As a practice management consultant and sales performance coach in the aesthetic space, I speak all over the country. Some of the most common questions I receive from staff and medical providers time and time again are:
- Why are we not growing as fast or generating as much revenue as we would like to?
- How come are schedules are not full?
- What reports should I run?
- Why isn’t my website generating any leads?
These are very valid questions. In fact, I asked myself the very same questions years ago.
When I was hired by Lasky Aesthetics & Laser Center in Beverly Hills back in 2012, I created a comprehensive process to analyze their entire business from the ground up. I made bold recommendations that resulted in an incredible turn around and generated more than $600,000 of additional revenue in one year.
So how did I do it? I realized that data doesn’t lie. It was factual, and I needed to take a good hard look at that data and figure out where the gaps existed. Then, I had to find the opportunities for growth. Most importantly, I had to take ACTION and make the investment into the business.
Getting a Clear Picture
My clients consider my Practice Assessment to be the ULTIMATE X-RAY TOOL to uncover missing revenue and growth opportunities.
The Practice Assessment is a robust, 17-page tool (your homework) that asks comprehensive, probing questions and requires you to provide meticulous details about your business. I’ve been told it is an enlightening exercise. This assessment will help me to evaluate every area of your practice, including:
- Revenue Sources and Goals
- Facility and overhead costs
- Services Offered and Profitability
- Strengths and Weakness Analysis
- Patient Retention
- Lead Generation Sources and Follow Up
- Consultations and conversion rates
- Website & SEO
- Information Technology
- Human Resources
Once you complete the Practice Assessment, I will analyze your information and provide you with a high-level summary report of concrete action steps. You’ll get my expert recommendations based on years of experience that if implemented will turn your business around. (Learn more here). I highly recommend you investing the time and resources into completing this detail-oriented assessment to achieve concrete results.
Nonetheless, I wanted to give you an overview of how to get started gathering your own information to evaluate.
Gather Necessary Information
Before you can accurately find the gaps in your practice and identify areas to improve, you must have data to analyze. Money is an important conversation and knowing your money facts and bottom line is critical to future growth.
Gather what you can from your patient management software, your profit & loss statements and any and all sales or marketing related information you have access to, and…
Let’s Get Started!
Here are some sample questions from the Practice Assessment to get you started!
- What is your previous year’s revenue? Your current revenue? Your retail revenue? Your current goals?
- What treatments are your most profitable? And how much revenue does each one generate?
Does anything jump out at you so far?
- What services do you offer (surgical and non-surgical)? How many appointments have you booked for each type this month, quarter or year?
- What is your consultation conversion ratio?
Now let’s think about leads coming in.
- How many leads does your website generate per month? If any?
- Do you have a process in place for following up on leads?
- What percentage of leads convert to consultations?
Let’s move on to marketing.
- What kind of marketing are you doing and are you measuring results?
- How often do you communicate with your patients?
Let’s Talk Technology
- What kind of patient management software are you using?
- What kind of KPIs do you measure?
Consider Your Staff
- How many staff members do you currently employ?
- Have they been trained in sales, consultations and customer service? If not, how do you know if they are doing a good job?
Interpreting Practice X-Ray Results
Based on the breakdown of your revenue and expenditures, you might need to shift to higher revenue generating treatments, increase your pricing, evaluate your staff and their skill set. Hire more or reduce your staff, incorporate long-term treatment plans and increase marketing spend.
You might need to revamp your website (ask yourself, is it dynamic and producing hundreds of leads per month?) and establish a better follow up system for tracking leads. You most likely need to invest in expert sales training for your staff so that you feel confident in their ability to do their job successfully.
Now that you know what types of questions to begin to ask yourself and what information is needed to get an accurate assessment, you might be feeling a bit overwhelmed.
I want to give back and help you like I’ve proven to help others. To reduce risk, you invest in experts that will save you time, money and avoid costly mistakes. I am here to support you. Please feel free to reach out if I can answer any questions.
Ready to Roll?
If you would like to get started to bridge the gaps in your practice so you can improve the patient experience, convert more patients into paid services and generate more revenue, please call me and I’d be happy to work with you.