Practice Advantage

Focus On Financials Part 2 with Bryan Hoban

Episode Summary

A big part of focusing on your financials for 2022 is knowing and managing your KPI's. This episode explores how.

Episode Notes

Bryan Hoban, EVP for Member Business Advisors is back for another episode, this time focusing on Key Production Indicators and how best to leverage them in your practice as you look to 2022. 

Key Takeaways:

1. Always look at data with the goal of hearing the whole story. Numbers are only so important - the context surrounding the numbers is what is most important.
2. Tracking and following your metrics regularly allows you to make small course corrections to stay on track. Smaller, easier decisions are far simpler and less stressful than having to solve bigger problems that could have been prevented.
3. As you plan for 2022, leverage your KPI's to identify areas of weakness and opportunity for you to set next year's goals for improvement. Review them at least quarterly (ideally monthly or more frequently) to track progress. 
4. Key metrics to track:
   1. Revenue Per Patient
   2. Frame Capture Rate
   3. Other Capture Rates - Retinal Imaging, Contact Lens, Annual Supply, A/R
   4. Revenue Per Contact Lens Fit
   5. Daily CL %
   6. Sphere, Toric, MF, Specialty Breakdown
5. Do not be afraid to share KPI numbers with your team. Use the numbers to encourage their success and your practice's success.