If Performing a Practice Assessment Would Improve Your Business, Would You?

Posted By Mike Meyer, Wednesday, August 5, 2020


By Terri Ross, Terri Ross Consulting

COVID-19 gave us all forced downtime in our practices. While none of us would ever have chosen this particular situation to take a pause in our businesses, a successful comeback is directly related to what we did during this pause—or will do now.

Was It a Powerful Pause or a Paralyzing One?

How did you choose to respond? Did you use your time wisely to work on your business?

The old rules are out the window as we enter a new paradigm and adapt to new ways of doing business. We simply cannot return to the old ways of doing things and bury our heads in the sand. We have to think differently, act differently and, most importantly, take action differently.

The good news is that it's not too late to harness the power and do the work so that you can come back more confident, more informed and able to operate at a higher level, which translates to increased profitability and efficiency.

I'e done this exact powerful work with my team during this pause to determine how we can best meet your needs. That's why we are offering a systematic solution and our exclusive Practice Assessment Tool to identify the gaps in your practice, allow you to course correct and make the changes you need to implement right now.

This is not some "shiny new object" assessment—it's based on my years of experience and proven methodology, managing and scaling medical aesthetics practices to seven to eight figures.

Here Are the Top Three Reasons to Perform a Practice Assessment

1. You can't make an accurate diagnosis without the proper information. Just as you would never make a medical diagnosis without a set of diagnostic parameters or tests, you cannot diagnose what's working and what's not in your practice without taking what I like to call the "ultimate X-ray." The Practice Assessment allows you to take a deep dive and really evaluate your business as well as uncover missing revenue and growth opportunities so you can pivot and make informed decisions about what to change.

2. You have to focus on the whole wheel, not individual spokes. The Practice Assessment is a robust, comprehensive tool that asks probing questions and requires you to provide meticulous details about your business. We'll evaluate every area of your practice to get the full picture—not just a piece. A wheel does not turn properly unless all the spokes are in good shape. We'll look at your:

  • Revenue sources and goals;
  • Facility and overhead costs;
  • Services offered and profitability;
  • Equipment;
  • Strengths and weakness analysis;
  • Patient retention;
  • Lead generation sources and follow-up;
  • Consultations and conversion rates;
  • Operations;
  • Marketing;
  • Website and SEO;
  • Information technology; and
  • Human resources, staffing and compensation.

You'll get a high-level summary report with concrete action steps that, if implemented, will turn your business around. Action creates energy and movement. Information without implementation does not create change.

3. You can't track what you don't measure. You must know your numbers. Since most of us have lost two to three months of revenue, it is more important than ever before to analyze your data and know your numbers, so you can streamline and choose to focus on the services that have the highest return on investment (ROI). In addition, you can determine what changes you need to make going forward. Completing our Practice Assessment will help you to:

  • Analyze your cash flow;
  • Determine your revenue per hour compared to industry benchmarks;
  • Know your profit per treatment;
  • Evaluate your conversion metrics—if they are not 70% or higher, we'll figure out how to change that;
  • Put call tracking into place and evaluate your phone conversions so you don't lose thousands of dollars;
  • Streamline your consultation process, build long-term treatment plans and create follow-up protocols;
  • Understand your cost of goods;
  • Align your compensation plan with the company goals;
  • Make sure your payroll is 30% or less of your operating costs, and if not, determine where to make cuts;
  • Maximize scheduling software;
  • Channel your marketing dollars in the areas that are most important;
  • Optimize and ensure your website is converting leads; and
  • Put the proper standard operating procedures and job descriptions in place so you are legally compliant.

If you could identify these gaps and see up to a $100,000 ROI from implementing even a few of the recommended actions, would that be worth the investment? There is no better time than right now to complete your Practice Assessment and invest in your team. You'll understand your business in ways you never have before so you can recoup some of this lost revenue and move forward. With systems and structure in place, everything can change for the better.

Terri Ross brings more than 20 years of sales and management experience to the field, having worked with leading-edge medical device companies such as Zeltiq, Medicis, EMD Serono, Merck Schering Plough and Indigo Medical, a surgical division of Johnson.

Ross' vast knowledge and experience as a sales director managing upwards of $20M in revenue and successful teams has allowed her to become a renowned plastic surgery management consultant helping aesthetic practices thrive.

To optimize revenues and business performance, Ross' practice management consulting services help physicians evaluate practice processes including, but not limited to, overall-operating efficiencies, staff skill assessment, customer service and operating efficiency strategies. The goal is to develop a comprehensive plan of action to improve productivity, quality, efficiency and return on investment.

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