Is your schedule constantly busy with non-revenue-generating appointments? Your schedule is a key area impacting the profitability of your practice. With the new year here, now is the time to review your schedule and understand how much time is spent on activities adding revenue to your practice.
If you are not satisfied with your patient paying mix, there are ways to manage and gain control of your schedule with the goal of determining how many gross tests you need each month to make sure you achieve your revenue goals.
The Inner Circle program and your Phonak sales representative can help you start focusing on this area by breaking it down into 4 easy steps:
- Step 1: Simply start looking at your calendar over the past 2 weeks. Write down how many HAE’s, fitting visits, follow-up visits, clean and checks, and annual appointments you have seen to get a baseline of where you spend your time, in addition to how many of these appointments generated revenue.
- Step 2: Understand and determine your revenue goals each month. How much revenue do you need to break-even and then be profitable? How many hearing tests or HAE’s need to be scheduled to achieve those goals?
- Step 3: What are your provider’s treatment rates? This impacts revenue significantly. If providers treat patients less than 65% of the time, it will take more HAE’s scheduled to make goals. Conversely, if a provider treats 80% of the patients they see, fewer HAE’s may be required to meet or exceed your goals.
- Step 4: It would be ideal if treatment rate were the only key performance indicator to review; however, many items play a role in monthly success. Tracking cancellation rates or no shows, patients who are referred out of your office, your average selling price, return rates, and binaural rates. Each month all these factors support or erode the opportunities for vital appointments and should be tracked.
What if you identify gaps and want to meet your goals?
Great news! Inner Circle offers a Smart Scheduling course, which provides the Reverse Waterfall tool. This tool will help you enter data and identify areas of improvement for success in managing monthly goals. Your Phonak Field Representative can review the reverse waterfall tool and discuss services to improve the performance of staff or ways to reduce inefficiencies in your practice.
Get started today!
Check out the Inner Circle dashboard then search for Smart Scheduling and place it in your cart. Inner Circle points may be used once the service is invoiced.
