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Understanding the Basics of Financial Analysis
So-called “gut perceptions” of how our practices are performing may or may not be on the mark. Certain activities may capture our attention more than others. We may think contact lens fittings are on the uptick, or that we’re not seeing as many new patients as before, when in fact other unseen trends are impacting our bottom line more.
That’s where Key Performance Indicators (KPIs) come in. Using consistent benchmarks facilitates reasoned decision making that responds to our true strengths and weaknesses in the marketplace. Tyler Judkins, PECAA’s Business & Financial Advisor, will join us as we focus on KPIs. Among our discussion points:
- Types of Metrics: revenue, optical, staffing, clinical. Which ones are you measuring now?
- Tools to record key metrics in real time, including those in the PECAA portfolio (e.g. SuccessTrack) that support more accurate and meaningful tracking.
- Applying metrics analysis to direct real changes in your practice
- U.S. Averages versus California Averages
- Cash Flow versus Profitability
This dinner is open to doctors and managers.
We hope to see you there!