BASEBALL IS FAMOUS FOR CREATING AND tracking StatS, which represent the past success of a player or a team. For example, a .350 batting average means that, in the past, the player has made a hit 35% of their times at bat. These numbers are important because they help predict what will happen in the future.
Chiropractic practices have access to an abundance of numbers — whether they come from patient visits, revenue reports, or online engagement metrics. However, understanding what to do with those numbers often separates a thriving practice from one that merely survives. This distinction boils down to two key concepts: stats and analytics. While these terms are sometimes used interchangeably, they serve different purposes to help your chiropractic practice grow. Let’s explore what stats and analytics mean and how to leverage both for greater success.
Stats, or statistics, are the raw numbers that describe what is happening in your practice. They provide a snapshot of performance and are typically straightforward and easy to track.
Examples of stats in a chiropractic practice may include:
• Number of patient visits per month.
• New patient acquisition.
• Monthly revenue.
• Average patient visit value.
• Amount of total services delivered.
These figures are essential for understanding the “what” of your business. For example, if you know you had 100 patient visits this month, that’s a stat. These numbers are vital for setting benchmarks and identifying trends over time.
However, there is a limitation to stats. While they are essential, they don’t tell the “why” behind the numbers. Why did you see an increase in patient visits this month? Why are collections dropping? Stats alone sometimes lack the context necessary for making strategic decisions.
That’s where analytics come into play. They go a step further by interpreting the numbers to uncover patterns, trends, and insights. It’s the process of examining your stats to answer critical questions about your practice and develop informed decision-making.
• Identifying seasonal trends in patient visits.
• Projecting the profitability curve.
• Understanding why certain demographics have higher retention rates.
• Assessing the financial impact of a new service offering.
• Predicting patient visit volume based on historical data.
Analytics provides the “why” and “how” that turn raw numbers into actionable strategies. For example, if your stats show a decline in total collections, analytics can help you identify whether it’s because of decreased services rendered, poor pricing strategies, or low-cost treatment recommendations.
Basically, stats describe what is happening in your practice, while analytics explain why it is happening. However, both stats and analytics play critical roles in managing and growing a chiropractic practice. Here’s how to combine them effectively:
Begin by collecting accurate and relevant data. Ensure your practice management software is tracking key stats like patient visits, revenue, and retention rates. Without accurate stats, your analytics won’t be reliable.
Use analytics tools to interpret your stats. For example, if patient retention is declining, analytics can reveal patterns, such as whether patients stop returning after their third visit or whether retention is tied to certain demographics.
Analytics should always lead to actionable steps. For instance:
• If analytics show your referral program effectively drives new patients, you might decide to invest more in referral activities.
• If data reveals a dip in patient visits during certain months, you can plan marketing campaigns to fill those gaps.
Analytics isn’t a one-time exercise. Continuously monitor your stats and reanalyze them to ensure your strategies are working. If not, refine your approach.
Investing in technology can significantly enhance your ability to collect and analyze data. Here are some tools to consider:
• Your practice management software should be able to track basic stats, such as patient visits, billing, unique patient visits, and scheduling metrics.
• You may want to employ a customer relationship management system (CRM) to help analyze patient engagement, marketing ROI, and retention trends.
• Marketing analytics tools help track the performance of digital campaigns, such as Google Ads or social media campaigns.
• Financial analysis tools can help provide deeper insights into revenue and profitability.
While stats help you understand your current performance, analytics can empower you to forecast future trends and make informed decisions. For example:
• Analytics can help you predict how many patients you’ll need to reach your revenue goals for the quarter.
• It can identify opportunities to streamline operations, such as reducing no-show rates through better appointment reminders.
• It enables you to personalize marketing efforts based on patient demographics and behavior.
Stats tell you what’s happening in your chiropractic practice, while analytics help you understand why it’s happening and what to do about it. Both are indispensable tools for practice owners, but analytics are the key to turning raw data into strategic growth. By leveraging analytics, you can stay ahead of challenges and ensure your practice remains competitive.
Dr. Michael Perusich, a former investment banker, is a solutions-focused business advisor with more than 25 years of success in the chiropractic industry. His expertise includes personalized coaching and staff development. Dr. Perusich is the CEO of Kats Consultants, LLC. where he and his team offer a unique platform of business tools for today's Chiropractic Entrepreneur. He can be reached at Kats Consultants 407-308-5590 or at Katsconsultants.com
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