Chiropractic Marketing Statistics: 7 Numbers to Track Your Growth
Why do you need to keep statistics in your practice? The reason is because it’s the best way to know what’s going on in your practice.
Does a new patient need to fill out paperwork, ask questions during a consultation and exam, to find out what’s going on with their health? You should also keep track of the health of your practice.
Along with tracking the health of your practice, keeping statistics…
The statistics below are 7 areas you should review on a monthly basis. In fact, it won’t hurt to check in weekly if you really want to gauge how your practice is doing.
#1. Number of new patients
A new patient is anyone who comes in and completes an exam. Count them as a new patient only when they have paid for the first visit or it is a free exam but they are scheduled to return.
Do not include people who come in for a free consultation and leave.
#two. Average number of visits to stays by new patients
This is often referred to as your “hold” or “PVA.” PVA stands for “Patient Visit Average.”
To measure it for an entire month, take all your visits that month and divide it by the number of new patients you had during the same month.
#3. Average dollars collected per patient
To calculate this, take your total collections for the month and divide it by the number of new patients you had during that month.
#4. Conversion rate of new patients to care
To find this number, take the number of patients you started receiving care during a month, and then divide it by the total number of new patients you had that month.
#5. average case
The case average is a number that represents how much money that patient will make over time in your practice. Take your collections for the month (or quarterly, yearly) and divide them by the number of new patients during the month. However, take your PVA for your $/visit. So take #2 and #3 above and multiply them together.
#6. ROI for your marketing
ROI stands for “return on investment.” To calculate it, simply take the amount of revenue (gross receipts) your marketing brought into your practice and divide it by what you spent on that marketing.
To accurately measure your ROI, ask the patient (either on their intake forms or verbally) where they heard about your practice. Using your software, track down new patient sources. Go back and update the ROI regularly, as it will continue to increase as the patient (or insurance) pays for their care over time.
Also, measure each type of advertising and marketing you do…newspaper ads, yellow pages, internet leads, sending $5 Starbucks cards to new patients with a postcard, website costs, direct mail, shipping postcards of money, etc., etc.
#7. net profit
To calculate your net profit, take your total receipts minus your overhead and personal benefits. If you have a car through your office, pay your health insurance, etc., back up all of that to get a real picture.
And get your salary too. You want to know how much your practice is bringing you overall and compare it to previous months and years. You can add your salary and benefits back later for accounting and tax purposes.
Below are additional statistics that you need to keep track of so you can calculate the numbers in the top 7. These others, like collections and charges, tell you a lot about the health of your practice.
- visits
- fillers
- general collections
- insurance charges
- % of money collected compared to collected
- dollars charged for service
- Money spent on marketing
- number of conversions
- new sources of patients
Last but not least… create a weekly and monthly spreadsheet that lists all the statistics in this article. Once you’ve formatted this, it will only take a few minutes a day for you or your staff to enter the numbers at the end of each day.