Trouble signs - How do you know when your practice is in trouble?

Here are some key indicators of practice success (and failure). Although mostly you're focused on your patients, you should be checking these indicators frequently to be sure your practice is doing well.
1. Accounts receivable. Run an accounts receivable "aging" report at least monthly. Check the columns that show amounts outstanding for 60, 90, 120 days. If these amounts are growing, you are working hard but losing money! Take action immediately! (More on this in a later blog.)
2. Increased overtime by staff. If your staff are not able to complete their work during the day, don't give in to the "we need more help" plea. It is more likely that they need to work smarter, not harder. Look at your processes and see if you can find better ways to do things. Use technology wisely; it's your friend.
3. Rising overhead. When you review your financial statements every month (you DO, don't you?), be sure to get a report that shows each expense as a percentage of sales. Compare to the previous month. If miscellaneous expenses, for example, are increasing as a percentage of sales, you may need to monitor more closely.

(More in the next blog....")

For more information on processes, purchase The Practice Manual and start working smarter.

Chiropractic Practice Success

Creating a new blog is like opening a box of sampler chocolates - you never know what you are going to get.

This blog is dedicated to providing LOTS of information and encouragement to chiroprctors who have just started their practices or are struggling with their practices.

I am passionate about helping you succeed in your practice! I want to make sure you have all the information you need, in the areas of:

• Practice Marketing - everything you do to get and keep patients
• Practices Financial Management - everything you need to know to get the money and keep more of it for yourself
• Practice Policies and Processes - everything you need to know to keep your practice running smoothly, including hiring great employees, creating policies that work, and setting up processes so you can let the practice work, so you don't have to

I'll be writing almost daily, so keep checking back.