Data puts the facts in fact-based decisions, empowering us to make the right choices for our practices. But with the vast and growing amount of data available, data can also overpower us. I have certainly been a victim of analysis paralysis myself!
So, what’s a veterinary practice manager to do? A little bit of reverse engineering can help. Start by asking yourself what you most need or want to know about your practice, determine which data sets will lead to those answers, and put your focus there. The key is choosing metrics aligned with the goals of the practice. And if those goals or needs shift, your data focus shifts, too.
A Shift in My Focus
For many years, I have spent most of my data time focused on three categories: new clients, pet visits, and revenue. I track all three weekly and monthly and compare the monthly totals year-over-year. Note that these are all lagging measures – data that contains information about things that already happened.
Since The Contagious Thing That Shall Not Be Named came to town in 2020, our appointment slots have been booked solid. Since we don’t have the time or space for new clients, I’m only glancing at new client data. I’m much less concerned about filling appointment slots and much more concerned about managing the flow of clients and patients so that we don’t get backed up. To prevent backups, I need to be able to predict the future and lagging measures do not help predict future projections. So instead, I turn to leading measures, which are good indicators of things to come. I’m paying more attention to pre-booking data, which shows me how many clients and patients we are expecting. With this data in hand, I know how to adjust the number and pace of the service reminders we are sending out. I can prevent overbooking and frustrated clients who are encouraged to book an appointment but can’t get one.
Saving for the Future in Your Data Bank
I encourage you to prioritize the data you analyze frequently. There will likely be some data that you need to analyze quarterly or annually and other data which can be immediately used to drive adjustments in practice operations. Don’t forget to consider leading measures when you are seeking to get in front of the situation. It may be helpful to talk to a software provider who can automate the collection of data for you. I find my time is best spent leveraging the data, not collecting it.
Comparing Ourselves to Others With VHMA’s Help
Once you’ve decided what practice data to analyze, it’s often helpful to look at national trends to see how your practice compares. This is important in goal-setting. You won't be surprised that I think VHMA’s Insider’s Insight Reports, KPI, and Management Trends, are great resources for finding national data.
So what data are you watching, and what is it teaching you?
How are you using your data to be more predictive and deliberate than reactive in your practice?
I would love to hear what is working for you.
Sincerely,
Jessica Speas, CVPM, SPHR, PHR-ca, SHRM-SCP, CCFP
VHMA President