Understanding the Basics of Financial Analysis
Our “gut perceptions” of how our practices are performing are sometimes on the mark, yet often certain salient aspects capture our attention more than others. It may seem – anecdotally – that contact lens fittings are on the uptick, or that a certain demographic of customer is dropping off a bit, etc., when in fact other unseen trends are impacting our businesses more.
Much of the answer lies in tracking our practices’ Key Metrics. Using consistent benchmarks facilitates reasoned decision making that responds to our true strengths and weaknesses in the marketplace. At our upcoming dinner we’ll discuss:
- Types of Metrics: Revenue, Optical, Staffing, Clinical. How do we best understand and group them?
- National metric averages versus Texas metric averages.
- Tools to record key metrics in real time, including those in the PECAA portfolio (e.g. Glimpse) that support more accurate and meaningful tracking.
- The bottom line: using your metrics to improve the future performance of your practice.
This dinner is open to doctors and 1-2 key staff members.
We hope to see you there!