Know the Analytics of Your Clinic

Understanding your practice analytics and practice financials are critical components of being successful as a business owner. Unfortunately for our profession, it is not often that I come across Chiropractors who have a good grasp of their analytics. I'm not talking about bookkeeping or accounting. I’m referring to the Key Performance Indicators (KPIs) of your 

Practice.

It is difficult to make accurate decisions without having a basic understanding of these numbers. This helps you to know where the practice is struggling, and where you need to focus your attention. I implore you to know your KPIs, and we have put together a tool called the “CSA Digital Dashboard” that does this all for you!

Watch the attached video for a detailed walkthrough of the CSA Digital Dashboard, but here are the basics:

  • Plug in your basic monthly numbers

    • Number of New Patients

    • Number of Office Visits

    • Monthly Revenue

  • The Dashboard will spit out several KPI’s as well as visual charts to help you notice trends. Some KPIs include:

    • New Patient Case Average ($ amount per new patient)

    • Office Visit Average ($ amount per office visit)

    • Running PVA

    • It also allows you to track other key things like:

      • New Patient Referrals (Referral Directory)

      • Marketing Calendar (Editorial Calendar)

      • Marketing Budget Calculator


So let’s make up some numbers and show you the power of the CSA Digital Dashboard. Let’s say we plug-in the following:

  • 27 New Patients

  • 395 Office Visits

  • $23,000 in revenue

The dashboard will first spit out a graph that shows you how this month compares to previous months based on parameters you set (compared to this quarter, this year, two years ago, this season, etc). The Dashboard will also spit out the following numbers:

  • 14.5 PVA (above 10 is where we want to be! )

  • $57.38 OVA (the average dollar amount you’re collecting per visit)

  • $829 New Patient Case Value (this is the amount of $$ you can expect to collect per new patient that is generated 

    • An ideal number for New Patient Case Average would be above $1,000

From this point, I would analyze these numbers. So in this example, the PVA of 14.5 is great, so the Doctor’s performance isn’t necessarily an issue (we want to be above 10 as evidence-informed chiropractors). But the office visit average of $57 per visit is where I would focus my attention. This would cause me to do a deep dive into our process because $57 per visit, in my opinion, is not enough for what we do and it is going to innately lower the New Patient Case Average

Some areas I would focus on in this particular example are:

  • Your accepting insurances with extremely low reimbursement

  • Your Cash/Self-Pay price is too low 

  • You’re not billing appropriately

  • Not billing for re-exams

A lot of people ask me, “What is a good number for OVA?”. This is a very relative thing, depending on where you practice. If you are in New York City your OVA is going to be higher than a clinic in Oklahoma just strictly based on the economics of the area. 

Your OVA could also be affected by your practice model. If you are a chiropractor who is doing mainly manipulation and you're seeing eight people an hour, the math works out. Whereas, If you're doing a lot of rehabs and you're seeing two people an hour for $57 per patient, the math doesn't work out. 

I think an ideal collection is in the $200-$300 per hour range depending on where you are located. For example, if you’re seeing 2 patients an hour you should be charging anywhere from $100-$150 per patient. 

A good self-audit is to look at how many patients you are seeing in one hour and multiply it by your OVA. If this does not equal between $200-$300 per hour, you may want to dive a little deeper into how you can raise your OVA. 

Now let’s look at another example. Say your OVA was fine, but your  PVA was really low, then we are dealing with a patient adherence issue. One area to focus on in this scenario is your report of findings. 

Understanding these numbers, and addressing the flaws in your analytics is a great way to prepare yourself to scale. Once you’ve patched the holes in your ship, you’re ready to start scaling up with marketing your practice. 

I hope this little tutorial was helpful, make sure to watch the video for a full breakdown! I challenge you to get more clear on your Practice’s Analytics and start analyzing how you can start patching the holes in your ship. And don’t be afraid to share your results!

Kevin ChristieComment