By Randy Baldwin
This article is a part of the September/October 2021, Volume 33, Number 5, Audiology Today issue.
Measuring your practice performance can provide important information that can help you objectively identify team strengths and areas that may need improvement. When you consider that each prospective patient could potentially generate several thousand dollars in revenue, it becomes critically important to understand how well your practice is fitting those who could benefit with hearing devices—as well as how your average ticket compares to regional price points. Once you review current performance, you can set new target goals and estimate potential revenue gains.
To help facilitate this process, CareCredit has created FREE interactive Performance Calculators. These customizable calculators can help you evaluate your practice data and project potential revenue increases based on enhancing both your capture rate and average ticket sale. Simply enter your practice data into the appropriate fields to determine potential outcomes.
Practices should consider illustrating the total out-of-pocket cost as an estimated monthly payment using financing options with the CareCredit credit card. From patients adhering to a monthly budget to those who appreciate smart financial resources, promotional financing is an appreciated value and convenience for consumers.
Access the online Performance Calculators here.
For more resources to help grow your practice, visit us.