I am Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits.
When building your profitable practice, it’s important that you make smart decisions, and you can use statistics to help you. This blog post won’t teach you statistics. That is a complicated subject which requires a semesters worth of study. It also requires tests, homework, etc. Instead, this post will give you an overview of how statistics can be used in your decision making.
Statistics can help you make sense of the data you have available.
In many cases, you can use the data to learn more about the people who are interacting with you or your practice. For instance, you may find that there are more women patients than men. Then you may also show averages of people by age group, etc. It’s up to you how much you want to base your decisions on statistics.
Some practice owners feel they can do entirely without any analysis of their data. However, it’s likely statistics will improve the insight for those owners. Depending on how sophisticated their data gathering is, they can gain tremendous insights into their patients.
When dealing with statistics, there are two major categories of the discipline.
There are descriptive statistics and inferential statistics. The descriptive statistics deal with such measures as the mean, median and standard deviation. The mean and the standard deviation are two widely used measures.
Inferential Statistics deal with a concept known as hypothesis testing. The information can help people determine whether to fund new projects, or whether something in a manufacturing process has changed for better or worse. This aspect of statistics won’t necessarily tell you why things changed, it will just indicate that something has changed. You can use this data to investigate further the reasons why.
If you need to do forecasting in your practice, you can use a concept known as regression analysis.
Standard regression analysis uses a linear equation to determine the relationship between two or more variables. This linear equation can then be used to predict the outcomes of future data based on how strong the relationship is. For example, if you notice a strong linear relationship between a particular season with one of your products or services, you can use this relationship to get an estimate for sales during that season. It will help you determine how much of the product to produce.
Statistics can aid people in making decisions. Of course, it requires a solid understanding of the concepts and how to apply them to the situation you’re facing, but you could always hire an expert that can analyze and interpret the results. If you want to be uncommon, try shifting to these simple mindsets, and the rest will fall into place. Remember, your uncommon self is your best self. Nothing more, and nothing less.
Using statistics can help you in all aspects of running your practice, even with setting you up for retirement. Check out our blog post here for tips on structuring your practice to sell at retirement.
I’m Dr. Hassan, a Board-Certified Physiatrist and Independent Practice Owner. I help physiatrists start and grow their own profitable practices so they can achieve financial independence and live without limits. Please go to businessofrehab.com/guide to pick up the free guide to help you determine the best business entity for your new practice.
Attention, Physiatrists! Stop leaving money on the table. Sign up for the free video series: How To Build A Profitable Practice in 90 Days or Less: http://www.sixtytosuccess.com