All medical businesses have practice management software; and all practice management software will allow you to extract data.
Christmas is here – and soon we will be in the new year. If you are not already doing so, now is the ideal time to introduce systems to monitor and track your business.
If you already have a system in place and you have not yet undertaken any analysis, now is a good time to start. Some of the key things you should be able to pull from your data include:
- Numbers of patients
Look at your data in monthly blocks to track trends and cycles to determine peaks and troughs and develop marketing strategies to deal with any seasonality lows and capitalise on high activity periods
- Types of patients
If you’re looking at growing a particular aspect of your business, your software will allow you to monitor patient types and track increases. Ensure that when you undertake a marketing activity to target specific patient types that you follow up with data analysis to see if your marketing has yielded results.
- Top referrers
If you are a specialist, this should be something you give close attention to. Who are your top referrers? Do you speak to them? Your practice software should also enable you to differentiate between top referrers based on patient numbers or revenue.
Make sure you are tracking their activity on a monthly basis and if you see that there is a sudden decline, ask for the reason. If they have become unhappy with your service, you want to know why so you can try to rectify any aspect of your business that may not be performing well.
Sometimes the most profitable parts of your business are not always the most obvious. Regular analysis of all areas of your business will enable you to plot the areas of greatest profitability.
Oftentimes the data we are able to pull out from practice management software doesn’t give us a clear picture of trends. This may involve undertaking a manual process to get a better perspective of our business.
If you are looking at investing in practice management software, remember what a valuable tool it is in the ongoing analysis of your business. There are a myriad of choices and costs variations, but try to seek an option that will not only help with the day to day management of your practice, but also assist you in having a clear grasp of your business’s performance.
If you need assistance in analysing your business – we can help. CJU specialise in working with clients with undertaking a current business analysis and implementing marketing programmes to grow your business.
by Caroline Ucherek