Here at Sycle we love sharing business tips. That’s why we’re re-sharing a valuable post Dr. Gyl Kasewurm wrote for us back in March. We can’t emphasize the importance of tracking numbers enough – they provide an accurate pulse on the health of your business, telling you where improvements need to be made. Read on to find out the key areas of performance your business should be tracking.
I love numbers because they tell an important story that allows you to easily gauge the health of your business.
Without knowing your numbers how do you know how your business is performing? Are you growing? Are certain areas performing better than others? If you don’t follow the numbers, you really don’t know the whole story.
When you track key numbers you will be able to quickly notice any potential problems that may arise. Are sales down in a particular area? Are costs increasing? As soon as you notice these fluctuations you can investigate the cause of the problem and work towards finding a solution to get things back on track. If you don’t know where you are going, you will get there every time.
Every business is individual and each hearing healthcare practice may have different key areas of profitability, so different numbers may be important for you to track in your business. In most cases, key areas of performance will be:
- help rate (% of people who need hearing aids versus the % of patients that actually purchase them),
- cost of goods sold,
- average selling price if you dispense hearing aids,
- return for credit rate,
- reimbursement rates.
You will also want to keep an eye on your accounts receivable to make certain you are collecting balances in a timely manner.
Sycle’s business management reports allow you to access sales revenue instantly. Track hearing aid close rates, binaural rates, return rates, and other key performance indicators in real time. With the click of one button, you instantly know hearing aid revenue for the time period you enter, number of hearing aid units sold, returns, new patient revenue versus total revenue, and hearing aid sales by referral source. Just imagine how much extra time it would take to track all those numbers manually. Sycle makes it quick and easy to put your finger on the pulse of your business within a moment.
I love numbers and that’s one reason that I use Sycle to manage my business. Sycle is not only the number one hearing care and audiology practice management software, but in my opinion, it’s also the best! Start today, and use Sycle’s Dashboard to help guide your business on the road to success.
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