We have put together a “Practice Series” which will include advice from doctors, opticians and administrative staff, on common and relevant topics that come with running a practice. Stay tuned for additional contributions each month!
Mollie Tavel: In the last 3 years, we’ve focused on creation of – and standardizing use of – Power BI for all of our team members. Since we’re already using Microsoft, this tool was easily added to our suite of products. We created dashboards for retail sales, patient demographics, doctor utilization, billing, errors, etc. It’s super helpful to be able to see performance in real time, and within the context of relevant periods of time.
I monitor daily, weekly, and monthly. I make sure all my staff knows the daily goals for the office and to make sure they book appts same day if needed. In my EHR system I track number of exams, routine vs. medical, eyeglass sales, contact lens sales, new vs. established patients, and capture rate. I compare last year to this year, month to date, to see how close we are to our target. A 1% change on a 1 million dollar practice can cost you $10,000 of in revenue a year. Easy to look over 1%, but it adds up, 30 years $300,000!
Melissa Rasband: This is something we are excited to be able to do now! We just purchased a new system designed and created for opticians to enter jobs and create detailed metrics and analytics reports. We went live with this program on September 1, 2022, and from what we can tell so far, there are so many different charts, graphs, pie charts, etc. that we can look at. We are able to break down how much each optician is selling and what they are selling the most of (as far as A/R Coatings, photochromic, lens material, and types of progressives). By reviewing this, we can see if an optician is struggling to sell certain things. We can then help educate them on “why an A/R is important” or why we should offer that extra UV protection. These new monitoring tools are going to provide us with a wide range of visualizations for us to physically see. I know for me, the brightly colored graphs and charts helps me see what I need to do better at and tells me what I am doing well at.
Through Traction™, we’ve created a weekly scorecard for metrics to understand how we are doing week-to-week. Some examples are revenue per patient per doctor, total collections, or how many missed handoffs we had. One important thing to remember is when you are creating a metric, ask yourself if it is a “leading” or “lagging” indicator. Both are good to have, though when you measure for a leading-indicator you’re more likely to have workable and impactful actions to support the growth you are after. Additionally, we utilize EdgePro to review analytics for whatever metrics and timeframe we are looking for. As the saying goes, “what you measure improves!”
What are your suggestions on using analytics? Let us know in the comments!