How to Set and Track Practice Goals Using Monthly Analytics
Effective goal setting and performance tracking are essential for any practice owner who wants to measure success and identify areas for improvement. Here’s an overview of how our system automates goal-setting, measures progress, and predicts outcomes for practices, ensuring they stay on track. (Click here to watch a Demo.)
Step 1: Setting Goals
- At the start of every new month, our system sets a goal for the practice.
- The goal is calculated using a trailing three-month average, meaning:
- We take the production numbers from the most recent three months (e.g., November, October, and September).
- These numbers are averaged together to create a benchmark goal for the current month.
- This method ensures that the goals are realistic, achievable, and aligned with recent performance trends.
Step 2: Measuring Performance
- Performance tracking is broken into three key components visible in the system:
- Goal: The target production number for the current month (e.g., 508).
- Performance (Month-to-Date): The actual production achieved so far in the month (e.g., 56).
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Projection: A forecast of where the practice is likely to finish based on:
- The number of days completed in the month.
- The remaining days.
- Example: If a practice is halfway through the month with production trailing behind the goal, the projection will help predict whether they’ll meet, exceed, or fall short of the target.
Step 3: Daily Updates for Practice Owners
- To keep practice owners informed, the system sends daily emails with:
- Current performance numbers.
- Pace: A measure indicating whether the practice is ahead or behind the goal.
- Projections: Insights into where the practice is likely to finish based on current progress.
- This daily update acts as a real-time feedback loop, allowing owners to adjust their strategy if needed.
Step 4: Customizing Goals
- While the system sets goals automatically based on the trailing three-month average, practice owners can manually adjust them if necessary.
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Reasons for Adjusting Goals:
- Anticipated downtime (e.g., a doctor taking leave, holidays, or other planned breaks).
- Temporary changes in staff or practice capacity (e.g., new hires, maternity leave, etc.).
- Strategic shifts in production focus for specific months.
How to Adjust Goals in the System
- Navigate to the Production row.
- Click the button with three dots on the right-hand side.
- Select Edit Goal.
- Adjust the number in the Goal Value box at the top.
- Scroll down to view previous months' production numbers (e.g., November: 508, October: 556, September: 466) to inform your adjustments.
Key Benefits of This System
- Automatic Goal Setting: The trailing three-month average ensures that goals are data-driven and realistic.
- Daily Feedback: Owners receive actionable insights to track their pace and adjust accordingly.
- Projections: Forecasting helps predict end-of-month results, giving owners time to intervene if necessary.
- Customization: Flexible goal editing accommodates unique practice circumstances.
Conclusion
By automating goal-setting and providing daily performance updates, this system equips practice owners with the tools they need to measure progress and make informed decisions. Whether you're ahead of your goal or need to catch up, this approach ensures you’re always in control of your practice’s success.
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