Real metrics that we should be measuring at for your PT Business

Real metrics that we should be measuring at for your PT Business

Today, what I want to talk about is something that we kind of touched on a little bit previously. We really need to go into a little more detail about our metrics. 

The metrics that we're measuring aren't the real metrics that we should be measuring. We're looking at our metrics the wrong way. Our metrics are current metrics.

Everybody looks at their KPIs or Key Performance Indicators. But the key KPIs aren't really indicative of what's going on. Your KPIs are showing you that there's an issue. That's all you can really gain from them. Later, it's like dying. It's just indicative that there is a problem.

Let me tell you what I'm talking about. Your cancellation, no show rate, your completed plan of care, your drop-offs, which is the whole reason that my group exists - those are actually simple.

One of the reasons I use it is because it's something that is important to people, that everybody wants to talk about. But you're not going deep enough. Example, somebody comes in and they have a fever:

"What's going on?" 

"I've got a fever, my joints are sore."

"Here's the number go home."

Or maybe we should look a little deeper. We've got to dive a little bit deeper. We should really see what's going on here. I'm sure some of you guys out there can relate to this.

We're only looking at this symptom. You've got to look at other things. You got to measure other things, not one. 

You've got to be measuring your Net Promoter Score. If you don't know what Net Promoter Score is, go back to one of my other videos because that's a pretty long conversation in of itself. 

You've got to look at that data. You've got to look by a therapist, by location, or by the clinic. Then you have to have something to measure that number against.

You also need to have some satisfaction survey. You are actually looking at what the patient thinks about their therapist, and what the patient thinks of the front office. 

The most important thing is getting better. Let's be honest: that’s the reason that they're coming to you.

If you're measuring that statistic and you're not looking at that from the therapist from place to place, you're not getting it. You're not actually finding the information that you need. So, we really need to dive in and look at these numbers in the data more.

First is your metrics. I recommend your Net Promoter Score. This one is the overall health of your business. These are so important because these are what the patient thinks. 

On the other end, your KPIs, cancellation, no-show evals, and drop-offs -- these are all the symptoms of the actual problem. We want to try and dive deeper and get back up to the Net Promoter Score. 

Number one, separate that by therapist, by clinic, and by location -- all of these, you want to do the same thing.

Number two, satisfaction with their therapist. You want to look from therapist after therapist, from one individual to another individual, from one group to another group, or clinic after clinic. Then in my software, we created so we can look at the industry as a whole, with all of our data. Where are you at in relation to those numbers to give them context? 

Number three, how happy are they with the front office? How's the front office doing? They're the most overlooked piece in this entire puzzle. Those people have a huge effect on your practice and what's going to be going on. And how's it going? We had a talk earlier today. 

What they think of your front office now on this, you need multiple locations to really start to measure this statistic to see what it should be. 

We're working on pulling that in our software so that we can give you some honest-to-God feedback, so you know where your front office is in relation to somebody else. You can measure and see if you need to make any improvements there. 

The fourth statistic is the improvement rate. If the patient's improving, we measure with one simple question. "As a result of my treatment, my condition is improving, slightly improving, not improving, slightly worse, or significantly worse." Then we graph those on chart. We can look at those from therapist to therapist or location to location.

We can really measure those things. The funny thing is, when you start to dive into the numbers, there's a lot more that goes in, like this is a team sport. If any of these is lacking, so will the improvement rating. 

If there's hype with the front office, that improvement isn't going to do as well. It's such a team sport. What the person thinks about it is so indicative of their recovery or what's going on.

I can't overstate how much you really need to dive in and look at these numbers. First off, you've got to identify that most people aren't measuring. 

To start measuring, you have to start quantifying what the other person thinks about that: the interaction that's going on and what is their perception of this. 

I have another guy who is my accountability partner within a group. He was telling the story of how he lost something. He works in a bigger place that got passed around and he didn't have any idea that he lost.

They went on either Google or Yelp ad. They blasted him and he's like, "Ah." He was like, "Whoa! You've got to know what they think before that happens. You have to identify the problem." 

Before the problem happens, you're being reactive and dealing with bad reviews on the back end instead of getting ahead of that bad review. 

So instead of getting a bad review at Yelp, you can actually turn these bad reviews by addressing the issue ahead of time, instead of addressing it on Yelp and a bad review.  By identifying ahead of time, you can actually get on and improve this situation before it gets worse.

When you address it in a face-to-face conversation with the other person, you can identify the issue and you can fix it and promise them on the other end that you're going to fix it.

At the end of this, if and when it goes well, you're going to ask them for a review, and you're going to get a good review. Maybe they'll tell their story, which is the best thing. If they tell their story about how "I wasn't really happy. I wasn't pleased with how things were going. But he came to me, he talked to me, it mattered to him. This totally changes everything." 

If you can get ahead of that instead of addressing the issue on the review, how about you address the issue, face-to-face, in person? You can only address that issue if you identify it ahead of time.

My free app, NPS, is a good way to kind of take a look and see what's going on. I recommend that at the third visit so that you can see if you get a bad Net Promoter Score and you're about to lose them.

You can identify that problem ahead of time, and you won't lose that person. You won't lose that revenue. The WebPT stat, and I keep coming back to this, stated that 20% of the people drop out by the fourth visit. There is so much money that will leave on the table and so much that we're losing. And those relationships from those people on, you can't leverage your relationship unless you build it. 

You have to first build that relationship. Every relationship is going to start out, and it's not going to be great. Everything's not going to be perfect right out of the gate.

You're filling them out, they're filling you out. There's something that they're not happy about and sometimes they just go away. 

If you can predict that ahead of time and you can have some reason or expectation that there's a chance this person is going to go away. You can sit down and talk to them say, "Hey, what's going on?"

If there's an issue, and you don't know about it, you're going to keep doing what you're doing. They're going to leave and you're never going to see or hear from again.

Unfortunately, this is worse. They're going to go and they're gonna put you on blast on Google or Facebook or Yelp. All of the sudden you have bad reviews, and nobody's coming to see you. 

I want to go over these things. The numbers and the KPIs that we need to look at - not the backend KPIs, not your cancellation, no-show rate, not your drop-off rate, nor your percentage of completed plan of care.

Those are backend statistics. We want to look at the front end statistics. You need to look at your NPS score for what the patient thinks about what's going on, how happy they are with your front office, how happy they are with their therapist, and are they actually getting better because it's like taking your car to a mechanic. 

If you're taking your car to a mechanic and he's a great guy, you love them and you hang out with him. But it doesn't fix your car, he gives your car back to charge you and it doesn't get any better coming back. 

We've got to start looking at this a little bit differently. We've got to change our KPI focus from back end statistics, measuring that the cars already broke down, instead of doing diagnostics ahead of time, seeing what is actually going on seeing why we're losing these people.

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