As we close out Q3 and begin Q4, this is the perfect time to ask yourself a simple question:
Do you know what your numbers are telling you?
Over the past several weeks, I have been reviewing practice performance reports with doctors, and one thing continues to stand out: most practices have access to an enormous amount of data—but very few are consistently measuring the same key metrics, comparing them over time, and using the results to set goals.
You don't need a complicated dashboard with dozens of statistics. Start with a handful of numbers that tell you whether the practice is moving in the right direction:
- Total patient visits and new patients
- New patient percentage
- Per Visit Value (PVV) and New Patient Value (NPV)
- Cancellations and no-shows
- Charges, collections and A/R
- Most frequently performed CPT codes
- Performance of cash services, products, orthotics and other ancillaries
- Practice expenses and net income
But collecting the numbers is only the first step.
The real value comes from asking WHY.
If patient volume dropped, was the doctor on vacation—or is new patient demand declining?
If collections increased but patient volume didn't, did PVV improve?
If new patients are strong but revenue isn't following, what is your NPV telling you?
If you dispensed more orthotics, performed more procedures or ancillary services, did the additional production actually result in higher collections?
If a payer represents a significant percentage of your schedule but reimbursement is poor and A/R is high, is that contract helping or hurting the practice?
And if cancellations and no-shows improved, what did your team do differently that you should continue?
Turn Your Q3 Findings Into Q4 Goals
Don't simply say, “We need to increase revenue.” That's not a management goal.
Instead, use your Q3 baseline to establish specific Q4 targets:
“Increase PVV by 5%.”
“Maintain new patients at 20% or more of total volume.”
“Reduce cancellations and no-shows by 10%.”
“Increase cash-product revenue by 15%.”
“Review reimbursement for our top 20 CPT codes across our top 5–8 payers.”
“Track every orthotic candidate, scan, dispense and get paid.”
Then review those numbers every month—not at the end of the quarter when it is too late to change course.
Your practice reports shouldn't simply tell you what happened. They should tell you what to do next.
As you enter Q4, pick 3–5 measurable goals, establish your starting numbers from Q3, assign responsibility for tracking them, and review your progress monthly.
What gets measured gets managed—but what gets measured and acted upon gets improved.
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