If I asked you what’s the #1 most important metric to track in your practice is, what would you say?
Obviously, there are many important key practice indicators to track in your office, but some are more important than others. We track many metrics, including “OTAC,” which means “On Time and Consistent.”
So which number is most important to the long term health of your practice?
Is it collections? NOPE!
Production? NOPE!
New Patients? NOPE!
Regardless of what so-called “experts” will tell you, the most important number to track is actually in a tie for first place…
It’s REFERRALS AND RETENTION!
To put this another way, how many of your patients want to come back again, and how many talk about you positively outside your office? That’s why “R&R” (referrals and retention) are tied for #1. Collections is #2 and so on…
For example, some days your associate will make more than you in terms of production or today’s collections, or maybe even for the month. But…it really doesn’t matter if you have a long term outlook. This is why the tortoise beat the hare. This is why most “temps” you meet to cover for your sick team members can’t hold a job down, are nearly broke or in lots of debt. (There are a select few temps who are great, but it’s the exception not the rule). If all you care about is milking the cow today, you may hurt or kill the cow and won’t have milk tomorrow. You need to be watering your garden every day for a rich harvest.
You want to create evergreen assets, which are multiple sources of collections for today, as well as in the future. This is where real wealth and real success are built. Plus, this where the happiest patients and team members reside.
Have you ever heard of the company called LIFE IS GOOD? They didn’t come up with the phrase, but they trademarked it. Even during the coronavirus pandemic, they aren’t slowing down.
In fact, in a recent newspaper article by USA Today, they shared the following about the company:
“It’s more than a slogan. For more than 25 years, it’s been an ethos for the company that makes $100 million a year printing those three words on T-shirts, ball caps, coffee mugs and other merch.”
Take a lesson from Life is Good. We are in this for the long haul. Focus on long term relationships and getting your patients to talk about you AFTER their visits and you’ll be building a recipe for success. Make your life really GOOD.