Chiropractor Practice KPIs
Key Performance Indicators are really crucial methods where any practice can easily find out precisely how good they're executing in the direction of reaching their very own company goals and objectives. KPIs enable organizations to recognize their particular most essential measures, and they also offer a consistent method of identifying if they are really achieving their particular goals and objectives.
Do you monitor your practice key performance indicators?
Many chiropractors keep track of their own practices simply by measuring a number of practice performance metrics or KPIs. Most of these KPIs generally incorporate important chiropractor practice metrics such as continuously measuring, tracking and monitoring how many patients they have, how many visits they have, number of services provided, revenue per service type, number of first-time patients per period, profitability per type of patient (patient segment profitability), etc.
How can you choose the KPIs for your chiropractor practice?
Many chiropractors are confused about KPI management simply because they don’t know how to start. The good news is that once they start measuring their KPIs most professionals are able to identify critical for success issues and improve their chiropractor practice management substantially.
KPI management and KPI reporting allows you to be a better manager, communicate better with your team and focus on what really matters (prioritize your time and resources).
How to start your practice metrics management?
Take a look at the practice data which you already evaluate. Should you do not currently assess your practice metrics, this method is a wonderful starting point. Think about your top 5-10 aspects of the practice that will make an impact on your performance if you decide to make any changes and improvements in those areas.
The approach starts with your top areas for improvement and starting measuring the most relevant KPIs for those areas of performance.
For example, one of the areas for improvement in your practice can be getting new patients for a certain type of service – this can create a set of KPIs incorporated around this area such as number of overall new patients, number of first-time visits, number of new patients per promotional channel which further measures the effectiveness of your practice marketing and advertising channels, number of first-time visits vs number of new patients per month…
The point is that by measuring important issues you are able to evaluate your top metrics and KPIs daily, weekly or monthly depending on the metrics and reporting needs and make the right decisions and improvements which ultimately will grow your practice.
Without some kind of KPI monitoring system or some kind of simple and effective KPI dashboard reporting template it is really hard at best if not impossible to manage and grow your practice successfully simply because your focus continuously moves from one issue to another depending on the daily activities and short-term priorities.
The benefit of effective practice KPI reporting
Your practice KPIs will inform you exactly how you are performing in accordance with your practice strategic goals and targets. KPIs are the ways to measure and evaluate your practice performance and compare against your targets and other benchmarks – both internal and external.
Example chiropractor practice metrics and KPIs you should use:
- Cost of New Patient Acquisition
- Overall practice profit
- Overall practice cost of doing business
- Lifetime Patient Value
- Month vs month net profit
- Year vs year net profit
- Monitor number of referrals
Shift from measuring overall marketing performance to breaking down the performance by marketing/advertising channel (it's all about ROI on each and every investment you make in marketing)
Tip: Establish your own KPIs which are of course relevant and specific to both you and your practice. In case you are just starting with KPI management you can simply set your current targets by taking your last 12 months average values and use a target mark up like 15% or some other target you are trying to reach and then compare your monthly figures against these numbers in the future.
As you start measuring and tracking your metrics in a month or two you’ll be able to evaluate results and set a better targets which are both realistic to achieve and challenging to inspire you and your team.
Many practices print the team KPIs dashboard and scorecards reports and make them available to each team member which helps everyone understand the priorities and the current performance levels.
Tools: Start today by creating your own chiropractor practice KPI Dashboard in Excel (in just a couple of minutes). Having a dashboard of your most important KPIs and metrics by using charts and other visual dashboard indicators – this simple and powerful approach will help you start monitoring your practice performance instantly without any time wasting and large investments for some tools you don't actually need and without the need for ongoing expenses and recurring payments.
You will use your own professional and easy-to-use excel dashboard to be able to evaluate your actual practice performance towards your goals and targets.
The good news is you don’t need to start this job from scratch and you don’t need to invest any time because you can use ready-to-use excel dashboard templates where you can simply type your information and your dashboard report is ready.
No technical skills and no excel skills are required to create your own chiropractor practice KPI excel dashboard in the next couple of minutes – learn more about this simple and powerful excel dashboard solution here (instant download delivery available on these excel reporting tools so you can start improving your practice management right now).