So, how's your practice doing – we mean really doing? And how can you make it even better? Finding the answers can be challenging if you don't know where to start. That's where metrics come in.
Metrics allow you to monitor key performance areas of your practice and serve as a road map to make adjustments as necessary. If you're not tracking any metrics, you're essentially flying blind when it comes to truly managing your practice.
To help enhance your practice and increase your bottom line, we periodically ask practicing DCs for ideas and solutions that have been tested in real-world environments. Our latest question: "What metrics do you consider most important in tracking the success of your practice? Here's what a few of your peers said when asked for their input:
"I use a number of statistics to track practice performance, but the most important metric for me is the profit margin per patient," said Dr. Robert Smith of Easton, Pa. "Income minus expenses equals profit, divided by the total number of patients seen. This gives me a very clear picture of how much money is made per patient.
"Our goal is to maximize our profit per patient by increasing our offering of services," he continued. "Seeing lots of patients does no good if we aren't making a profit."
Brunswick, Maine DC Dr. Thomas Augat relies on four primary practice metrics: 1) number of referred new patients; 2) successful outcomes achieved in the fewest possible visits; 3) number of return patients; and 4) net income."
Finally, Dr. Doug Pray (Tulsa, Okla.) named patient retention and referrals, as well as staff retention and training, as critical elements of a successful practice amenable to metric evaluation.
What metrics do you value most? Aren't quite sure? Read "Metrics Matter!" (March 2016 issue) to learn more.
When sports chiropractors first appeared at the Olympic Games in the 1980s, it was alongside individual athletes who had experienced the benefits of chiropractic care in their training and recovery processes at home. Fast forward to Paris 2024, where chiropractic care was available in the polyclinic for all athletes, and the attitude has now evolved to recognize that “every athlete deserves access to sports chiropractic."
It is estimated that 61% of patients with CTS avoid taking surgical options due to postoperative complications and costly surgical procedures. Chiropractic care offers a comprehensive and effective treatment for carpal tunnel syndrome, addressing the condition from multiple angles. Recent studies also have unveiled a game-changing adjunct to chiropractic treatments for CTS: nerve flossing.
Some doctors thrive in a personality-based clinic and have a loyal following no matter what services or equipment they offer, but for most chiropractic offices who are trying to grow and expand, new equipment purchases help us stay relevant and continue to service our client base in the best, most up-to-date manner possible. So, regarding equipment purchasing: should you lease, get a bank loan, or pay cash?
