How to Use KPIs, Patient Feedback, and the Value Formula to Thrive
Welcome to another enlightening episode of the Physio Practice Success Show! As passionate physio practice owners, we’re all in pursuit of one common goal: becoming the #1 practice in our area for new patients. I’m Shazarachi, your host, an ex-physio, a multiple practice owner, and the proud founder of PhysioMarketing.com. In today’s episode, we’re diving into Part 4 of our four-part series on pricing your physiotherapy services for practice growth. We’ll be exploring the pivotal role that feedback and metrics play in achieving success.
Understanding the Value Formula
Before we delve into the specifics, let’s revisit a critical concept that serves as the cornerstone of everything we’ll discuss: the Value Formula. This formula encapsulates how we can enhance the perceived value of our services. Simply put, more value equates to higher perceived worth. Let’s break it down:
Value = Dream Outcome × Perceived Likelihood of Achievement / Time Delay × Effort and Sacrifice
Dream Outcome refers to the patient’s desired goals. Perceived Likelihood of Achievement is how much patients believe your services will lead them to their goals. Time Delay is how quickly they achieve their desired outcomes, while Effort and Sacrifice encompass the resources invested.
Key Practice Growth KPIs
The success of your physio practice hinges on a few critical Key Performance Indicators (KPIs) that act as barometers of your growth trajectory. By focusing on these three KPIs, you’ll gain insights into your practice’s overall health and identify areas for improvement:
1. New Patients per Week:
This metric reveals the efficacy of your marketing efforts and showcases how well your practice is attracting new clients.
2. Patient Visit Average (PVA):
PVA signifies the number of visits a patient makes during their episode of care. Aiming for 8 to 10 visits indicates satisfied and engaged patients.
3. Average Revenue per Patient:
By calculating the average transaction value and multiplying it by PVA, you can determine the revenue generated from each patient. Strive for optimal value here.
Harnessing Patient Feedback for Growth
Patient feedback is an invaluable tool for understanding your practice’s strengths and areas requiring improvement. Embrace both positive and constructive feedback, and use it as a catalyst for growth.
Regular communication with patients throughout their treatment journey provides valuable insights. Receptionists and therapists can engage patients to assess whether they’re progressing towards their dream outcomes and gauge their satisfaction.
Online reviews, including one or two-star ratings, are essential for understanding patient perspectives. Embrace negative feedback as opportunities for growth, demonstrating your commitment to excellence.
Aligning KPIs, Value, and Feedback
Remember that patient satisfaction and the value formula are intrinsically linked. To enhance your practice’s performance, focus on these aspects:
1. Tracking KPIs:
Regularly monitor and analyse the key KPIs to gauge your practice’s progress. Consider implementing a weekly routine to keep a pulse on your practice’s growth.
2. Elevating Internal Feedback:
Continuously improve the quality of internal feedback mechanisms. Regular communication and engagement will provide insights into the patient experience, helping you align with the value formula.
3. Revisiting the Value Formula:
Make the value formula an integral part of your practice culture. Always assess whether your practice is delivering on each component of the formula to enhance patient value.
4. Embracing External Feedback:
Encourage a culture of openness within your team to address both positive and negative feedback. Approach this as an opportunity for collective growth and improvement.
Conclusion: Your Blueprint for Success
As practice owners committed to becoming the foremost choice in our areas for new patients, we must wield the power of KPIs, patient feedback, and the value formula. These three pillars are essential to propelling our practices toward remarkable growth. By consistently aligning these elements, we create a virtuous cycle of improved value, patient satisfaction, and business success. Remember, you hold the keys to your practice’s destiny, and with the right strategies, you can achieve unparalleled heights.
For further insights and expert guidance, visit our website at PhysioMarketing.com. Let’s work together to create a practice that stands out, thrives, and positively impacts the lives of our patients. Stay tuned for more actionable insights on the Physio Practice Success Show!