In today’s eye care practices, there are a multitude of services that will automatically evaluate your business metrics. The fact that most practices are operated to some degree with computer programs, the information that is readily available allows us to know right away about how our practice is performing. So what?
If you use Revolution EHR, you have free access to the Pulse which will show you in an easy to use format, reliable data on revenue, scheduling, optical results, contact lens sales and many other areas of your practice. Did you even know that?
You may have purchased an enhanced practice data processing tool, like Glimpse or The Edge, that can even compare your metrics to practices like yours and allows you to set goals. Who cares?
You may be a member of a consultation group like Cleinman or Williams Group that allows you to input your practice information and your consultant analyzes it for you and makes recommendations based on a number of factors. Who’s paying attention?
Every Doctor Alliance Group like Vision Source or PECAA strives to provide added value by bringing you programs about particular metrics and offers advice on monitoring and improving the numbers. So?
The point is that the information is all around us. Finding it is easy. The hard part is knowing what to do about it. To allow this data (this information) to serve you, you must find a way to answer this simple question, “So What?”
First step is to prioritize your particular needs. Recall that the first step in this Leadership Series was to define your practice’s vision, your direction. It is essential that this is done first because priorities will be different for a practice built on a medical model vs a practice striving toward building the most fashionable optical.
Second is to determine what areas need the most help based on goals that you have set previously, comparison to “industry norms,” or trends that are headed in the wrong direction.
It is too easy to let the amount of available information overwhelm you but periodically you must take an overall look at the wide range of metrics at your disposal. At least annually, take a deep look at all of your available reports with your team or your practice coaching / consulting team to determine your current status. Look at it analytically and try to minimize the emotional responses. Use this information to confirm your current mission and direction or adjust.
Confirm or adjust. It is really common for practices to review a set of metrics and realize that a goal set last year hasn’t been met all year. Consider if that goal is crucial to the mission of the practice. If it’s crucial, change what you are doing and make progress toward reaching the goal. If it’s not crucial, change the focus to something else.
The second component to a “Metric Monitoring” system is to determine a manageable rhythm to measure and acknowledge progress. We recommend involving several members of the team and report specific numbers to the entire team at weekly staff meetings. Be disciplined about answering the question, “So What?”
Keep it Manageable. Keep it relevant.
Pick 3 - 5 metrics for every zone in the practice based on your vision and your current needs. Assign responsibility to the team to report at predetermined times at staff meetings. Some metrics need to be looked at every week, and others only need quarterly attention.
Every practice is so different, cookie cutter solutions are not as helpful as one you create specifically for your practice.
Get help if you need it.
The hardest part of this process is getting started. It is normal to feel overwhelmed and not know where to start. If you are experiencing “analysis paralysis”, then reach out to someone. If you have an existing agreement with a coaching service, set up an appointment and have them walk you through your numbers. Hopefully you have set up a peer group, call them and talk about it at your next meeting.
Our favorite metric and the best one to start with is Income per Exam. It goes by many other names like Revenue per Refraction or Collections per Comprehensive Exam. It boils down to measuring the core of what we do everyday. It’s easy to understand, it’s data is reliable and it is very relevant.