We went through a multi-day strategic planning session last fall. In our case, that essentially meant Tara and I sequestered away in a cheap hideaway where we could focus on the big-picture of the business, and do some great hiking when we needed a break. It was three days very well spent. One of the […]
The latest podcast from SoundPractice.net is an interview with Owen Dahl, MBA,, author of Think Business! Medical Practice Quality, Efficiency, Profits on the topic of the true cost of seeing a patient. It’s mainly for MD’s, but the principles are the same for any CAM practice. If accounting isn’t your strong suit, there’s a good […]
The latest podcast from SoundPractice.net is “How To Stay On Top of Practice Finances”. While all the podcasts are for MD’s, there’s usually something good in there… SoundPractice.Net
The new yellow pages came out in our area last week, so as usual, I took a spin through to check out the competition. To my surprise, some of the newer practitioners in the area had chosen not to advertise. Our area is pretty thick with chiropractors, and the number of naturopaths and TCM practitioners […]
At E-Myth Worldwide, you can complete a short questionnaire that ranks your business on a few different scales. While the results are generally geared towards getting you to buy E-Myth products and services, the questions themselves and the simple results might get you thinking. dan PS – For those wondering what the E-Myth is, I’ll […]
It’s one thing to understand the types of referrals, but quite another to know which type is growing your practice. I’ve touched on this briefly before, but I want to stress it further. Tracking your referrals is actually pretty straightforward, but often neglected. For the most part, it’s a front-line job, and needs to happen […]
Based on the last metrics post on new patients, we’ve got some idea of how many new patients we’ve got coming in the door for any given time period. Let’s go a little further, and see how many active patients you have in your practice. The term active is going to mean something a little […]
The first post in our new category of “Practice Metrics” – the numbers that affect your alternative health practice. Let’s start with some basic data on new patient visits. Even the most robust practice will eventually start to dry up without a supply of new patients. For starting your tracking your new patient numbers, you’ll […]
I like to think of every new patient as a referral, even the ones that come in from direct advertising – I find it’s an easier way to build a new-patient strategy. Here’s a way to break down your referrals into 5 categories. You can break each down into sub-categories as required, and track each […]
(Click here for Part 1) When you buy a practice, you’re making an investment – you’re putting your money somewhere in anticipation of it multiplying. So just like stocks, mutual funds, or your savings account, you want the best return on your investment (ROI). The simple formula for ROI is: ROI = (benefits/costs) x 100 […]
“I’ve got an opportunity to buy some patient files from another chiropractor, but I think the price is high. How do I know how much to pay?” Good question. Let’s assume for the moment that buying files in general is a good idea. (I think it is.) Valuing a practice – or any business – […]
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