Session Fee Impact on Revenue Calculator
There are countless ways to increase your private practice’s gross revenue, including: Increasing client attendance Increasing client retention Implementing a solid marketing strategy, and basically, Measuring, monitoring and managing every aspect of your practice. But the simplest way to increase your revenue in a short amount of time? Raise your fees. While there are various factors to consider when lifting your session fees, it is an undeniable fact that your bottom line will increase when the fee change is managed well. Use the calculator below…
List of Recommended Private Practice Internal Processes and Policies
In order to run a private practice like a well-oiled machine, it first needs to be approached like a proper business. That means having its own internal processes, policies and guides. While it might seem unnecessary to have an extensive set of policy documents for a small practice, they’re essential even for a sole practitioner in order to ensure accuracy, consistency and productivity. Policy and process documents are there to be used and referred to, with the following goals and actions in mind: Repeat the…
Video: 10 Critical Things Every Practice Owner Should Know about Their Client Base
In this video, Danielle Kong and Alistair Way from Kong & Way Allied Health Consulting share the top 10 things you must know about your clients in order to: Market more efficiently to a target audience Spend your marketing funds wisely Streamline your business and communication processes Provide better service to your clients.
Video: How to Conduct Your Own Business Health Check in Under 30 Minutes
In this video, Danielle Kong and Alistair Way from Kong & Way Allied Health Consulting take you through the steps involved in conducting a business health check in private practice. Watch to learn the following: What is a business health check? Why is it important? What are the consequences of not conducting one regularly? What are the components of a general business health check? What are the components of a business health check that are specific to private practice? How can you conduct your own…
All about ROI (Return on Investment)
ROI stands for Return On Investment. It is the return or benefit divided by the cost of the investment, expressed as a percentage. The idea being that it creates a level playing field for comparing various investments using the same ratio method.
Difference Between a Bookkeeper and an Accountant
Many practice owners don’t understand the difference between a bookkeeper and an accountant. As a result they often find themselves in a position where they either rely on a bookkeeper to do their accounting work or they pay an accountant to do their bookkeeping.
Client Attendance Impact on Revenue Calculator
There is a reason why we at Practice Lab frequently talk about reporting and key measures in private practice. It’s because these metrics actually affect your bottom line! Keeping a habit of recording important metrics such as your average client attendance rate can help you to figure out the gaps in your practice and explore various solutions. For example, identifying that your practice experiences consistently low client attendance rate may prompt you to change your appointment-setting processes, cancellation policy and re-evaluate the way you build…
Difference Between a Cash Flow Statement and Profit and Loss Statement
As a private practice owner, you would have come across the terms Cash Flow Statement and Profit and Loss Statement. If you are not familiar with these terms, they can seem interchangeable, as they both seem to keep track of money coming in and going out.
Private Practice Financial Health Check
The financial health of a private practice depends on many different factors. It’s about your revenue, various revenue streams, expenses, and an analysis of the resulting profit margin, among other things. This financial health check is designed to give you an overview of how your practice is doing financially, compared to the finances of an ideal and healthy practice.
Average Session Rate Calculator (Weekly)
Average session rate is one of the key measures of private practice performance. It represents the average dollar value of each session – I.e., How much your sessions cost on average, based on the sessions you have actually conducted.
Comprehensive Annual Revenue Calculator (Monthly)
Most private practices have different types of sessions charged out at different rates. This can sometimes make basic revenue calculations challenging as you need to consider different rates and numbers of sessions.