Running a streamlined, safe, and lucrative practice requires an in-depth understanding of how revenue drives critical numbers. With revenue tracking and management of these numbers, a clear trajectory emerges, allowing you to set goals for personal, professional, and financial success.
Here are 16 questions to consider:
- How many clinical sessions am I providing monthly, quarterly, and annually; does this align with my quarterly/annual goals?
- What is my monthly, quarterly, and annual revenue?
- What forms of payment do I accept?
- Am I storing a form of payment online to make billing for cancellations and consultation easier?
- What is my rate for private pay vs insurance clients; how many of each do I see?
- Does my rate reflect my expertise or does it need to be raised?
- What is my average hourly rate after discounts, sliding scale, and scholarships given?
- How many late cancels and no shows did I charge for this month?
- How many cancellation fees did I waive this month?
- How much professional consultative time did I bill (or not bill for) this month; did I document this for the client?
- What time of year do I earn the most? What time of year do I earn the least?
- What are my monthly expenses; have I audited these?
- How many referrals did I receive this month?
- Does my expense plan leave room for modest marketing campaigns such as the distribution of referral cards to my best referral sources?
- How many free consultations did I conduct this month? What percentage of those became regular clientele?
- Are referral sources aware of my treatment and consultation policies?
Knowledge is power when it comes to business planning and achieving your goals. Love your practice and your life by taking the time to understand your operational choices