Leading Through Data-Driven Insights: How to Go From “I Think” to “I Know”

I joined the hearing healthcare field about 35 years ago, serving in a variety of sales, sales leadership, and training roles. Historically, it has been a relatively low volume, high margin industry. We have seen more change in the last five years than in the past three decades combined.

Consumers have more choices than ever before due to the advent of big box, internet sales, and discount plans, not to mention the yet-to-be-determined impact of OTC.

The low volume, high margin nature of the field has allowed for inefficiencies that must be addressed in any healthy organization going forward. Too often practice leaders have managed by “I think” versus “I know” when it comes to practice Key Performance Indicators (KPIs).

If you happen to be one of them, below are proven strategies to help you change that.

Annual Planning

At the start of each year, most practice leaders set an annual revenue target using a simple equation:

The challenge is that leaders must commit to investment ahead of revenue. This includes leases, equipment, marketing, and other expenses. However, payroll is typically the single largest expense. In an era with increasing downward pressure on margins, it is critical to focus on per person productivity for each staff member. Said differently, when the practice helps more people, everyone wins, including the patients, staff, and practice owner.

Don’t Chase Outcomes

Helping more people is an outcome. More revenue is an outcome. For this reason, the solution to helping more people is completing more opportunity appointments. However, completing, or even creating more opportunities each day, are still outcomes. Therefore, practice leaders must commit to leading their staff each day to the behaviors that will result in more opportunity creation while investing in staff skill development.

Mindset Drives Behaviors and Behaviors Drive Results

Start With The Why

As a practice leader, you must first start with the WHY. Communicate to your staff why it is necessary to have an opportunity mindset and measure daily behaviors that will lead to more people helped.

I Think We Do That

The key part here is “I think.” Daily tracking is the key to creating awareness for the practice leader as well as the rest of the staff. Of course, most will say, our practice management software tracks information such as opportunities created, completed, and other outcomes. However, the problem is that in most practices, no one is looking at this information on a daily basis. The other problem is that, unlike the financials found in a P&L (profit and loss statement), many behavioral KPIs are prone to subjective interpretation.

Starting With Tracking

The first step to tracking is to come up with definitions for KPIs that everyone in the practice understands and agrees to follow and report on every day. For example:

  • What is an opportunity?
  • What is a completed appointment?
  • What is a candidate?
  • What is a hearing aid sale (vs. a fitting fee from discount plan unit sales)?

How CQ Partners Can Help

In partnership with your Account Manager, our experienced Sales Analytics team can help you and your staff to come up with your KPI definitions. We can even help you to plan for a company meeting where you can roll out your plan to do a daily huddle where KPIs are captured each day at the individual provider level. To make this task less daunting, we will start with measuring only the first four data points from the huddle. Your Patient Care Coordinator (PCC) will come to the huddle with the number of opportunities (opps) created. Your individual providers will very likely be able to recite the number for the next three items from memory if measured daily:

Once this is being done daily, we will gradually add the other questions and begin to track on a daily tracking form where one row of data relates to the answers from one daily huddle. Because this tracking form is a rolling sheet, you will eventually be able to spot averages and trends such as:

  • Number of opps created per day
  • Number of opps that arrive per day
  • Number of opps that arrive with third party companion
  • Number of people sold vs. tested not sold
  • Private pay/insurance units vs. fitting fees

Once you KNOW your averages, you will be better able to plan for how many opportunities you MUST create and complete each day in order to reach your revenue targets at the individual provider level based on your arrival rate, third party companion rate, payer mix, and other KPIs.

So, do you think, or do you know? Commit to measuring key performance indicators so you can lead your staff and remain a thriving organization in a rapidly changing market.

Learn more about our industry-leading Business Services & Sales Analyses!

