UCM 023: Planning for Your Best Year in Practice in 2020

 

 

 

UCM 023: Planning for Your Best Year in Practice in 2020

 

Planning to Win in Your Upper Cervical Practice in 2020

Zig Ziglar used to say that if want to when you must plan to win, prepare to win and then and only then can you expect to win. I wholeheartedly believe in this and I want to help you in your planning to win in 2020.

As we wind down the year hopefully you already have a 2020 planning meeting on your calendar for December. We recently did our annual planning meeting at Upper Cervical Marketing and I wanted to share with you some of the aspects of our meeting as I believe it will help you in your 2020 planning as well.

We do both quarterly and annual planning meetings and the goal of these meetings is always to stop, think and plan.

Get away from the focus of your day-to-day practice and get in a quiet place where you and your team can spend 2 to 3 hours focused on planning the next year.

Here are some of your objectives for the meeting:

  • Review your 2020 performance
  • Answer the 4 questions (we’ll talk more about this in a minute)
  • Establish your 2020 target
  • Establish your 2020 goals

Review Your 2020 Performance

During your Annual Planning Meeting you want to review your 2019 performance with your team. Including your key performance indicators.

Hopefully you are tracking all of your statistics including:

  • Patient Visits
  • New Patients
  • Collections (A.K.A. Revenue)
  • Profit
  • Patient Visit Average
  • Office Visit Average
  • Patient Case Average

In case you’re unclear on these last 3 statistics here are the definitions:

Patient Visit Average (PVA) is the average number of visits your patients are coming in to see you. You get this number by adding up all your Patient Visits for at least 8 weeks and then dividing the total Patient Visits by the total New Patients.

Office Visit Average (OVA) is the average amount you are collecting for each visit. You get this number by adding up all your Collections for at least 8 weeks and all your Patient Visits for the same number of weeks and then dividing the total Collections by the total Patient Visits.

Patient Case Average (PCA) is the average amount you are collecting for each New Patient. You get this number by adding up all your Collections for at least 8 weeks and all your New Patients for the same number of weeks and then dividing the total Collections by the total New Patients.

For example: for 8 weeks the collections were $6395, $4623, $5261, $4626, $5952, $5219, $6738 & $5250. If you add those up you get $41,364. During the same 8 weeks your New Patients were 3, 4, 3, 5, 2, 3, 4 & 4. The total New Patients would be 28. Total Collections ($41,364) divided by Total New Patients (28) equals $1477.29. That means you are collecting an average or $1477.29 per week for each New Patient you are seeing.

Some will pay more for their visits, some will pay less. Some come for more visits some come for less but that is the average. But each New Patient is worth an average of $1477.29.

So if you are running an online marketing program and are getting 8 New Patients per month who are starting care, then your online marketing program is producing 8 X $1477.29 which equals $11,820.

Case Average is increased by either increasing your PVA, increasing your OVA or both. If you are seeing your average patient for more visits you will certainly be collecting more for each patient you see. The same is true if you are collecting more for each visit. Doing both will of course make your statistics rise faster.

So you will want to review all of these statistics with your team since this will help you in your goal setting and setting the target for 2020.

Answer the 4 Questions

Next you want to start brainstorming with your team. We have found it very effective to utilize these four questions to stimulate our minds and identify goals for the next year.

  • What’s working?
  • What’s broken?
  • What’s confused?
  • What’s missing?

What’s working?

The first thing you want to look at is what’s working in your practice. What systems, marketing, procedures, equipment etc. identify these things that are working in your practice and then just keep doing them.

So frequently when we find success we stop doing the things that helped us to become successful to begin with. Don’t do that. But instead focus on keep doing those things that are working in 2020.

What’s broken?

Next you want to ask the question “what’s broken?”

This question in particular is very helpful in identifying areas to work on in the next year.

Again focus on systems, team issues, marketing, procedures and just the overall way you are doing things. What’s broken about your practice and then you can focus on fixing it.

