6 Proven Metrics You NEED To Understand to Grow Your BHRT Practice

As a BHRT Provider, you must learn the clinical side to complete your bioidentical hormone replacement therapy certification. But it’s equally important to learn how to build, grow, and market your practice to get more patients in the door and do what you do best.

If your business isn’t where you want it to be, or if you’re just getting started, know that aside from learning a new skill or offering a new service knowing your metrics is the other half of the equation. Mastering these 6 key metrics will allow you to grow a practice that pays you at least $250,000 per year, working about 3 days per week.

Inquiries Per Week

How many new inquiries are coming into your clinic per week? You must know this number to determine if your lead generation process is working correctly. This includes phone calls and online inquiries. Keep in mind that phone inquiries are better, but both count.

New Patient Evaluations (NPEs) Per Week

You want to be able to book at least 70% of your inquiries into evaluations per week. If you’re not booking at least 70% per week, it’s likely because you need a written script for your staff to follow.

Tips to increase the percentage of inquiries that convert to evaluations:

• Train each patient-facing employee to use a written script and make it mandatory. This is the first thing you should have in place when you begin. Scripts work.
• Answer calls in real time. Patients are going to call you when they’re in great need of help. They want an answer now. If they have to schedule a call or leave a message, they’re more likely to go elsewhere for help.
• Ensure that the person who answers the phones is trained with the script and talkative. You want someone to get the person talking and make the caller feel understood.

Conversions to Programs

You should be converting 50% of patients who come in for a new patient evaluation on the same day. When you’ve done all the work with the script and your evaluation, you won’t have to worry about closing. Your patients will ask you to close them. If your patient says they need to think about it or go home and talk to their spouse, it doesn’t count. For this metric, we’re focusing on people who convert to the program at the evaluation time.

Average Revenue Per Transaction

Your average revenue per transaction also gives an idea of the health of your business and marketing practices. To get this number, you take the total number of patients you see in a day (including those who don’t buy) and the total amount you made that day by the total number of patients. Again, it’s important to count all patients, even evaluations who don’t immediately convert.

Cost to Acquire

The fifth metric important to understand for your business is the acquisition cost. Simply put, it’s how much you spend on ads to acquire one paying customer. For example, if you spent $5,000 in advertising per week and had 10 patients come in, your cost to get a patient in the door is $500 each. However, if your average revenue per transaction is $450, you lose $50 per patient. Do you see why it is essential to know your metrics in your bioidentical hormone replacement therapy practice?

Monthly Recurring Revenue

The question is not, “How much money should I spend on ads?” Instead, you should ask, “How much money do I want to make?” At a minimum, you should make $3 for every $1 you spend. When you have the above metrics dialed in and in place, you’ll control how much money you’re making. Then you can spend more, knowing that your investment will generate an incredible return.

Understanding and mastering these metrics is a proven system to grow your practice successfully. If you’re willing to do the work to understand these numbers and optimize them, the sky’s the limit regarding your income and growth potential.

Where to Go From Here

Interested in learning more about mastering these numbers and increasing your revenue? Click here for a free copy of “Anatomy of a 7-Figure Medical Practice.” All we ask is that you cover shipping. It’s an incredible book by industry expert Matthew Gillogly who grew his own practice to over $6.5 million in his first 2 years.

*The facts and figures in this blog post come from one of our Master’s Level Trainings led by Matthew Gillogly. These trainings are offered as an included service for our BHRT Online Provider Training Program. If you are interested in learning more about this program, please schedule a call with our Provider Education Specialist here.