Conducted by Key Metrics of Hearing Practice s Benchmarking Survey

Transcription

1 Conducted by 2013 Key Metrics of Hearing Practice s Benchmarking Survey

2 Benchmarking: How to Make the Best Decisions for Your Practice Eric Timm Today more than ever before, managing a practice is not just about caring for your patients - it is also about running a successful business. As the saying goes, You don t know what you don t know. Without a way to measure relevant financial and operational indicators, you might find yourself relying on educated guesswork. Benchmarking as strategic management tool that helps evaluate effectiveness and fosters goal-setting. Benchmarking is a continuous process of measuring and comparing performance internally over time and externally against other organizations. Essentially, benchmarking provides a snapshot of the performance of your business and helps you understand where you are in relation to a particular standard.

3 Previous Benchmarking Survey Testimonials Eric Timm Judith Bible, Charlotte ENT Associates, Charlotte, NC: Decisions made on data and facts are always better than those made on assumption and feeling. Audiologists base their care on empirical data why would they trust their business to anything less. Benchmark data provides a roadmap to successful outcomes and allows us to measure and improve performance. Using benchmark data to know where you stand in your peer group allows you to design process improvement and determine the best practices Chris Hamilton, The Hearing Center of Asheville, Asheville, NC: Phonak s Key Metrics of Hearing Practices benchmarking data has provided an invaluable perspective on real numbers related to private practice and running a business. In the relatively insular world of business ownership, there is nothing quite like being able to see exactly where you stand relative to other businesses. The wide range of topics and specific data points allows for a broad scope of comparison and provides a platform for strategic business planning. Mary Mungovan, Whisper Hearing (Otolaryngology Associates), Indianapolis, IN: They have been helpful when setting sales forecast goals. I found it particularly useful when we were doing research on expansion and wanted to extrapolate performance characteristics to sites built on a different business model than our current ENT/Audiologist sites. I'm eager to see next year s benchmark studies when larger sites can be broken out for more of an "Apples to Apples" comparison of productivity, number of employees, revenue and marketing budget.

4 Background on the Annual Benchmarking Survey Eric Timm The 2013 Key Metrics Survey is the 6 th annual survey sponsored by Phonak and conducted by Customer Care Measurement & Consulting, LLC (CCMC) Over 400 practices participated in the 2012 survey Phonak commissions Customer Care Measurement & Consulting, LLC (CCMC) to conduct the nationwide survey Individual survey data is completely confidential. Practice data will never be share with anyone outside of CCMC CCMC is willing to sign a non-disclosure agreement with any practice. Contact information is available at the end of this PowerPoint.

5 2012 Survey Median respondent profile 56% female 44% male Median 18 years dispensing 40% hearing specialist; 54% AuD or audiologist 41% private dispenser practice; 44% private AuD practice or ENT office 57% practice owner; median 12 years at location 40% belong to buying group

6 Summary of Key Metrics the Survey Covers Hearing practice characteristics Sources of revenue Types of instruments dispensed Professional compensation Practice marketing Website functionality Physician & patient referral Patient recall Staff Productivity Practice Profitability Best Practices of Top Performers

7 Value of the Study: Sample Eric Timm of Best Practices of Top Performers as Defined by Net Profit and Profit margin All Other Website: (% average) NP PM Practices Educational videos 68% 56% 43% Website analytics (Google analytics, tracking traffic) 75% 72% 45% Marketing: (% average) Documented marketing budget 79% 71% 44% Documented marketing calendar 70% 58% 44% % of instruments dispensed by the practice: New patients 57% 57% 63% Refitting of current patients 43% 43% 37%

8 What Eric Will TimmYou Receive for Participating Key Metrics of Hearing Practices Summary Report: follow this link to view 2012 summary Customized PPC (Practice Performance Comparison) Report comparing respondents individual data to the results of the overall survey Practice Setting PPC (Practice Performance Comparison) Report: practice setting report with survey results from their specific practice setting (private practice audiology, ENT, hospital, private practice HIS).

9 Timing of Survey Fielding of survey is week of April 1 st You will receive an invitation with instructions and a link to complete survey Participants can complete parts of the survey, save and come back to complete Participants will receive custom PPC reports week of June 24 th.

10 Contact Information: CCMC: to obtain a non-disclosure agreement Laura Robertson Senior Research Manager Customer Care Measurement & Consulting (direct) lrobertson@customercaremc.com Phonak: for general questions on survey Craig VanDeVelde Senior Practice Development Manager Phonak, LLC (direct) craig.vandevelde@phonak.com