What’s confused?

Next you want to look at “what’s confused?”

Anything here practice that is confused you want to clarify.

If you see that you have a low closing rate for instance that you want to evaluate every aspect of your new patient procedures to identify what areas are confused so you can clarify those in 2020.

What’s missing?

The last question you want to investigate with your team is “what’s missing?”

You’re looking for areas where your team, procedures, systems etc. have gaps or areas that need to be filled.

Maybe you’ll identify that you need another team member in 2020 and you can put a goal in place to hire them in the first quarter.

Maybe you’ll identify that you are not attracting enough new patients to grow your practice and you need to identify a marketing program that will help you.

Whatever it is the key is to look at all four of these questions and look at the answers that you and your team come up with and this will help you in the next step when you set your target and goals.

Establishing Your 2020 Target

Now that you have reviewed your key performance indicators for 2019 and brainstormed through the four questions your next step is to establish one focus target for 2020.

You will want this to be a rallying cry for your practice in 2020. A clearly defined target.

Frequently it will be related to one of your key performance indicators such as a certain number of patient visits to see for the year.

Or a certain number of new patients to see for the year.

I don’t recommend focusing on collections alone. Your team will likely rally behind a patient visit or new patient number more that represents changed lives rather than how much money you’re bringing in in 2020.

Setting Your 2020 Goals

Once you have your target now you want to set S.M.A.R.T. goals that are connected to your target.

So let’s say that your target is you want to see 6000 patient visits in 2020 (approximately 500 patient visits per month).

Which is an increase of 1000 patient visits from 2019.

Then based on your answers to your four questions and where you were in 2019 with your key performance indicators set goals that are going to help you hit your target.

For instance let’s say that one of your things that is working is an online marketing program that has been helping you to attract 8 to 12 new patients every month.

Then you want to make sure you keep doing that and you may decide that you want to increase the amount of budget that you are putting towards online marketing since it’s working so well for you.

So since you know that you need to increase your patient visits you also understand that you must increase your new patients.

If that is the case then you want to have that as one of your goals.

So for instance a goal could be to upgrade my online marketing program with Upper Cervical Marketing by the end of February 28 2020.

This is a SMART goal because it is specific, measurable, attainable, reasonable and timely.

You’ll want to just continue working through your answers to the four questions and picking out goals that will help you achieve your target.

For instance if you had an answer to the “what’s broken” is your computer system then you’ll need to set a goal to establish a new computer system for the practice by March 31 2020.

I think you get the idea.

Just keep working through the answers to your four questions and pick out goals that are going to help you achieve your 2020 target.

You want to go for about 5 to 8 goals (not more than 10).

Establishing Your Next Actions

The last step of your 2020 annual planning meeting is to establish your next actions related to your goals. Now that you have your target and your 5-8 goals in order to actually accomplish those goals in 2020 you will need to have a next action in place.

A next action is exactly what it sounds like it’s the next action step that is required to move towards the accomplishment of that goal.

For this next action you’ll want to make sure that you give someone ownership of that action and a deadline associated with the completion of that action. You want to have a next action for each of your goals.

Add those next actions to your weekly staff meeting agenda so you can continually check on next actions and establish new next actions as you move towards the completion of your goals and ultimately the completion of your 2020 target.

With this plan in place I am confident that you are going to have your best year ever in 2020!

UCM 023: Planning for Your Best Year in Practice in 2020
UCM 023: Planning for Your Best Year in Practice in 2020
UCM 023: Planning for Your Best Year in Practice in 2020
About the Author: Dr. Bill Davis
Dr. Bill Davis is the Founder and CEO of uppercervicalmarketing.com. His goal is to spread the word about the best-kept secret in health through Upper Cervical Specific Business and Marketing Solutions.
We understand the pain of losing valuable time and money… and what it can be like to hate your marketing. That’s why we specialize exclusively in upper cervical care and chiropractic online marketing.
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