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5 Key Numbers To Measure In Your Health Clinic

financial management know your numbers opportunities track finances Oct 22, 2021

Knowing your numbers means knowing your opportunities. 

If you’re a private practice clinic owner, you might have wondered what numbers you should track and measure in your clinic to know how you are performing and make plans for how you grow. However, what’s stopping you from knowing your numbers is that it can be very overwhelming.

But the problem is, if you don’t know your numbers, how can you expect to grow profitably, sustainably, and with enough cash flow? That is why you must know exactly how your clinic is performing through your numbers.

Why Knowing Your Numbers Is Important

Knowing your numbers lets you track and influence your finances so that you can reinvest in your patient and reinvest in your clinic. Don’t just look at what’s left in the bank at the end of the month without having any insights as to why that’s the only amount.

The Meaning Of The Numbers In Your Clinic

Every number in your clinic is a measure of the effectiveness of the system of your business.

By knowing your numbers, you can make better decisions about when to hire, how much you have to spend on marketing, or when to reinvest and open up a new branch.

Clinic Numbers

Here are the 5 key numbers to measure in your clinic:

1. Clients Per Day

Your Clients per day is a measure of the total number of appointments per practitioner per day. The variables that you need to consider for the computation are the total number of appointments and the number of days.

To compute, you must divide the total number of appointments by the number of days.

2. Average Fee

Your Average Fee shows the average amount that your health clinic charges a patient for treatment. You can break it down by treatment or treatment categories. The variables that you need to consider are the total of fees received and the total number of appointments.

The computation is the total number of fees divided by total appointments.

3. Client Visit Average

Your Client Visit Average is the average number of times a client will see you over a particular time period. The variables are the total appointments and total clients. To compute, you just have to divide the total number of appointments by the total number of clients.

4. Billing Per Hour 

Billing Per Hour is the average amount a practitioner is billing per hour over a certain time period. To compute, you divide the total amount billed by the total number of hours spent consulting.

5. Permanent Employee Wages

Permanent Employee Wages records the value of wages paid to a full-time employee during the reporting period. You could separate it by the administration, or by direct providers of care.

Need additional ideas of metrics to track in your health clinic? Contact us Stream Accounting!

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