Understanding the Basis of Financial Analysis
While sometimes “gut perceptions” of how our practices are performing can be on the mark, certain salient aspects often 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 other unseen trends are impacting our businesses more.
Much of the answer lies in tracking our practices’ Key Performance Indicators (KPIs). Using consistent benchmarks facilitates reasoned decision making that responds to our true strengths and weaknesses in the marketplace. Please join us for a good meal at our upcoming dinner as we discuss:
- U.S. Averages versus California Averages
- Types of Metrics: revenue, optical, staffing, clinical. How do we best understand and group them?
- Tools to record key metrics in real time, including those in the PECAA portfolio (e.g. SuccessTrack) that support more accurate and meaningful tracking.
- The bottom line: using your metrics to improve the future performance of your practice.
Tyler Judkins, PECAA’s Business & Financial Advisor, will be onsite for this event and available to answer any questions you may have.
This dinner is open to doctors and 2-3 key staff members.
We hope to see you there!