About the Author

Ed Anthony is a Regional Sales Manager and previously served as a Regional Sales Trainer and the Vice President of our Northeast Division. He graduated from Bloomsburg University of Pennsylvania and has over 30 years of experience in the hearing healthcare industry. Ed has worked in a variety of sales, training, and leadership roles for multiple companies, including a hearing aid retailer, a hearing aid manufacturer, and an audiometric distributor. Helping hearing care professionals help more people is his passion. Ed lives in Doylestown, PA with his wife Krista and is the proud father of three—Sam, Luke, and Sarah.

2020 Year-in-Review

As we embark on a new year, let’s take a moment to appreciate the past one—2020 was a wild ride!

Together, we succeeded. We led our members through the pandemic. We leaned on and learned from one another – navigating all roadblocks while preparing to thrive in 2021 and beyond! Join us in celebrating our best moments.

Your success is our success. Here’s to even more in 2021!

About the Author

Nicole Finkbiner joined Consult YHN as the Marketing Communications Specialist in 2018 with nearly a decade of communications experience. Over the course of her career, Nicole has created a wide array of different content for various mediums and outlets—news articles, press releases, arts features, product descriptions, small business websites, e-blasts, social media posts, promotional materials, and more. In her free time, the Philadelphia native enjoys soaking up the city’s culture and binge-watching TV shows.

Three Easy-to-Keep Resolutions for a Clean Database in 2021

How confident are you that your database is clean? Can you make accurate assessments about your business’s health with the data it contains? If you’re not sure, don’t worry—you’re not alone – not everyone enjoys data crunching, plus, Consult YHN has your back!

The importance of a clean database is that it allows your practice to operate more efficiently. As the leader of the practice, it allows you to set key business goals and effectively benchmark your progress towards achieving them. A clean database will support increased revenue by efficiently spending and/or saving money and improve patient satisfaction.

Think of quality data as the backbone of your business—it’s the central pillar that connects and supports all the facets of your business. With accurate data and reporting, you will confidently make decisions that will move your business forward.

What’s considered “data” within your database? These would be your appointment types, referral sources, revenue sources, etc. For example, are you running a Consult Database Program, Consult Upgrade event, or want to see how well your marketing campaigns are performing? Referral sources play a critical role in capturing your marketing ROI (Return on Investment) and identifying where your revenue-generating leads and sales are coming from. Referral sources should be labeled and updated properly so we can track your results and identify units sold and revenue generated per sale. If referral sources are not updated and tracked, you’re essentially throwing marketing dollars out the window.

There multiple benefits of tracking your marketing initiatives, but it is impossible without clean, consistent data. To run a productive and profitable practice, it’s vital to identify incorrect data, understand the root, fix it, and develop a plan for maintaining a healthy, more reliable database.

As we prepare for 2021, below are three resolutions for cleaning up your database, which will ensure it stays clean even after your other New Year’s resolutions have been forgotten:

1. Data Entry

Of course, it all starts with the data that’s being entered into the system. If there’s one takeaway from this blog post, it should be this: your data is only as good as the data you enter. As the leader, it’s up to you to ensure your employees are properly trained and understand the importance of entering accurate information into your Practice Management System (PMS). Everyone on your team needs to be on the same page when it comes to activities such as labeling opportunity sources and what each referral source represents. Once you have a process in place, don’t assume everyone is following it, day in and day out. Periodically poke around your database to ensure that it’s kept nice and tidy.

2. Data Audit

Second, audit your data to reveal any inconsistencies and/or errors. You might be surprised by the number of inconsistencies and how far they go back. If you and your staff are regularly inputting incorrect or bad data, this will cause a snowball effect—and no one wants a database full of duds! Once corrected, this will establish trust within your data. Our Sales Analytics team can help you get started by performing a PMS Analysis. This will help you get the most out of your PMS software by ensuring accurate tracking reports, patient lists, and QuickBooks integration.

3. Data Upkeep

The last step is upkeep. As previously noted, ultimately, you are accountable for monitoring the accuracy of your data. It’s not a ‘set-and-forget-it’ activity—consistency is key! Luckily, you don’t have to do it all alone. Working closely with your Account Manager, our Sales Analytics team will provide the insights and tools necessary to execute these steps and contribute to your business’s collective success rather than hindering it.

Remember: the more time you spend tracking and auditing your data today, the less you’ll spend correcting errors in the future. The reward for your hard work is a sparkling database that delivers better insights, better reporting, and sound business decisions.

Click here to learn more about Consult YHN’s Business Services and Financial Analyses or talk to your Account Manager today to get started!

About the Author

Laura Kegelman joined Consult YHN in 2018 and currently serves as a Strategic Planning Analyst. Her diverse professional background includes supply chain, forecasting, and marketing. Laura holds a degree in marketing from West Chester University in Pennsylvania. When she’s not working, Laura loves exploring the city she lives in (Philadelphia) as well as traveling to new cities and countries.

Top 5 Reasons a Business Plan is Key to Your Success in 2021

Exactly one year ago, my uncle decided to set out for an adventure of a lifetime. He rode his bicycle across the country from Astoria, Oregon to Astoria in Queens, New York. He took his time to research his route, his stops, the equipment he needed, and the different types of terrain he would face. He also enrolled in classes to learn skills in wilderness survival and bike repairs. Once he started his journey, he logged and documented everything, including mileage, and set daily goals for himself.

If he didn’t hit one of his goals, then he looked for alternate ways to make up that time. His path continuously changed and challenged him—he rode on highways, gravel, paved roads, trails, and even over an international bridge in Sarnia, Ontario. With his focus, perseverance, and well laid out plan, he accomplished his goal: he rode 3,410 miles in 48 days.

His journey inspires me in so many ways. His work ethic and methods show that with proper planning and execution, anything is possible. Additionally, we need to spend less time thinking and more time doing.

Running your practice without a business plan or Annual Strategic Action Plan (ASAP) is like bicycling cross-country without a map or GPS and wearing a blindfold—it’s silly, it’s reckless, and it’s probably going to take longer for you to get to your destination.

The purpose of a business plan is to lay out both a short and long-term strategy for growth. It serves as the roadmap from where you are to where you want to be, outlining the individual steps and tools you need along the way. What’s your mission? Where do you see yourself in five, ten, twenty years? Where do you see your business in that same time? A business plan can help you answer these questions by allowing you to take a step back from the day-to-day demands of running the practice and focus on the big picture.

As a Consult YHN Account Manager, I work with Associates across the nation and hear what’s consistently working in their practices. What I’ve found is practices that create and execute a business plan are more successful than those that don’t execute one. Studies show that business planning can help you grow your business as much as 30 percent faster!

There are several key benefits of executing a business plan, including:

#1: It allows you to prioritize and set achievable goals.

Business plans don’t need to be overly complicated, but they do need to be executable and draw a clear connection between your actions and the results you plan to achieve. Goals like increasing revenue by 50 percent won’t seem as daunting when you have a plan that breaks it down into smaller, achievable steps. More specifically, a good business plan outlines SMART goals:

Use your plan to guide your sales and marketing strategies. It will ensure you keep track of what needs to happen, when, and in what order. For example, scheduling marketing strategies to promote a new product launch.

#2: It minimizes your risk.

Establishing a business plan isn’t just about setting goals—it’s about consistently tracking your progress toward those goals and making changes as your business grows and evolves. This will give you peace of mind that your business is heading in the right direction. Or, you’ll know that you need to make adjustments or try a different route altogether. There are two key financial statements you should build and regularly review as part of your business plan: Cash-Flow Analysis and Profit & Loss (P&L) Analysis. These help you to closely monitor the overall financial health of your practice and identify any potential cash flow challenges or opportunities.

There’s always a certain level of risk that comes with starting your own business. Some risks you can see coming from a mile away, but others are impossible to predict (like a global pandemic). Either way, it’s easier to handle issues when you’re actively looking for them. And the sooner you catch them, the less likely they are to snowball into a crisis.

