Tag: My Vitals Pro

To truly understand a clinic’s performance, hearing care professionals must look beyond top-line revenue and use data to connect financial metrics with operational efficiency and patient outcomes. By Melanie Hamilton-Basich For many hearing care professionals, the term “business metrics” can feel disconnected from their primary mission of providing excellent patient care. Yet, running a sustainable practice requires a firm grasp of both clinical and financial outcomes. The key, many experts agree, is to view these two aspects not as competing priorities, but as interconnected components of a healthy, successful clinic. When data is used effectively, financial insights can directly support and enhance the quality of care. “Most clinicians were never trained to think about business metrics, but providing good care sustainably requires understanding clinical and financial outcomes together,” says Levi Lundquist, AuD, an audiologist at Timpanogos Hearing and Tinnitus in American Fork, Utah. “The key is that financial metrics shouldn’t compete with patient care; they should support it. When conversion rates improve because patients understand their treatment better, that’s simultaneously good business and better healthcare.” This perspective is changing how practices approach financial tracking. Instead of simply reviewing last month’s sales figures, clinic owners and managers are using practice management software to dig deeper. They are analyzing a wide range of metrics to understand not just what happened, but why it happened, and what they should do next. From optimizing workflows to identifying missed revenue opportunities, a data-driven strategy allows practices to make informed decisions that strengthen their financial stability while improving the patient journey. The Foundation of Financial Reporting Before any meaningful analysis can occur, a practice must have a solid base of accurate and consistent data. Without it, even the most advanced reporting tools can produce misleading conclusions. Experts across the industry emphasize that establishing good data habits is a critical first step. “I believe that this is not just foundational and critical, but if you don’t have it, it’s very hard to come back from this position of not having good data,” says Kelsey Wells, VP of sales and enterprise services at Sycle. “If the clinic’s data isn’t structured correctly from day one, a lot of the downstream reports and KPIs become very unreliable.” This process is often a journey rather than a one-time setup. “Having accurate, consistent data is the foundation of meaningful financial reporting, but practices shouldn’t feel like everything has to be perfect from day one,” says Bridget Fritzke, vice president at Blueprint Solutions. “The important thing is having systems and processes in place that help your team capture the right information consistently over time. As data quality improves, so do the insights you can gain from it.” https://hearingreview.com/hearing-loss/patient-care/using-data-to-personalize-hearing-aid-fittings-and-patient-care Inaccurate data entry is rarely a result of laziness, Wells notes, but more often a consequence of a busy clinic environment where staff may take shortcuts to manage multiple tasks at once. This can have significant downstream effects, particularly for marketing efforts. “They’re looking for different types of data and then realizing it’s missing altogether or they’ve been abbreviating the first name or using a nickname,” she explains. “And they’re having a hard time actually completing those marketing lists or segmentations because that data set doesn’t exist or was inputted incorrectly.” To avoid this, practices need a system that supports consistent data capture. “Whatever system it is you’re using, it needs to support the data you need,” says Allan Ilve, vice president of product management at Auditdata. “From there, it’s all about how do you work and how do you document how you work. Because otherwise, you’ll be flying blind. Or your worst case, you’ll generate a lot of data, but you can’t trust it.” Looking Beyond Last Month’s Revenue A common misconception is that financial health can be evaluated solely by looking at top-line revenue. While important, revenue is a lagging indicator—it tells you what has already happened. To effectively strategize for the future, practices need to monitor leading indicators that signal what is likely to happen next. “For years, most practices have relied on a relatively small set of financial metrics: revenue, hearing aid units, average selling price, and perhaps conversion rate,” says Chelsea Treseder, co-founder of My Vitals Pro. “Those remain important, but they’re all inherently backward-looking. The practices consistently outperforming the market are monitoring a much broader set of leading indicators.” The company’s MVP business intelligence platform automates an audiology practice’s KPIs, tracks sales funnels, and benchmarks clinic growth. It integrates with practice management software to turn daily clinical data into visual dashboards. One of the most valuable ways businesses