Define KPIs and use the data you already have to your advantage.
Of all the practice management functions, few are as critical as tracking Key Performance Indicators (KPIs) – measurable values used to evaluate the performance of a business over time. This holds true across every practice growth stage and size. Identifying the best KPIs to measure in your practice, understanding what they mean and knowing how to use them is the most direct way to optimize your operations.
Because each practice is unique, the KPIs that offer the most insight may differ. However, PECAA Business Advisors Bryan Hoban and Kathy Long outline five metrics that rise to the top for the majority of private practices.
Read the full article as part of an insert that compiles common challenges and insights from PECAA Business Advisors, originally published in Vision Monday’s June/ July issue.
Bryan Hoban helms PECAA’s Business Advisory Team, which guides PECAA Max members with expert advice on critical practice areas. His insights and experience gained as an analyst and loan officer at a community bank that nurtured small businesses now helps private practices maximize their potential to achieve optimal financial health.
Kathy has over 29 years of experience in the eye care industry. Prior to joining PECAA, she developed, implemented and managed many aspects of a practice including finance, operations, insurance, credentialing and IT. She participated in the planning and execution of 13 location remodels, 11 cold start offices, and was responsible for the HR, systems and procedural integration of more than 25 practice acquisitions. Kathy now serves as PECAA’s Business Operations Advisor working with members, helping them with all aspects of their practice.