As the end of the quarter draws near, it is time to RESET! Though our intentions are sincere, and our resolve is strong, statistically only 8% of us will accomplish our goals and sadly, 80% of us will have already failed and abandoned our efforts altogether 30-days later.
Today’s society is all about GO! GO! GO! However, activity does not always equal results. Before you GO, take time to RESET. To get from point A to point B successfully, you must first:
- Know where you are currently (Point A)
- Decide what destination you are trying to reach (Point B)
- Set your goals
- Identify your obstacles
- Adjust & Repeat
Let’s use a simple example. Your goal is to double your practice.
KNOW WHERE YOU ARE CURRENTLY (point A). Common sense tells us that Point A is where you are right now. Where EXACTLY is that? If your goal is to double your practice, how to do you accomplish that without understanding what your current average cash in is, as well as what your current average cash out is? Or if you do not know your current patient visit number and average dollar collection per visit? Your Point A needs to be more specific than “I want to double my practice” or “I want to see twice as many patients.” Many times, you will be able to better determine your Point A by first deciding your Point B.
DECIDE WHAT DESTINATION YOU ARE TRYING TO REACH (Point B). If point B is doubling your practice, what does doubling your practice look like? How many patient visits per week is that? What does your average dollar collection per visit need to be to for that patient visit number to equal the total revenue you need? Do those numbers support your increased overhead?
For example, if you currently see 50 patients/week and your goal is to see 100 patients/week, is it that simple? Is that REALLY your goal? What if you start seeing 100 patients/week but your collections do not double, they only increase by 20% because of the type of average new patient? However, your overhead has increased by 40% because you have had to add new team members to oversee the additional volume. Congratulations? You are now seeing 100 patients per week AND making less money.
As I mentioned in Point A, sometimes determining your Point B first will help you know what information you need to better determine exactly where/what Point A is.
SET YOUR GOALS. Just like Point A & B, your goals must be specific. No wishy washy, pie-in-the-sky, mumbo jumbo, vague “let’s see what sticks,” half-assed goals. I am sure you have heard this before, and I am going to reinforce it one more time. SMART goals are the key:
- Specific: “Double my practice” is not specific enough. I want to see an average of 100 patients or more per week, at a $75 average collection per visit is.
- Measurable: “Double my practice” gives you nothing you can measure. An average of 100 patients or more per week, at a $75 average collection per visit is measurable.
- Attainable: A goal that is attainable is one that you can actually accomplish. If your goal is an average of 100 patients or more per week, at a $75 average collection per visit do you have the capacity to reach that goal? Is there enough room in your schedule book? Enough hours in your day? Enough space in your office? A team that is all in? A measurable plan to market and attract new patients? And most importantly, do YOU buy in and believe in your goal? Your business will never outgrow you; if it does, you will not maintain it for long.
- Relevant: Does your goal align with your overall vision? If you are at an age where you are starting to plan for retirement, does it make sense for you to try and see twice as many patients per week? Maybe. Or maybe the better goal would be to determine how to bring an associate on board that will eventually buy your shares of the business and to help build their numbers as part of that process. Or to add PT to your practice instead to afford you the ability to bring in an associate. The point is, do not set a goal for the sake of setting a goal. Ask yourself, does it align with my vision? Does this goal help get me to my ultimate destination?
- Time-bound: Your overall goal, and any steps in between, should have specific timelines. Do you want to see 100 patients on average per week by the time you retire or within 12 months? A timeline makes all the difference.