New Patients; 15. Number of Returning Patients; 16. Number of Office Visits; 17. Number of Services Provided; 18. Number of Unbilled Visits; 19. Number of Visits per Patient; 20. Number of No Shows; 21. Number of Rescheduled Appointments; 22. Number of Patients with no Future Appointments; 23. Average Patient Waiting Time; 24. Average Time per Service Provided; 25. Number of Calls Received.
Example Chiropractic Executive Excel Dashboard
Continuous monitoring of your most important practice management KPIs (key performance indicators) and metrics helps you reveal important information and critical issues on time and opens new opportunities and ideas for continuous growth and improvement.
Quick Overview of the 25 Chiropractic Metrics
- Total Revenue – no practice can survive without generating continuous and predictable stream of revenue month after month
- Operating Costs – operating expenses should always go side by side next to the revenue
- Net Profit – the bottomline for every practice and any type of business
- Product Sales – monitoring revenue generated by all non-service sales, the good thing about product sales is that don’t take the time required by providing services
- Inventory – tracking inventory levels periodically helps decision makers minimize hard and soft inventory related costs
- Collection – collection performance management is critical for converting your revenue into cash
- Cash Billed – cash is king in every for-profit business including your practice
- Average Claim Value – this varies from one practice to another and is basically driven by the type of services provided and pricing decisions
- Number of Claims Processed – important metric driven by revenue, number of patients and practice productivity and efficiency
- Number of Claims Rejected – monitoring the types and reasons for rejection in addition to the total number each period is important information
- Marketing Expenditures – track your marketing costs every month which is the total amount of all campaigns, promotions, online marketing, social media marketing, press releases, etc.
- Number of Referrals – getting new patients by referrals is the most effective and powerful marketing and patient acquisition strategy and should be your top priority
- Total Number of Patients – the trend showing growth in your total number of patients is an indicator that your practice marketing works well
- Number of New Patients – what is the share of new patients out of the total number of patients in a given month
- Number of Returning Patients – existing patients who come back again and again bring revenue without incurring any marketing costs plus they are potential patients who will refer your service to others
- Number of Office Visits – easy to benchmark against available national statistics for the industry and compare your trends with others
- Number of Services Provided – similar to units of products sold this metric helps you compare the trend to the overall revenue and trends in pricing (cost-volume-profit analysis)
- Number of Unbilled Visits – track the trend in unbilled visits month after month (many patient visits are unbilled and not documented at all)
- Number of Visits per Patient – average number of visits per unique patient (number of total visits divided by the number of patients in a given period)
- Number of No Shows – monitor the number of no shows and implement better strategy and initiatives to minimize this number continuously by using more reliable reminder, scheduling and confirmation processes
- Number of Rescheduled Appointments – this metric gives you an idea about setting the right balance between long-term scheduling (it’s good to have scheduled appointments for the next 6 months) and rescheduling appointments in short term period
- Number of Patients with No Future Appointments – this should be identified and reported on time and proactively managed by contacting the patient and scheduling the next appointment
- Average Patient Waiting Time – this is a crucial practice performance metric because longer waiting time for the patients leads to unsatisfied, frustrated and lost patients
- Average Time per Service Provided – measuring and reporting the average time is important for both patient satisfaction and your practice management and productivity
- Number of Calls Received – this metric has a twofold benefit – it is important for tracking the success of your marketing campaigns and in addition it is critical for success of your practice to compare the ratio between the number of calls from existing, new and prospective patients and the number of appointments scheduled
Simply Enter Your Numbers in this Excel Template and your Dashboard is Created
How You Can Benefit From This Management System?
This excel dashboard tool is available as an instant download. You'll receive the dashboard templates shown in the examples above with the 25 metrics and you can use it immediately for your practice.
Changing the default metrics is as easy as typing in Excel! You can also create various dashboard reports for different purposes like marketing report, financial report and operational report. Since this is Excel file you can save the file with different names and create as many executive dashboard reports as you need now and in the future without any ongoing costs.