0.0. Before you start: tracking key growth indicators.
Understand your status quo.
Growth doesn’t happen by chance. It’s the result of deliberate planning, consistent effort and strategic decision-making. Practices that invest their time, energy, and resources into tracking their progress are far more likely to achieve sustainable growth. In contrast, those that operate without clear direction may grow only by coincidence—not design.
This article serves as the first installment in our Practice Growth Guide, focusing on the essential first step: understanding where you stand today by tracking key growth indicators.
Why Track?
The simple truth is that what gets measured, gets managed. By tracking the right metrics, you gain valuable insights into your practice’s performance, identify areas for improvement, and uncover opportunities for growth.
Benefits of Tracking Key Metrics:
Clarity
Understand your practice’s current strengths and weaknesses.
Focus
Prioritise initiatives that will have the most significant impact.
Accountability
Set clear goals and measure progress objectively.
Scalability
Lay the foundation for growth by addressing inefficiencies and gaps.
Without tracking, practices risk missing critical red flags, underutilising resources, or failing to capitalise on growth opportunities.
What to Track?
To grow effectively, you need to monitor metrics that provide a comprehensive view of your practice’s performance. Here are four key categories to focus on:
Total Patients
How many patients does your practice serve monthly, quarterly, or annually? This overarching number provides a high-level view of your reach and capacity.
Number of Referrals
Referrals are a critical growth driver in private practice. Track the number of referrals you receive from other healthcare professionals, as well as patient-to-patient recommendations.
New Patient Acquisition
How many new patients are you attracting each month? This metric indicates the effectiveness of your marketing efforts and the appeal of your practice.
Returning Patients
Retention is just as important as acquisition. Monitor the percentage of patients who return for follow-ups or additional treatments to gauge satisfaction and loyalty.
Patient Acquisition Channels
Where are your patients coming from? Are they finding you via GP referrals, online searches, social media, word-of-mouth recommendations, or other channels? Understanding these sources helps refine marketing strategies and strengthen referral networks.
Bonus Metrics to Consider:
Revenue per Patient
Measure the financial value each patient brings to your practice.
Cancellation/No-Show Rates
Identify patterns and potential operational inefficiencies.
Net Promoter Score (NPS)
Gauge patient satisfaction and likelihood to recommend.
How to Best Track?
Leverage Technology
Use practice management software or customer relationship management (CRM) tools to automate data collection and analysis. Look for platforms, such as Medbelle OS that provide dashboards and reporting features for real-time insights.
Standardise Data Collection
Ensure all team members collect data consistently. Create protocols for documenting patient information, appointment details, and outcomes.
Regular Reviews
Schedule regular intervals to review metrics and identify trends. Quarterly or monthly reviews work well for most practices.
Set Benchmarks and Goals
Define clear benchmarks based on industry standards or your historical performance. Use these benchmarks to set achievable, measurable goals.
Act on Insights
Tracking metrics is only valuable if you use the data to make informed decisions. Adjust your strategies, address inefficiencies, and double down on what works.
Take the first step
Understanding your status quo is a critical first step in the journey toward growth. By tracking key performance indicators, you can make informed decisions that lead to long-term success and sustainability.
Start tracking your metrics today
Contact us to learn how our tools and services can help your practice grow with confidence.
Additional Resources
Looking for more insights? Explore our resources tailored to orthopaedic consultants:
