The success or failure of a business is dependent on a variety of factors. By monitoring several key components of your practice, you can gauge the overall health of your practice on a weekly and a monthly basis.
Often times, practices do not reach their full potential for reasons the practice owner cannot clearly explain. The problem with this scenario is that when the practice suffers a downturn, not only does the owner not see the downturn coming, but they’re also unsure why or how to resolve the problem if they can even identify what the problem may be. The other side is equally important. If you are reaching your goals but do not understand how or why then how do you know if you will reach them in the future?
For example, it’s the middle of the month and your goal is to sell 20 hearing aids, currently you’ve sold 5. There are a total of 10 hearing tests scheduled through the end of the month. You know that the audiologist has a 70% closure ratio and an 80% binaural ratio. What does all that mean? It means that you can anticipate that those ten people will result in 11 hearing aids.
Is this an exact science, no? But let’s say you had 3 hearing tests scheduled through the end of the month. Based on the numbers above you could anticipate only 3 hearing aids to be sold by months end. At this point you could pray for a miracle or know that something will need to be done to get at least 7 more people into the office by the end of the month.
This is when all the other programs begin to make sense. If your recall program is working, let the recall person know that you need 7 more people. Or view your marketing data and drop an ad that has, in the past garnered 7 patients (keeping in mind your budget and any timelines). Or ideally initiate a combination of the two programs. Either way you are being proactive.
Sitting on the sidelines crossing your fingers and hoping it all works out may have been your mantra in the past, but in today’s increasingly competitive marketplace that’s not really a very good idea.