#3: It allows you to make spending decisions with greater confidence.

As your business grows, there are some important spending decisions you’ll need to make: when to hire a new employee, whether you can afford to upgrade your equipment, whether you should open another office, etc. If you have a firm understanding of your practice’s financial health, you will have the information you need to make sound business decisions. A business plan is also invaluable in devising and executing an effective marketing strategy. It will help you determine how much you can/should spend on marketing to achieve your revenue goals.

#4: It’s essential if you’re seeking a loan or investment or want to sell your practice.

Would you ever invest in a business without understanding its business model or financials? Hopefully, not. And, neither would any investor. If one day down the road you decide to sell your practice, it will likely be worth more if you have a plan that shows the business is in good fiscal standing and has the potential to grow.

#5: It can help motivate your team and increase efficiencies.

A business plan that clearly communicates your vision and goals is one of the best ways to ensure your entire team is on the same page. Rallying your staff behind a common goal can also increase your collective efficiency and lead to higher levels of engagement. Knowing how their daily duties and actions relate to the business’s bottom line gives employees a greater sense of purpose and pride in their work. Be sure to regularly review your progress with your team, either during your Daily Huddle or monthly or quarterly staff meetings. This way, everyone knows what’s expected of them and can be held accountable for contributing to the practice’s success.

 

With a solid business plan and the right guidance and resources, any practice can become a million-dollar practice. Let us help you get there! Consult YHN will be hosting several Virtual Managing Business Activities (MBA) workshops to kick off the 2021 business planning process. These workshops help our Associates define their financial and organizational goals through the creation of their Annual Strategic Action Plan (ASAP) and Annual Marketing Plan (AMP).

About the Author

Jessica Shah joined Consult YHN in 2017 and currently serves as an Account Manager in the company’s Inside Sales Division as part of the Account Activation Team (AAT). Her diverse professional background includes sales, marketing, and planning experience, having previously worked in the healthcare industry as well as for the hospitality giant, Marriott-Starwood International. When not working, Jessica enjoys spending time with her husband of 13 years and her two energetic boys. They love to travel, entertain, and spending time with family and friends.

Take Your Website from Good to Great with These 10 Tips

You have a website. Today, everyone has a website. So, now what?

Does your website blow your competitors’ websites out of the water?

Almost every patient journey begins with or includes a Google search. Hopefully, your PPC (Paid Per Click) and SEO game is on point and driving prospects to your website. But how many prospects is your website driving through your front door? And, is it good enough that it would motivate someone to drive 10 extra miles to your practice over another?

