You probably started your own medical practice because you have an area of specialty. That specialty is probably not analyzing KPIs. And yet you can easily spend more time staring at spreadsheets than seeing patients.
Cash-pay medical practice owners have never had access to more data. Sadly, unprecedented data also leads to unprecedented confusion about what numbers really matter. Which of these KPIs is the most important? What number is the most indicative of my practice’s overall performance? Is it average revenue per visit? Cost per visit? Average revenue per patient?
These numbers are all crucial to understanding the overall financial state of your practice. However, we invite you to take a closer look at your average wait time numbers. They can tell you a lot more than simply how long your patients are waiting to see you. In fact, they are an underrated leading indicator of the overall health of your operations.
Here’s why…
Let’s say your patient has to wait 6 weeks to see you. It’s important to know that they will not simply be waiting during this time. They will also be shopping around.
Despite the amazing care you provide, a patient could decide to go with another practitioner who can see them sooner. At the very least, they may Google things and call around to see what’s available elsewhere.
It's not quite fair to say that our society is getting more impatient. But it’s fair to say that our willingness to wait for things is shrinking as everything around us moves faster. We can listen to any song, read any book, or watch any movie instantly. We can have supper delivered in less time than it takes to decide what we want. We can have just about any product we need delivered to our front door tomorrow.
The average wait time for most things has been slashed over the last few years, but the average clinical wait time has not kept up with that pace.
Of course, wait times are not the only purchase-driver for the average person looking for a physician. However, if given the choice between two providers that they perceive as equal, they will likely choose the one with the shorter wait time.
This means that if your wait times are rising right now, your patient churn rate may soon rise in the near future.
You can do everything in your power to curate an amazing customer experience, but all your hard work can be undone by long wait times.
You can build a practice in the most convenient location, with the most relaxing decor, and the friendliest staff. However, the experience that patients have between visits is just as important as what they experience inside your practice.
Let’s say you’ve wowed a patient. Now, let's say that patient is singing your praises. They are talking about how great your clinic is, as well as raving about how friendly and knowledgeable you are. The first question the person they’re talking to will most likely ask is, “How long did you have to wait to see them?” If they don’t like the answer, that may cost you a new customer and a potential referral.
If you browse any clinic's online reviews (including your own), you will notice wait times come up a lot. They can either be one of the top things people say to praise you, or one of the first things they say to complain about you. The importance of this can’t be overstated.
Remember, the average would-be patient will look at 1-6 of your reviews before making a decision. What those reviews reveal about your wait times can be a decision-maker and a dealbreaker.
If you have any high-level operational problems within your practice, they will likely reveal themselves in your wait times first.
If your onboarding process is clunky and inefficient, it will result in longer wait times. If your physicians are spending too much time on administrative tasks, you will see fewer patients, and it will result in longer wait times. If you have too many overlapping tasks or role redundancy in your clinic, once again, your physicians won’t be able to see as many patients as they should, and your patients will have to wait longer to see you.
In a lot of cases, the long wait times are not the problem. They are a symptom of much larger problems that you need to address.
Whether it was the friend talking to another friend, or the Google reviews browser above, both of those scenarios show you how low wait times can be your competitive advantage.
How low does your average patient wait time need to be? What is the industry standard?
You can Google around and find a lot of numbers, but they won’t tell you what you need to know. There is too much deviation in the numbers between each area of speciality and geographic area. For example, a recent article revealed that the average orthopedic patient waits about 20 days, compared to more than three times that (68 days) for a rheumatology patient. Meanwhile, someone in Dallas/Fort Worth (32 days) doesn’t have to wait nearly as long as someone in Boston (70 days).
Comparing yourself to industry-wide or nationwide numbers isn’t really helpful. You’re better off asking:
Asking these questions can open the door to some very important (and often overdue) discussions.
Are your wait times keeping you from scaling your practice? Once again, they could be an indicator of other problems and a vicious cycle.
You know that seeing more patience is the best way to increase the income you need to scale. But your staff is already overstretched, and you can’t fit in more patients to boost your revenue.
You may consider bringing in another physician or more support staff as a way to free up resources and see more patients. However, that means an increased payroll and the soft costs that come with hiring.
Contrary to what you may think, you might not have to hire new staff to see new patients, generate more revenue, reduce your wait times, and scale your business. You may just need a new EHR tool.
For example, Cerbo is a purpose-built EHR solution that was designed for practice owners dealing with the same issues you face every day.
It can help slash the time you are spending on administrative tasks that are keeping you from focusing on patient care.
For example, Cerbo can help you achieve:
It may have a much larger impact on your practice than hiring new staff, at a fraction of the cost.
“While it takes a while to customize Cerbo to fit your practice, it is well worth the investment and ultimately saves time and money. The best part is that this translates into successful patient outcomes while minimizing the burden of charting, educating, and day-to-day administrative tasks on the practice team.”
— Dr. Kristann Heinz, MD, RD, Red Hill Medical + Wellness, Pennsylvania.
