If your potential investors can see evidence of stability and growth in your practice, then they will be able to make a better judgment on the value of your clinic.
We offer clinic valuations and one of the key things that we look for when raising the sale price of any business is that there are processes in place to report business activity.
Financial data is relatively easy to be tracking already, but it can be a lot more accessible and up-to-date than simply an annual profit and loss by making sure that you move to digital as soon as possible.
The sooner you start measuring your performance on a digital platform, the easier it is to give a more accurate valuation. Even if you are not considering selling your chiropractic clinic right now, you may well wish to in the future. Having your KPI results online now will pay dividends later.
We help many start-up chiropractors set-up their practice right from the very start, as well as helping the more established ones move their business to the cloud where all the software talks to each other, making it a doddle to produce reports.
A typical setup would start with Cliniko, the ideal software for running and managing your practice’s appointments, patient notes and marketing. This would feed-in data to Xero, which handles bookkeeping and financial data and talks directly to your bank so you get up-to-the-minute transactional data, right at your fingertips. To make the whole process and KPIs easy to understand, we would integrate everything into Crunchboards. Crunchboards is an amazing piece of software that is all-in-one forecasting and reporting for your entire operation. It also links directly into Xero so you can see the effect of changing KPIs, service charges etc. and the effect that this will have on your business.
If you do three things today, consider this for the sake of the future value of your clinic:
1. Start measuring KPIs. At the very least, we would recommend the following:
a. Average Treatment Value
b. Patient Visit Average
c. Number of hours worked
d. Hours available – capacity
e. Patients per hour
f. Cost of acquisition of patient
2. Move your business to cloud accounting, including Xero, Cliniko and Crunchboards
3. Ask F4C to value your clinic and get some feedback on unlocking the potential you may be missing. Click here… or call