The numbers behind a formula for success
You may have heard the expression, “business is a numbers game”. Whether it’s your number of enquiries, conversions into customers, pricing, cash flow, web traffic, or customer sentiment – the data behind your business is both telling and powerful.
We live in a world of ever expanding data, and learning to harness this is key to developing a more effective and successful organisation.
The first step in harnessing data is to measure it – if you’re not measuring it, you can’t manage it. Healthcare providers have a wealth of fantastic data that can be used to improve quality of care, patient experience and business performance. Using this data regularly rather than waiting for intermittent accountant’s statements is a much more effective way to respond to issues, correct trends, or make process changes.
So, what are the critical numbers for your business? It’s true that a business simply won’t survive without cash flow and profit, however each business will need to focus on different metrics based on their current situation and vision.
Vividus provides business development and strategic consultation to numerous medical practices and healthcare businesses. We have found that to achieve real growth it is critical to have a comprehensive business dashboard that provides real time data and insights regarding:
- Financial data
- Referral trends
- Human resource and staff efficiency information
- Customer metrics such as acquisition, retention, lifetime value, and demographics
- Services delivery
- Marketing statistics and digital data
The Vividus Dashboard extracts practice data from business management software and provides practitioners and business owners with real-time data insights into their organisation. The dashboard includes comprehensive visual reporting and predictive intelligent modelling, facilitating better informed decisions that improve profit and achieve business goals.
For example, by creating analytics that show detailed breakdowns of the patient journey we can see which demographic patient groups account for the most volume and/or revenue by specific services. This information can then be used to develop strategies for engaging with target audiences in the most effective ways possible.
Revenue breakdowns and referral data can also show which practices and doctors are providing the most consistent referrals. This then creates an opportunity to gain insights into the overall effectiveness of your referral system and provides actionable intelligence on how to better serve your key strategic referral partners.
More than numbers
Quantifying your business is powerful, but tracking and understanding data doesn’t drive positive change by itself.
The first step is to ask relevant questions that investigate opportunities and form the foundations of data responsive action plans. These questions differ for each business but might include:
- What if we add/remove a clinician?
- What if we change our service mix?
- What if we add/remove a location?
- How effective can we become in converting leads to appointments?
Insights from this process of investigation can then be used to develop a series of key performance indicators (KPIs) for each area within your organisation. KPIs help confer a clear picture of how the organisation is functioning, define role expectations and boundaries, and provide both transparency and measurable goals moving forward. Ultimately it is the cultural change towards higher quality of care, customer experience and adding value that often makes the greatest difference to a business’s long term success.
But everything starts with being able to track the right numbers in your business dashboard.