Welcome therapists and group practice owners! I’m Nicole McCance, a psychologist turned business coach for therapists. When I scaled my group practice to 55 therapists in 3 just three years, one of the most important things I learned was how to track the right metrics to support growth. This wasn’t something I was taught in grad school (surprise, surprise), but once I figured it out, it became a game-changer.
P.S. Not a huge fan of reading blogs? (I’m more of a podcast girl myself) You can listen to my podcast episode all about this topic by clicking here!
Why Metrics Are Essential for Growing Your Practice
Metrics are truly a roadmap to your practice’s success. Without them, it’s like trying to drive to an unfamiliar destination without a map.
Sure, you might get there eventually but it will take longer and involve a lot more unnecessary stress. Not to mention all the extra gas!
Tracking your numbers helps you:
- Spot gaps and opportunities early.
- Stay accountable to your goals.
- Make data-driven decisions for growth.
Here’s the best part: Most practice owners don’t do this. Which means that by tracking your metrics consistently, you’ll already be ahead of the game!
Now, let’s break down which metrics you should be tracking and when.
Weekly Metrics to Track for Growing Your Practice
1. Review Your Calendar
When: Every Monday Morning
What to Do:
- Open your practice management software (I recommend Jane – click here to get one month for free!)
- Review your team’s schedule for the week ahead.
- Look for gaps, no-shows or patterns that may need your attention.
Why it Matters:
- Spot retention issues early. For example, if a therapist has consults but isn’t retaining clients, you can provide training before it becomes a bigger problem!
- Identify staffing needs. If certain days or time slots (for example, weekends) are consistently booked, it’s time to hire!
- Catch communication gaps. For example, if someone takes a day off without following the process you’ve set in place, you can address it proactively.
2. Check Your Sales Report
When: Weekly
What to Track:
- Number of consults completed.
- Conversion rate (how many consults turned into paid sessions).
- Total number of sessions (recurring and new clients).
- No-shows and cancellations.
Why It Matters:
- Conversion rates show how well consults are converting into ongoing clients.
- High no-show rates may indicate a need for better client education on policies.
- Tracking tends to allow you to step in early to address any issues with team performance or processes.
3. Monitor Google Ads Leads
When: Weekly
What to Track:
- Number of leads generated through your ads.
- Any trends in lead volume and quality.
Why It Matters:
- Google Ads are the top of your funnel which is helping you bring in new clients. If these lead numbers drop, something is wrong with your ads or SEO that needs to be tweaked!
- Addresses issues quickly by connecting with your Google Ads management team to ensure nothing is glitching.
Monthly Metrics to Track for Growing Your Practics
1. Sales Report Review
When: The 1st of every month
What to Do:
- Look at your sales performance over the past month.
- Use a tracking sheet to identify trends month-over-month.
Why It Matters:
- An upward trend signals growth (Yay! We love that.).
- Spot dips (Boo. We don’t love that.) early and take action before they impact your bottom line.
2. Calculate Return on Ad Spend (ROAS)
When: Monthly
What to Track:
- Calculate your total ad spend vs. revenue generated from ads.
Why It Matters:
- A strong ROAS (i.e. 400%) means your marketing efforts are paying off! Aka: You’re doing something right!
If your ROAS dips, meet with your Google Ads team to adjust strategy and keep the leads flowing!
3. Review Revenue and Gross Profit
When: Monthly
What to Track:
- Total revenue generated by your practice.
- Gross profit (what’s left after paying your therapists).
- Revenue per therapist.
Why it Matters:
- Identify therapists who may need additional training or support.
- Catch if therapists on your team are seeing clients outside of your practice.
- Spot trends that indicate opportunities for growth or areas needing improvement.
4. Analyze Referral Sources
When: Monthly
What to Track:
- Referrals by source (doctors, therapists, clients, etc.).
Why it Matters:
- Strengthen relationships with top referral sources by thanking them and sharing updates on your services!
- Expand referrals by letting sources know about new offerings or new additions to your team.
How to Stay Consistent Tracking Your Metrics
I know this probably seems like a lot and you may even feel a bit overwhelmed, but I promise it doesn’t have to be hard. The key is to build habits and systems that make it easy to stay on top of your numbers. With a little planning and practice, you’ll have a clear picture of your practice’s performance and opportunities for growth without spending hours in spreadsheets (No thank you!). Here’s how to make it happen:
Book It In: Schedule a recurring time in your calendar to review your metrics. Do this for both weekly and monthly metrics.
Delegate: If you’ve been following me for a while, you know how important it is to delegate tasks! Have your admin or operations manager pull the reports and organize the data for you.
Take Notes: Keep track of patterns, gaps and action items to discuss with your team or adjust your strategy.
Start Tracking and Start Growing Your Practice
If you’ve been wondering how to take your practice to the next level, consider this your sign. Start tracking these metrics consistently and you’ll have all the data you need to make informed decisions and grow your practice faster (with less overwhelm and unknowns).
Want more tips on growing your practice? Follow me on Instagram and listen to my podcast for all the best support for growing your therapy practice and attracting more clients!
Your Business Bestie,
Nicole
