Translate Management Decisions into Dollars & Cents
Practices need data to make decisions about revenue growth, expense management, profitability, marketing program analysis, efficiency, productivity and other issues and. The first question to be asked before launching into data gathering and analysis is: Why do we think we need data? What are we going to do with it? Practices generally turn to data to either get an overall understanding of how well the practice is doing operationally and financially or to solve a particular problem they perceive in the practice. There are many practice problems for which data can be useful in understanding and solving.
- 1. Learn how to measure the success of management decisions and strategies from a financial standpoint
- 2. Identify key metrics every practice should look at on a regular basis
- 3. Specify important non-financial measurements of success