Running a successful chiropractic practice requires not only expertise in patient care but also the strategic management of goals and tracking of key performance indicators. Just as any successful business keeps meticulous records, chiropractors need to establish and track their stats to make informed decisions and drive growth. This article will cover essential metrics to monitor in your practice, the importance of setting goals, and how to use these insights to enhance your business for a thriving chiropractic practice.
The Power of Goals and Stats in Chiropractic
For any chiropractor aiming to grow both professionally and personally, goals are the foundation of that journey. Goals provide direction, clarify intentions, and set benchmarks for success. Stats serve as the indicators of progress toward these goals, offering objective data on how the practice is performing.
Take, for example, the structured tracking system of a company like UPS. Every detail is recorded, down to the second, and used to optimize performance. Chiropractic practices can apply the same principle by carefully monitoring specific metrics. When you have a clear view of the numbers, you can make data-driven decisions that enhance productivity, patient satisfaction, and profitability.
Key Metrics to Track in a Chiropractic Practice
1. Monthly Collections
The total monthly collections indicate the revenue your practice generates. This number includes income from patient visits, prepayments for wellness plans, and settlements from cases like personal injury claims. However, it’s essential to remember that not every month has the same number of working days.
A 30-day month with only 16 working days can produce very different numbers compared to a 31-day month with 20 working days. Calculating revenue on a per-day basis can provide a more accurate comparison across months.
2. Patient Visit Volume
The number of patient visits each month is a critical metric for chiropractors. Patient volume reflects the demand for your services, the effectiveness of your patient retention strategies, and overall patient satisfaction. If the volume remains consistently high, it indicates that patients see value in the service and are returning for continued care.
Tracking visit volume is common across medical fields and serves as a straightforward measure of patient engagement and service value. A steady increase in patient visits often correlates with positive outcomes in other areas, such as collections, reputation, and referrals.
3. New Patient Count
New patients are often seen as a vital sign of practice growth. However, bringing in new patients without assessing your practice’s ability to accommodate them can lead to service gaps. For instance, if most patients come in during high-demand periods like mid-morning or late afternoon, adding more new patients can create congestion, longer wait times, and dissatisfied clients.
The goal should be to attract a sustainable number of new patients while also addressing the underlying causes of patient attraction. Factors that influence new patient acquisition include treatment quality, communication skills, marketing, and promotional strategies.
4. Patient Visit Average (PVA)
Patient Visit Average (PVA) is the average number of times a patient visits your practice over a set period. This metric helps you understand patient engagement and loyalty. For example, if your initial care plan recommends 18 visits, but your PVA is only 12, it might indicate patients are not completing their treatment plans.
Low PVAs can stem from various factors, such as scheduling issues, treatment dissatisfaction, or a lack of clarity in the treatment plan. High PVA, on the other hand, suggests that patients are committed to completing their care, which often results from clear communication, skilled care, and effective follow-ups.
5. Collection Per Visit (CPV)
Collection per visit is the average revenue earned from each patient visit. This metric can help you determine if your fees are in line with industry standards and if your revenue model is sustainable. For instance, 30 years ago, a standard chiropractic visit might have cost around $38. Accounting for inflation, that same visit should now be closer to $89.
Many chiropractors undervalue their services, especially in comparison to other health-related fields like dentistry or massage therapy, where costs have kept pace with inflation. By ensuring your fees reflect the quality of your care and the current economic landscape, you can boost practice profitability and sustainability.
Goals and Their Impact on Practice Performance
Setting goals provides direction and fosters accountability. In a chiropractic practice, goals can take many forms, from financial targets to patient satisfaction levels. By regularly reviewing your goals and tracking relevant metrics, you can pinpoint what areas need improvement and where to invest more resources.
Examples of Effective Goals
- Increase Monthly Collections: Set a monthly revenue target that accounts for the average number of working days. This ensures that revenue growth aligns with both productivity and patient demand.
- Improve Patient Retention Rates: If PVA is below target, strategies for enhancing patient engagement—such as follow-up communications, patient education, or more personalized care—can help improve retention.
- Expand New Patient Outreach: For practices with room to grow, attracting new patients through effective marketing or community outreach can help. However, make sure the practice can handle the increased demand without compromising service quality.
- Optimize Scheduling: Avoid bottlenecks by analyzing patient flow and identifying peak times. If most new patients are requesting peak times, you may need to adjust schedules or consider hiring additional support staff to maintain a smooth experience.
Tracking Stats: How and Why
Each key metric requires a systematic approach to tracking and evaluation. Successful tracking involves more than recording numbers; it includes analyzing trends and identifying areas of improvement.
Collection of Data
Most chiropractic practices use practice management software that includes billing and scheduling functions. These systems provide data on patient visits, collections, and other stats. The data should be reviewed monthly and compared against goals to assess progress.
Data Interpretation
Having data without understanding it can lead to misguided decisions. For instance, if collections are down, you might assume the solution is more patient volume. However, upon closer inspection, you may find that collection per visit is the real issue due to outdated pricing or under-utilization of value-added services.
Regular Review
Regular review meetings, either weekly or monthly, ensure the whole team is aligned with practice goals. During these reviews, analyze how each metric aligns with the overall goals of the practice. This analysis allows for timely adjustments, whether it’s refining patient communication, adjusting fees, or enhancing service offerings.
Leveraging Professional Coaching
For chiropractors dedicated to long-term success, engaging with a high-performance coach can be transformative. Coaches bring industry-specific experience and insights that can accelerate growth and enhance skill development. When selecting a coach, it’s essential to choose someone with proven expertise in both clinical and business aspects of chiropractic care.
Professional coaching not only helps clarify practice goals but also builds the confidence and skills needed to sustain growth. The right coach can guide you through the nuances of patient communication, marketing, and efficient practice management—all crucial for a thriving practice.
Conclusion: Aligning Goals and Stats for a Thriving Chiropractic Practice
Success in chiropractic practice is a combination of clinical expertise, efficient management, and strategic planning. By setting clear goals, tracking key metrics, and understanding what those metrics mean, chiropractors can make informed decisions that drive growth. Prioritizing goals, analyzing stats, and making adjustments as necessary will set the foundation for long-term success. Embrace the process, invest in the right resources, and you’ll not only grow your practice but also create a meaningful impact in the lives of your patients and the community you serve.
Also read: 3 Essential Skills Every Successful Chiropractor Needs
About:
Dr. Tory Robson of Winners Edge Chiropractic Consulting, specializes in teaching new doctors to start with style and success.
Our new doctor Start-Up program has helped countless DCs become the most successful in their area in an incredibly short period of time. We teach existing doctors our current, relevant, and brutally effective practice, marketing, business and MONEY FLOW systems so they can grow and prosper more than they ever thought possible. $100,000 or more per month for a solo DC is common here.
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