Practice Development is key to being an elite and profitable medical practice. This is an extremely important fact given the number of new fee for service practices getting started today.
How to gauge the health of your practice
You must be able to:
1. Identify how many leads your marketing efforts produce each week
2. How many of those leads are converted by your staff to actual consultations
3. How many of those consultations are now actual paying clients
The Measure of success
1. A Conversion Rate (CR) rule of thumb is to have no less than a 75% closure rate for all email leads and phone call inquiries.
2. For Consultation Closure Conversion (CCC) there should be a rate of no less than 80% closure for face to face consultations to clients becoming paying patients.
3. How much revenue was generated by that effort for the week?
4. How many upsells with patient financing offers and acceptance occurred for the week?
Your EMR, Accountant, Practice Manager and Office Staff should be required to provide you with the necessary updates from the tools and reports generated on a weekly basis. You must know what your closing ratio is for leads, calls, etc. You can then use the information provided to set your goal and growth targets. Monthly Budgets should grow by no less than 15% above the prior month or over what you did last year. Break up your goals in daily, weekly, monthly increments to ensure annual growth.
Tools for Success
It is important to use all the tools available to you and that everyone contribute to the success of the practice. Proper Management, EHR and tools like MyMedLeads will ensure significant financial gains for your marketing dollars spent and the continued health and success of your practice.
Weekly Staff Meetings
Set relevant meeting topics, performance should be measured relative to goals, identify the most consistent patient issues or concerns, and use of the post care programs as a tool for up-sell opportunities. Most Importantly, how you treat your staff can be instructive or destructive. Treat your team like you would want to be treated. Greet them with a positive attitude daily as they control the life line to your income. Remember, if you hired them, get out of the way and let them do their jobs. Micromanaging your team slows down growth, creates negative energy and makes for a hostile work environment. You spend forty plus hours per week with your team , make it fun don’t make it a burden, otherwise you will experience high turnover, low profits, and slow to no new patient growth. Let Us Help You – Call 407-702-4408 or visit our website at www.socialmediasolutionsfordoctors.com