(#241) Private Practice Growth: 3 Tools to Measure Your Progress

Have you ever taken the time to measure the growth of your private practice? Understanding these three key components will help you identify the areas for improvement so that you can be more strategic toward growing your practice.

In this episode, we'll get into the three tools I've used to grow and measure the progress of my solo and group practice. Throughout the discussion, you'll understand what contributes to low conversion and how you can take fast action to improve your conversation rates when trying to grow your practice. You'll also recognize how these tools can help you understand projections and profitability in your private practice business.

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Timestamps:

  • Understanding how to measure your business growth through the concept of Clinical Loop (01:56)
  • #1: Have a vision and do your conversion for referrals (04:50)
  • #2: Run reports in your EHR to understand predictable income, cash flow, and client trends (09:56)
  • #3: Utilize a bookkeeper/bookkeeping software to understand projections, profitability, spending habits, and expenses (14:07)
  • Episode recap (28:34)
  • How to join Business By Design and what bonuses are released (30:20)

  

Standout Quotes:

  • "If you don't understand the benefits of your EHR, and utilizing their free training, accessibility to CEs..., you're not taking advantage of a tool to help you grow your business." (13:16)
  • "With bookkeeping, one of the biggest benefits is understanding your expenses so that you can understand what you need to be paying for to run your business vs what you desire." (21:08)
  • "In order for your business to grow, you've got to understand conversions from your referrals; how many phone calls did you get this week..., and then how many of them converted into clients? But you should also pay attention to how many of those were not your ideal clients because that's how you can take immediate action and go and update your stuff." (23:05) 
  • "Run your reports in your EHR so that you can understand predictable income, cash flow, and client trends so that you know when your caseload will probably, automatically dip." (28:37)

 

Resources Mentioned:

  • Check out SimplePractice and earn $100 credit with a FREE Trial when you use my link to sign up<

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