How To Set Revenue Goals For Your Practice
Is your practice earning what you would like it to each month? If not, do you have a goal set in place for monthly revenue?
Your practice’s revenue goal is probably the most important thing you set at the beginning of each period. Your goals should be specific, measurable, attainable, relevant, and time-based. In other words, it must be a “S.M.A.R.T.” Goal. From here, you are able to identify how many consultations or procedures you would need to do each month to reach your goal.
You can also forecast how many new or existing patients you need to bring in. Once you have identified your goal, communicate it with your team. Leverage their skills to help you analyze and strategize on ways you can secure those patients.
The real question must be asked: are you setting goals for your medical practice. Because if you are not setting goals than how do you expect to grow your medical practice. I often meet with Dr.s and they tell me they need to make more money. I ask them, "Well, how much money do you need to make?" The often don't have an answer to this question. They just know they need more.
How to set financial goals in healthcare? Let's break down SMART goals to help us understand how to set goals in your medical practice.
1. Specific
What does it cost for you to operate? Let's get an actual number you NEED to bring in in order to stay open. When you add up all of the expenses that are involved with your life and your practice you will get this goal.
2. Measurable
How do you measure out this goal? Let's say you need to make $130k per month. Well, how much money does each procedure you perform earn you? Then we need to divide the Large number ($130k) by the number of procedures you need to perform. You now have a measurable goal.
3. Attainable
The number of treatments you came up with to hit the goal. Is that number attainable? If not, how are you going to reach your goal? do you need to offer a new product? Do you need to make more calls? what are the things you can do in order attain your goal?
4. Relevant
Is the goal relevant? this may sound strange. Do you even want to obtain the goal you are setting? I have met with a lot of Dr.s who set goals according to peer pressure. They so what Dr. so and so is doing so they think that they should be doing the same thing. In reality, they have different aims and ideas of success so they need to have a different goal. This is an essential part of making a smart goal.
5. Time Based
You need to base the goal for your medical practice on a time frame. Without a time frame, your goal can quickly get swept under the rug. You need to set a time frame in order to evaluate your success.
Thanks for tuning into this video. We look forward to seeing you on the next one.
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