can use such software, she says, is for forecasting. “Rather than waiting until the end of the month to discover whether goals were achieved, practices should have a continually updated projection of where they’re likely to finish based on current performance trends and scheduled activity,” Treseder explains. “That creates an opportunity to intervene while there’s still time to influence the outcome.” https://hearingreview.com/practice-building/practice-management/streamlining-operations-in-the-modern-audiology-practice Melissa Wikoff, AuD, founder and director of audiology at Peachtree Hearing in Marietta, Ga., also stresses the importance of this dual perspective. “I believe financial health has to be evaluated using both leading and lagging indicators,” she says. “Revenue and collections are important, but they tell us what has already happened. Leading indicators help explain what is likely to happen next.” Another crucial step is to normalize data to ensure accurate comparisons. “A practice may appear to be growing when it has simply added more provider days, or it may appear to be declining when a provider has taken an extended leave,” Wikoff notes. “Looking at revenue per provider FTE, per clinical day, or per available appointment can provide a clearer picture.” Treseder agrees, highlighting revenue per hour as a metric that “deserves much more attention” because it allows for meaningful comparisons over time, across providers, and against industry benchmarks. Key Metrics to Monitor While KPIs can be unique to each practice’s goals, a core set of financial and operational metrics provides a comprehensive view of business health. On the financial side, these often include gross units fit, net hearing aid revenue, average selling price (ASP), and cost of goods sold (COGS). However, other, more subtle metrics can reveal hidden issues affecting profitability. “Return/exchange and discount rates are also some sneaky KPIs that can have a big impact if they aren’t being tracked and corrected,” says Wells. “Sycle’s Analytics Dashboard centralizes this data so practices can monitor and visualize these benchmarks in real time rather than piecing them together manually at month-end.” For example, a provider may have a high conversion rate, but if it is achieved through heavy discounting, the practice’s profit margins suffer. Tracking conversion rates by provider, Wells suggests, helps identify top performers and informs scheduling decisions, but it must be analyzed alongside other metrics for a complete picture. Wikoff finds a number of measures helpful, including the number of qualified evaluations, appointment availability and provider utilization, cancellation and no-show rates, and referral volume. She also advises that different service lines should be evaluated separately. “Hearing aids, diagnostic services, tinnitus treatment, implantable device services, accessories, and other offerings may have very different margins, treatment timelines, staffing requirements, and follow-up demands,” she says. “Combining everything into one revenue number can hide important operational information.” On the clinical side, important KPIs include closing rates, appointment mix, new patient rates, and revenue by referral source. These metrics help connect daily activities to financial outcomes. Lundquist notes that the best practices use this data constructively. “The practices I respect most use this data not to pressure clinicians into selling more, but to identify where patient education, workflow, or communication can be improved,” he says. Turning Numbers Into Actionable Insights Collecting data is only the first step; the real value comes from transforming that data into actionable intelligence. Simply looking at a number on a dashboard is not enough. The goal is to understand the story behind the number and identify concrete steps for improvement. “The number in itself is useless,” states Ilve, of Auditdata. “Ask any vendor and you’ll get the same KPIs—returns, no-shows, denials. Everyone can show you the number. The hard part, and where we focus, is the why behind it: is a store behind because of complex losses, a different demographic, or a training gap? The number can’t tell you that. The system should.” https://hearingreview.com/practice-building/office-services/the-follow-up-gap-how-hearing-practices-lose-patients-without-realizing-it Treseder agrees that, from a business perspective, what’s important are prescriptive analytics, which answer, What should we do next? “This is where modern business intelligence creates real value,” says Treseder. “Data alone doesn’t improve a practice—action does. At MVP, we analyze millions of data points daily and automatically surface insights, near real-time data alerts, and pattern detection. Rather than expecting practice owners to hunt through reports looking for problems or opportunities, the platform brings the most important insights to the surface and highlights where action is likely to have the greatest impact. That means practice owners spend less time interpreting data and more time improving their business.” Practice