Happy New Year! 🎉

Understanding your business is vital to your success. At Align My Practice, I often say you need to know where you’ve been and where you are to strategize effectively for where you want to grow. By analyzing what has worked—and what hasn’t—you’ll make informed decisions that drive your practice forward.

2024 was certainly a unique year for many practices, as is often the case during an election year. Still, the data from the past year tells a valuable story about industry trends and your practice’s performance.

So, what metrics should you be tracking to ensure growth in 2025? Here’s a breakdown of the key reports and data points I recommend reviewing each month:

Start with a Practice Analysis Report

Most practice management software includes a robust practice analysis report that offers a snapshot of your business. This report typically covers:

• Production
• Collections
• Adjustments
• New Contract Starts

This is a fantastic starting point for understanding your practice’s overall health.

Dive Deeper into Conversion Rates

Tracking conversion percentages is essential. From your new contract starts, analyze what percentage comes from observation patients versus new, ready-to-start patients. Ideally, observation patients should account for about 25% of your starts, while the remaining 75% should come from patients ready for immediate treatment.

Monitor Doctor Days and Consultations

Take a close look at the number of doctor days and new patient consultations each month. These metrics give you insight into how effectively you’re utilizing your time and resources.

Stay on Top of A/R (Accounts Receivable)

Run reports on patient and insurance accounts receivable (A/R). The industry standard for delinquent accounts is 4% or less. This means no more than 4% of your accounts should be past due. Keeping A/R in check is critical for healthy cash flow.

Focus on Same-Day Commitments

I’m a big advocate for same-day starts because they drive overall growth. Track the percentage of new starts that commit on the same day as their consultation. Practices with higher same-day start rates consistently see improved results.

Know Your Referral Sources

Understanding where your new patients come from is key to refining your marketing strategy. Make it a habit to ask every new patient, “How did you hear about our office?” Track these referral sources to identify trends:

• Doctor referrals
• Internal patient family referrals
• Social media
• Events
• Google Ads

This data helps you focus your marketing efforts on what’s working and invest in strategies that yield the best return.

Metrics Tell a Story

The numbers you track each month are more than just data—they tell the story of your practice. At Align My Practice, our AMP Up Your Practice monthly program is designed to help you and your leadership team uncover that story, strategize for growth, and implement plans that drive results.

If you’re ready to dive deeper into your business metrics and partner with a team that’s passionate about helping practices thrive, we’d love to support you! Together, let’s make 2025 the year your practice truly thrives.

Let’s thrive and align in 2025!

~Shelley 😊
Owner, Align My Practice
https://alignmypractice.com/
shelley@alignmypractice.com
949.329.4620