By: Lance Anderson, OD
March Madness & Measuring Practice Performance
Ok, I have to admit that I am a basketball junkie and therefore I love the month of March. The NCAA Basketball Tournament is one of the great sporting events of the year. As you fill out your bracket and try to analyze which team is better, you need to look at their team statistics.
Which begs the question……How are you analyzing your business? What statistics are you tracking to determine how efficiently your practice is running? How much time does it take you or your staff to run reports on practice performance?
SuccessTRACK | Financial Performance Benchmarking
At PECAA, we believe that measuring your practice performance is essential to enhancing your business and staying competitive. To this end, we have made a significant investment to bring all of our Members SuccessTRACK Production Tracking Software.
Unlike other groups that may offer this service as a third party product at a discounted monthly fee, PECAA pays the monthly fee for all of our Members who choose to take advantage of the program. PECAA Members only pay a nominal, one-time set up fee. We offer this because we feel passionately that a stronger PECAA practice makes for a stronger voice for the Independent in the industry.
The most well-known benchmark in our industry is the MBA Stats, sponsored by Essilor and Alcon. Several critical flaws exist in their data; 1) the numbers are all self-reported, which by definition makes them unreliable. 2) they are published annually (not real time statistics like SuccessTRACK) and 3) Since they are annual stats they also miss any seasonality impact and/or industry shifts ie) recent managed care changes or health care reform effects on your practice would not show up on MBA reports until next year (if at all).
Real Numbers in Real Time
The beauty of SuccessTRACK is that it generates REAL numbers in REAL time, not a collection of best guesses, perceptions, and a little real data compiled once per year. All of SuccessTRACK’s data comes straight from your EHR using the same metrics for everyone (apples to apples). Because of this, SuccessTRACK measures what is REALLY happening in our industry and in our practices, all in real time.
PECAA currently has about 100 practices using the SuccessTRACK Production Tracking Software. Over the next year, we anticipate that number to grow to several hundred. We are confident that our collective data will become the gold standard of optometric benchmarking.
Improve Your Practice & Better Serve Your Patients
As a PECAA Member, you have the opportunity to be a part of this initiative and to leverage the data collected to improve your practice and better serve your patients.
Advantages of using SuccessTRACK in your practice:
- What is measured will improve
- SuccessTRACK will instantly measure and report all key aspects of practice performance in one easy to understand report
- Measure and track productivity of individual opticians, doctors/associates, and practice locations
- Highlight growth opportunities and trends
- Identify unresolved billing errors to help ensure all revenue is captured
- Easy set-up requiring very little doctor or staff time
- Currently SuccessTRACK works with Officemate, MaximEyes, Compulink, and RevolutionEHR. Crystal is coming soon
- SuccessTRACK gives you the information you need at your fingertips to allow you to compete and thrive in todays crazy optical marketplace
For more information on SuccessTRACK or to get started today, contact us at firstname.lastname@example.org or call 503.670.9200