management software is evolving to provide these prescriptive insights. For example, says Fritzke of Blueprint Solutions, “When it’s captured accurately and presented in a meaningful way, data can identify patients who are due for follow-up, highlight opportunities for hearing aid upgrades, uncover operational bottlenecks, and help practices deliver a more personalized patient experience.” Using Software to Uncover Opportunities Modern practice management software systems offer tools designed to help clinics identify and act on specific opportunities to improve financial health. One of the most common challenges they address is revenue leakage, which often occurs through missed follow-ups, unbilled services, and inefficient schedule management. “Revenue leakage is caused by missed opportunities,” explains Fritzke, citing examples like patients who are tested but not sold, missed hearing aid upgrade opportunities, and overdue reminder calls for annual assessments. Software can identify these patients through automated reminder calls and marketing campaigns. Wells agrees, noting that revenue leakage often “hides in some not so visible parts of the appointment processing.” She points to tools Sycle offers that manage no-shows and cancellations in real time, allowing clinics to keep their schedules as full as possible. “Having this tool on the side of the calendar, working in real time, helps them manage their schedules,” she says. https://hearingreview.com/practice-building/office-services/office-management-systems/practice-management-software-roundtable-ai-automation-and-analysis Software also helps practices identify their most profitable services and products by providing clear visibility into not just revenue but also costs and margins. “A simple way to identify your most profitable services or products is to assess your revenue, cost, and profit for all items sold,” says Fritzke. Wells adds, “Segmenting not just revenue, but by the COGS and the margin data is really important to understand the data by service line and the product category.” This allows owners to make more informed decisions about where to focus marketing, staffing, and inventory investments. Effective inventory management is another area where software can have a direct impact. Practices should monitor metrics such as sell-through rate, the aging of inventory, and return trends by manufacturer and model. “These metrics really help practices avoid overstocking their slow-moving products while ensuring that the right mix of inventory is on hand to meet their patient demand,” Wells says. Many companies have recently debuted features to make data analytics more visual and intuitive to use. They can also customize reports to meet a business’s specific needs. Becoming more familiar with all the new ways a practice’s software platforms can surface essential data and help inform decision-making is key to utilizing information to track financial health. A Sustainable and Patient-Centered Approach Ultimately, the goal of tracking financial health is not just to increase profits, but to build a practice that is resilient, efficient, and capable of providing high-quality care for the long term. This requires a shift in mindset away from a narrow focus on revenue toward a more holistic view of performance. A common misconception, according to Fritzke, “is the idea that increasing patient volume will automatically lead to better financial health. While it’s fantastic to see more patients, financial success isn’t just about how many appointments you book; it includes factors like profitability, conversion rates, revenue per appointment, and average selling price.” This broader perspective must also include the well-being of patients and staff. “I do not think financial health should be separated entirely from patient outcomes or staff sustainability,” says Wikoff. “A month may look profitable because a schedule was overfilled, but if patients did not receive adequate follow-up and the staff is exhausted, that is not a healthy operating model. The goal should be a practice that is clinically excellent, financially sustainable, and capable of serving patients well over the long term.” By leveraging data, hearing care professionals can gain the insights needed to achieve this balance. Technology is not meant to replace the crucial relationship between a provider and their patient, but to support it. As Fritzke concludes, “They’re there to give hearing care professionals better information so they can make more informed decisions, operate more efficiently, and ultimately provide a better experience for both patients and staff.” Featured image: Dreamstime

Tag: My Vitals Pro

All

A Data-Driven Approach to Practice Financial Health

MVP Launches “Pipeline” Feature to Project Future Hearing Aid Sales

MVP Launches Custom Opportunity Logic Feature

My Vitals Pro Unveils Interactive KPI Dashboard for Hearing Care Practices

My Vitals Pro Offers Business Analytics for Practice Owners

All

Sorry, No Posts Found

All

Sorry, No Posts Found

Sorry, No Posts Found

The Hearing Review

Our Parent Company

Key Resources

Helpful Links