From the Desk of Dr. Michael Perusich
The Luck of the Irish
Happy St. Patrick’s day! The annual day of green not only brings about ideas of good cheer and fun, but it also makes me think about finances, and the “green” of success.
This is a great time of year to really be thinking about the success path that you are on with your practice and your personal life. Being the end of the first quarter, this is a good time to reflect on your goals that you set at the beginning of the year. Analyze whether you are on track or need to make some first quarter adjustments.
It’s also a great time to analyze your cash flow. By now, you should have a good idea as to how insurance is paying you this year. How does it compare to last year? On which services have they decided to cut your fees? How much of your care recommendations will patients be paying out of pocket in 2019? These are important questions that can tremendously affect your...
Mike: Hi, everybody. I'm Mike Perusich, Patrick Hammond, David Kats with Kats Consultants. Thanks for listening today. David, you had a topic you wanted to talk about today.
David: Yes. One of the things that I have found in consulting, I found it quite by accident, was that if your no-show rate is high enough, your practice will plateau regardless of what size practice you have. Before the age of computers, I hate to say this, maybe when the computers were just starting, we took our client stats and we laid them out in a long row and we looked at their no-show rate. Some people had a no-show rate of nearly 50% and some people had a no-show rate of about 7%. What we found is if you went to about 13%, anybody that has a no-show rate of less than 13% was growing, and anybody that had a no-show rate of more than 13% was plateaued or possibly even going downhill.
The way you figure that out, you see how many patients were supposed to be here today, and then how many patients...
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