Cash-Based Practice Groups, Need Automation and Data Analytics To Grow Their Practice Income. Here’s Why?
The key to growing practice revenue is to transition to a more automated process using analytics to guide you. Not doing so will cost YOUR practice profits in the future.
Analytics should come from companies like (MyMedLeads, NexTech, Patient Now or other internal EMR)
What Reports Do You Need?
Generate Three Years Worth of Reports for Review:
How did the practice perform:
Month to Month
Quarter to Quarter
Year To Year
Rep by Rep
When pulling performance reports, a practice should always review a minimum of the last 24 to 36 months. Identify through comparison what happened month to month and from one year to the next.
If your lead volume is up, but the close rate is down or stagnant, it can only mean an improvement in the sales process has to occur.
Once you have those numbers, look at the number of leads generated by month to identify and find any variables. In most cases, the only true variables are what was offered by-product for that month and how did that variable impacted sales results.
If all things are equal, then look at sales by each PCC(Patient Care Coordinator). Did they improve or get worse in terms of conversions of leads to consults and consults to paying patients?
If so, why, did their performance go down or up? The practice has to identify who is accountable for team sales success. Are they the right person?
Whoever is responsible for the sales team has to be accountable for the outcomes. This can not be ignored as the lifeblood of practice revenue/income depends on their leadership.
The Sales Manager will either get praise or need to meet with the Owner or Operations team to find out what can be done to help improve the performance of the team.
Often you hear from the sales team: That the leads are bad, but a company generating more than fifty leads per month makes it hard to believe that all leads are bad. Someone has to be accountable..
In the end, it may turn out that if your Sales Manager is a great salesperson, they may not be a strong enough Sales Manager to handle growing sales demands and results.
Change is not easy, but always necessary for growth. Without change, profits will decline or go flat, this, in turn, leads to a loss of revenue for the entire practice.
If everyone’s numbers went down, you then need to look at the lead management process because it just may not be working or the sales staff needs additional sales training. What worked last year, will not necessarily work this year.
Additionally, how much has automation been added to help the staff touch more consults and improve the speed of new lead followup. (Speed To Lead Concept.)
The great thing with automation is once you create consistency in your sales process, you can reduce stress by having defined expectations and you can create a more predictable revenue outcome.
Simply stated reports and automation allow you to Inspect, What You Expect.
Recommended Number of Touches is very simple for digital leads or social leads.
Email 1 include BAAG and Testimonials
Text Msg 1 Monthly
Add prospect to Monthly Newsletter rotation.
Because the cost of practice operations and the cost to acquire new patient leads can go up, there will be variables with the amount of money spent to acquire new leads based on the condition of the economy.
When the economy is good, the cost per lead is less, when the economy is bad the cost to acquire leads is more as you now have to cycle through more people to find those who can afford to buy.
The Question Is: Why spend more money on advertising if the team can’t close?
Rule of Thumb: If you increase leads, the law of averages says you should increase sales which increases profits overall.
So let automation and data analytics guide you to profits and practice success. But be willing to make adjustments as needed if you want to survive and remain profitable.