Want to Grow Your Practice? Monitor This KPI!

Every big business is monitoring their KPIs (Key Performance Indicators) to sustain and grow the company. If you're going to keep up with your competitors, you better have excellent answers to the following questions:

• What are your company’s KPIs?
• How do you monitor and drive your KPIs?

Any company will have several KPIs. But one of the more important ones for you is probably # of New Patients, which measures the overall performance of the marketing team. In order to establish clear expectations for your team, you need to identify the number of new patients necessary to sustain or grow the business. We call this the “acceptable range” for any KPI.

Identifying the Acceptable Range for # of New Patients

For your clinic to stay healthy, you may need between 30-35 new patients a month. This breaks down into an average of 7-9 new patients a week. Now, every clinic is different. To get an accurate acceptable range for your KPI, you have to look at your data.

With the help of your data, you can now identify exactly where you and your marketing team need to set the range. Then, working backwards from your # of New Patients’ acceptable range, you can accurately set the goals for its upstream metrics that contribute to its performance.

Driving Your KPI’s Performance

Every KPI has upstream metrics that feed it. Monitoring those metrics is vital to the KPI’s stability and growth. The digital marketing metrics that feed your marketing KPI are:

Monitoring these metrics allows you to identify where your weakness are. With that knowledge, you can begin working on those weaknesses, which gives clear direction to your marketing team and the ability to stabilize and grow your KPI. When # of New Patients is growing, so is your business!