It’s an ambitious goal, but certainly possible with the right tweaks…

  1. Optimize your page speed
    According to Google Analytics, 40 percent of web users leave pages that take more than three seconds to load. Meanwhile, another study has shown that even a five-second delay in page response can increase your bounce rate by more than 20 percent. Find out just how fast or slow your site is with Google’s free PageSpeed tools. Since image file size is one of the biggest culprits of lagging web pages, make sure the images on your site are compressed. There are several free applications you can use to compress your own images.
  1. Be smart about your layout and design
    Design is the main reason people don’t trust certain websites or the businesses behind them. For example, low-quality images or design inconsistencies between pages can be giant red flags to a visitor. That’s why everything from your spacing, fonts, and heading sizes to your colors, button styles, and design elements need to be consistent, cohesive, and clean. A consistent header and footer on every page that includes your logo, practice information, and social icons is equally important. And while we’re on the topic, have you ever thought about how your website’s colors might impact the user experience? 
  1. Check your mobile responsiveness
    With mobile searches finally surpassing desktop searches last year, Google recently announced that it is now indexing websites based on their mobile version instead of their desktop version. In other words, the content, links, speed, etc. of your mobile site are now the key drivers of your search engine visibility. Before you panic, know that Google has a number of tools to test how mobile-friendly your site really is and Search Console has a mobile usability report that outlines problems on a page-by-page level. One must-have feature of your mobile site: Click-To-Call. Why? Because 76% of consumers say they use mobile call features to schedule appointments for local services.
  1. Offer rich content
    For search purposes, Google recommends having a minimum of 250-300 words per page. But your content should go above and beyond providing basic information about your practice—it should engage and educate visitors. Hearing health tips, hearing loss facts, a “Frequently Asked Questions” section, a list of the devices you offer with details about the different styles, and a blog (that’s regularly updated!) are all great examples of rich content. Creating content with legitimate value not only helps to present your practice as the local expert, but it inevitably supports your SEO efforts. 
  1. Make your content easier to digest
    Step one: trim the excess fat. Did you know that white space around text and titles can increase user attention by 20 percent? Create that extra room by keeping your paragraphs as concise as possible. Step two: make sections of text easier to scan by adding headings and subheadings, choosing clear fonts, and breaking down key points, features, or services into bulleted lists. You can get more creative with your layout by replacing traditional bullet points with icons or using lines, borders, or different shading to visually isolate related content.
  1. Reconsider your images
    We all know a stock photo when we see one. Although stock images aren’t inherently bad, they are inherently generic and impersonal, which can reduce trust. If your website relies heavily on stock imagery, it’s okay, many websites do. However, consider replacing a few stock images with actual photos of your practice and staff. We promise that prospects will want to see you and your staff members’ smiling faces. Any stock images that you do use, should complement the content, not distract from it.
  1. Use calls to action and buttons to guide visitors
    Your website should provide a customer journey that is clearly mapped out and fluid from page to page. Visitors should always see a next step or action to take as they browse. That’s why every page should feature a distinct call to action (CTA), accompanied by a phone number, contact form, and/or button. A strong CTA is 2-5 words that urge visitors to take an immediate action, whether it’s “Click Here” for more information or “Call Today” to schedule an appointment.
  1. Add a contact form
    Current and potential patients alike need to be able to contact your practice when it’s most convenient for them. Contact form submissions are also a great lead generation tool. Any visitor that completes a form on your site is a prospect and should be contacted as quickly as possible. Some website forms can automatically send a thank you email to your new prospect and let them know the timeframe in which they can expect to receive a follow-up phone call. Now, this prospect can be added to your practice management system and to future marketing initiatives.
  1. Add patient reviews
    A 2018 survey found that 72 percent of patients used online reviews as their first step in finding a new doctor and 88 percent trust online reviews as much as a personal recommendation. Boost your digital presence and reputation by including links to review sites, a dedicated testimonial page, or even better, using our Online Review Builder which gathers your positive online reviews in real-time and displays them on your website for you.
  1. Boost your SEO!
    You didn’t think we’d write an entire blog post about websites without mentioning SEO, did you? Simply put, ranking in the top positions on search engine result pages means significantly more traffic to your website, and then through your front door. Similar to PPC, SEO is an efficient marketing strategy because it targets online users who are actively seeking out your services.

While digital marketing trends come and go and change constantly, a solid website that entices potential patients, engages current patients, and reinforces your brand will never go out of style.

 

Think it’s time to give your website a makeover or even a complete overhaul? Consult YHN’s Marketing team provides website assessments to members.

About the Author

Nicole Finkbiner joined Consult YHN as the Marketing Communications Specialist in 2018 with nearly a decade of communications experience. Over the course of her career, Nicole has created a wide array of different content for various mediums and outlets—news articles, press releases, arts features, product descriptions, small business websites, e-blasts, social media posts, promotional materials, and more. In her free time, the Philadelphia native enjoys soaking up the city’s culture and binge-watching TV shows.

2018 Year in Review

It’s that time again to reflect on the past year, and we probably aren’t alone in saying that 2018 was a whirlwind. We enjoyed a busy, but productive and exciting year.

Take a look at what we were up to and what’s on the horizon for 2019.