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Take an X-Ray of Your Practice

Posted By Administration, Wednesday, February 19, 2020

financial analysis

By Terri Ross, Terri Ross Consulting

As a practice management consultant and sales performance coach in the aesthetic space, I speak all over the country. Some of the most common questions I receive from staff and medical providers time and time again are:

  • Why are we not growing as fast or generating as much revenue as we would like to?
  • Why aren’t our schedules full?
  • What reports should I run?
  • Why isn’t my website generating any leads?

These are very valid questions. In fact, I asked myself the very same questions years ago.

When I was hired by Lasky Aesthetics & Laser Center in Beverly Hills, California, back in 2012, I created a comprehensive process designed to analyze the entire business from the ground up. I made bold recommendations that resulted in an incredible turnaround and generated more than $600,000 of additional revenue in one year.

So, how did I do it? I realized that data doesn’t lie. It was factual, and I needed to take a good hard look at that data and figure out where the gaps existed. Then, I had to find the opportunities for growth. Most importantly, I had to take action and make the investment into the business.

Getting a Clear Picture

My clients consider my Practice Assessment to be the ultimate X-ray tool to uncover missing revenue and growth opportunities.

The Practice Assessment is a robust, 17-page tool (your homework) that asks comprehensive, probing questions and requires you to provide meticulous details about your business. I’ve been told it is an enlightening exercise. This assessment will help me to evaluate every area of your practice, including:

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

Once you complete the Practice Assessment, I will analyze your information and provide you with a high-level summary report of concrete action steps. You’ll get my expert recommendations based on years of experience that, if implemented, will turn your business around. (Click here to learn more). I highly recommend you investing the time and resources into completing this detail-oriented assessment to achieve concrete results.

Nevertheless, I wanted to give you an overview of how to get started gathering your own information to evaluate.

Gather Necessary Information

Before you can accurately find the gaps in your practice and identify areas to improve, you must have data to analyze. Money is an important factor, and knowing your financial facts and bottom line is critical to future growth.

Gather what you can from your patient management software, your profit and loss statements, and any and all sales- and marketing-related information you have access to, and…

Let’s Get Started

Here are some sample questions from the Practice Assessment to get you started.

  • What is your previous year’s revenue? Your current revenue? Your retail revenue? Your current goals?
  • What treatments are your most profitable? How much revenue does each treatment generate?

Does anything jump out at you so far?

  • What services do you offer (surgical and nonsurgical)? How many appointments have you booked for each type this month, quarter or year?
  • What is your consultation conversion ratio?

Now let’s think about leads coming in.

  • How many leads does your website generate per month, if any?
  • Do you have a process in place for following up on leads?
  • What percentage of leads convert to consultations?

Let’s move on to marketing.

  • What kind of marketing are you doing, and are you measuring results?
  • How often do you communicate with your patients?

Let’s talk technology.

  • What kind of patient management software are you using?
  • What kinds of KPIs do you measure?

Consider your staff.

  • How many staff members do you currently employ?
  • Have they been trained in sales, consultations and customer service? If not, how do you know if they are doing a good job?

Interpreting Practice X-Ray Results

Based on the breakdown of your revenue and expenditures, you might need to shift to higher-revenue-generating treatments, increase your pricing, and evaluate your staff and their skill sets. Hire more or reduce your staff, incorporate long-term treatment plans and increase your marketing spend.

You might need to revamp your website. Is it dynamic and producing hundreds of leads per month? You also may need to establish a better follow-up system for tracking leads. Additionally, you most likely need to invest in expert sales training for your staff so that you feel confident in their ability to do their job successfully.

Now that you know what types of questions to ask yourself and what information is needed for an accurate assessment, you might be feeling a bit overwhelmed.

I want to give back and help you like I’ve helped others. To reduce risk, invest in experts who will save you time and money, and avoid costly mistakes. I am here to support you. Please feel free to reach out if I can answer any questions.

Ready to Roll?

If you would like to get started bridging the gaps in your practice so you can improve the patient experience, convert more patients into paid services and generate more revenue, click here to get started with your practice assessment today.

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.

Tags:  Business and Financials  Med Spa Trends  Terri Ross Consulting 

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