Practice Advantage

The KPI's You Aren't Tracking with Bryan Hoban

Episode Summary

Key Performance Indicators are key to measuring financial health and business success within the practice. Bryan Hoban breaks down the KPI's the give us deeper insight into where your practice is.

Episode Notes

In this episode, we sit down with PECAA's EVP for Member Business Advisory Bryan Hoban to discuss key performance indicators that give us a deeper look into the health of the practice. 

Key Takeaways:

1. The basics are always important: Revenue Per Patient, Frame Capture Rate, Revenue Per Pair, CL Capture Rate
2. Data is only as valuate as the insight it provides: why the numbers are what they are and the steps that need to be taken to improve them. Deeper KPI's provide greater understanding as to why the main KPIs are there they are. 
3. Unique KPI metrics to consider:
   1. Frame line by gender
   2. Frame line by age
   3. Frame sales by gender
   4. Frame sales by age
   5. $0 frame sales
   6. Frame sales per period of time
   7. CL sales per period of time
   8. Months of CL sold
   9. Annual supply rate
   10. Frames per refraction and Lenses per refraction
4. KPI's that don't always help:
   1. Revenue per refraction. High amounts of medical can really throw this data points off.
   2. Chair cost. It can be skewed in a way that leads to poor decisions especially around managed care plan acceptance.