In this episode of the Wise Practice Podcast, Whitney Owens is joined by Brent Stutzman, the owner of Brand Your Practice, a media company aimed at helping therapists become smarter practice owners. Brent shares his priceless knowledge about the critical metrics to track in your practice and discusses the three essential dashboards every group practice owner needs to monitor.

Dashboards and Metrics, oh my! 

You don't need to be afraid of the terms dashboards and metrics. 

A "metric" is defined as a set of data that is collected, tracked and assessed to ensure the success of certain business operations. Metrics serve as an evaluation tool for examining and apprising various aspects of a business, such as marketing endeavors, financial status, and overall operational performance.

A "dashboard", on the other hand, is essentially a tool that summarizes and displays these metrics concisely, making it easier for business owners to visually comprehend the data, gauge their business performance, and make informed decisions in real-time. Dashboards can encompass different business aspects such as marketing, finances, and operations.

The reason practice owners need to maintain various types of dashboards (marketing, financial, and operations) is that they offer valuable insights into the functionality, efficiency, and profitability of a practice. Dashboards help maintain transparency, ensuring accountability, spotting potential issues early, and crafting strategic plans based on well-reported and analyzed data. They also provide peace of mind by presenting a comprehensive picture of the practice's health, thereby aiding in better decision-making.

The Marketing Dashboard 

The Marketing Dashboard is crucial for tracking and understanding the influx of clients to a practice. As Brent Stutzman outlined in the episode, it provides critical information such as how many new client leads or appointments are being made, where they are in the pipeline of becoming a client, and the overall conversion rate. The marketing dashboard is a crucial tool for managing your brand's visibility and performance, especially for group practices. It should include key metrics such as the number of new client leads or appointment requests, where these leads are in the pipeline to becoming a client, and the conversion rate which includes people who have turned from prospects into paying clients. It can also track secondary details like the origin of these leads (word of mouth, Google, Psychology Today, etc). If you have an intake team, this dashboard can also monitor which team member is making the most appointments or if there are team members who are struggling. The marketing dashboard offers real-time vital insights, helping practice owners make informed decisions about where to invest their time and resources.

The Financial Dashboard 

The financial dashboard is crucial for eliminating financial blind spots within your practice. It comprises primary metrics including revenue, costs, profit, and cash flow and helps to assess how much the practice brings in, what it costs to run the practice, how much profit is made post-expenses, and the amount of cash going in and out of the business over a period of time. It helps practice owners make important decisions as they're able to gauge the financial health of their business through these metrics. Secondary metrics that can be considered in a financial dashboard include profit margin, profit per clinician, and revenue per clinician. This dashboard can be reviewed monthly but if you're a larger practice, you might consider checking this weekly. An ideal tool for maintaining a financial dashboard is an accounting software such as QuickBooks.

The Operational Dashboard

The operational dashboard is vital for measuring and monitoring the practical functioning of a business or practice. This type of dashboard combines important metrics from all aspects of operations such as scheduling, payment, and client notes, providing a comprehensive snapshot of the practice's performance. It's particularly useful for tracking clinician productivity like appointment scheduling, client attendance, outstanding balances, and more. Also, an operational dashboard can incorporate secondary metrics like the number of new client appointments and client turnover, making it a central reference point for reviewing and improving business processes. The ability to track these metrics enhances accountability, ensures service efficiency, and supports data-driven decision-making.

In this episode of the Wise Practice Podcast, Whitney Owens is joined by Brent Stutzman, the owner of Brand Your Practice, a media company aimed at helping therapists become smarter practice owners. Brent shares his priceless knowledge about the critical metrics to track in your practice and discusses the three essential dashboards every group practice owner needs to monitor.

Show Sponsor

• Alma - Your private practice support system

Links and Resources

• Executive Dashboard: BrandYourPractice.com/dashboard

• TheraSaaS.com → Intake CRM just for therapists to capture, qualify, and close more clients.

• FREE Ultimate Guide to marketing your private practice & checklist

• FREE Course: How to Convert Calls Into Clients in 7 Days

• FREE Course: How to Grow a Private Pay Practice → 8-part PRIVATE PODCAST series on how to grow a private pay practice.

• Brent on LinkedIn 

• Brand Your Practice on YouTube

• Connect with Whitney Ownes on Instagram

• Check the podcasts on the PsychCraft Network: PsychCraftnetwork.com 

 

Podcast Production and Show Notes by Course Creation Studio.