NO.OF EMPLOYEES: 6
The Issue: Owner spending all his time with patients in the consulting room and was concerned he might not be managing the accounts/financials properly and wanted to learn how to better manage that side of his successful, busy practice.
The Solution:
- We set up a financial dashboard for the business showing the key financials and performance indicators. This allowed the owner to monitor business performance easily and quickly every month, plan for tax, and adjust quickly when necessary to changes in overhead, staffing and costs as well as assess pricing.
- We added other metrics to the control panel e.g. no. of new patients, no. of patients seen daily and average spend per patient to monitor the health and growth of the practice going forward.
- We delegated some of more mundane tasks e.g. health and safety, ordering supplies etc to other members of staff leaving the owner with more time.
- We created a checklist of key tasks the owner should attend to each month so that he knew he was managing everything properly and he was able to do these in 2-3 hours each month.
Owners Comments: I have learned to be more analytical in my approach. Its great to have Elaine to bounce ideas around with. She is very level-headed and can analyse data to help make sound business choices. Elaine takes the time to explain all the business terminology so its great to have someone to help get a handle on the business side of the practice. The dashboard has been a game changer in helping me keep on top of cashflow and costs as well as highlighting for me how my time is best spent.“