Unified Practice

The end of the year is the perfect time to conduct an annual business review. This is your opportunity to reflect on your goals, see what helped your business thrive, and pinpoint areas where your studio can improve. By looking at the data yearly, your acupuncture clinic will be able to adapt to changes in the industry and rise above the competition.

Key areas to analyze include business performance, patient outcomes, and operational efficiency. Below, we outline exactly how to go about an annual business review.

How to Conduct an Annual Business Review

Review Clinic Performance

Start by assessing your clinic’s financials – revenue, expenses, and profitability – to identify trends. Look for areas where you can cut costs and see if there’s anything you could invest more resources into. Track revenue streams from acupuncture services, wellness products, and additional therapies for a complete view of income sources.

Monitor patient growth and retention rates to see how well your marketing efforts worked and get an idea of patient satisfaction. 

Here’s a list of financial reports to pull and what to look for:

• Profit and Loss (P&L) statement: Revenue, expenses, and profitability over the past year
• Balance sheet: Assets, liabilities, and equity
• Cash flow report: Understand your clinic’s liquidity and ability to cover short-term obligations
• Monthly and quarterly revenue reports: Track growth trends

Key performance indicators (KPIs) to track:

• Annual revenue growth rate
• Revenue per patient
• Net profit margin
• Total expenses as a percentage of revenue

Analyze Operational Efficiency

An efficient operation typically leads to greater customer satisfaction – which means more business revenue. Evaluate appointment scheduling systems to determine how simple it is for clients to book a treatment, reschedule, or cancel. If you have several “no-show” clients, perhaps you need to implement an automatic reminder system or provide an easier way to reschedule.

Assess how productive staff members are and whether they strive to make every client feel genuinely cared for. Improving patient satisfaction can be as easy as offering new amenities – like sparkling water upon arrival – or training staff to ask clients polite questions about their days.

Finally, evaluate how well your practice manages inventory and supply. Check for surpluses and shortages so you can refine your ordering processes.

Reports to pull and what to look for:

• Appointment scheduling: Patient no-show rates, cancellations, and appointment fill rates
• Staff productivity: Time spent per patient vs. patient outcomes
• Inventory management: Overstock or shortages for all supplies

KPIs to track:

• No-show and cancellation rate
• Average patient wait time
• Staff-to-patient ratio
• Supply turnover rate

Evaluate Patient Experience and Satisfaction

Gathering feedback through surveys and reviews is a very effective way to identify areas of improvement. Lean into what clients say they enjoy about your business and use negative experiences to refine practices.

Also, look at your patient education efforts – these can tell you how well patients understand their treatments and how their understanding translates to greater satisfaction.

Reports to pull and what to look for:

• Patient satisfaction surveys or online review summaries (Google Reviews, Healthgrades, etc.)
• Patient retention report: How many new patients return for follow-up appointments
• Appointment frequency: Average number of sessions per patient

KPIs to track:

• Patient retention rate
• Average patient satisfaction score (via surveys)
• Frequency of patient visits per treatment cycle

Review Treatment Plans and Outcomes

Take a look at your standard treatment plans and the outcomes they produce. If patients aren’t seeing the desired results, you may need to adjust certain aspects of your protocol. It could be an opportunity to educate your staff on unique therapy methods or bring new services to your clinic. By staying on top of holistic wellness trends and innovations, you’ll demonstrate a commitment to quality care.

Reports to pull and what to look for:

• Patient treatment outcomes: Success rates based on common treatments
• Treatment plan adherence: Track how well patients follow prescribed treatment protocols
• New vs. existing treatment effectiveness comparison

KPIs to track:

• Patient improvement rate (based on follow-up assessments)
• Percentage of patients completing treatment plans
• Average treatment sessions per condition

Check Marketing and Engagement Efforts

Evaluate the effectiveness of current marketing efforts – social media campaigns, website traffic, and referral programs – to gain valuable insights into which strategies bring new patients through the door. While you’re at it, review your practice’s engagement strategies, including newsletters, educational content, and follow-up communication.

As you assess your marketing and patient engagement, look for new opportunities to connect with your audience. Targeted promotions, collaborations with local businesses, or publishing video content on social media can attract more attention to your practice and foster deeper connections with clients.

Reports to pull and what to look for:

• Website traffic reports (Google Analytics): Track patient inquiries and conversions
• Referral program performance: Number of new patients through referrals
• Social media engagement: Interaction rates on platforms like Facebook, Instagram, etc.
• Email marketing metrics: Open rates, click-through rates, and unsubscribe rates

KPIs to track:

• New patient acquisition rate
• Referral program success rate
• Social media engagement rate
• Patient email open and click-through rates

Plan for Next Year

Balancing your practice’s financial health positions your business for long-term sustainability.

Evaluate this year’s reports and compare them with previous years to get a comprehensive understanding of where your clinic stands financially. From there, you can figure out how to implement cost-saving measures that don’t compromise patient care.

By the end of your annual business review, you may realize it’s time to buy new equipment, offer additional services, or create ongoing employee education opportunities. When you have a complete picture of your financial health, you can ensure your business has the funds to reach your goals for next year.

Reports to pull and what to look for:

• Profitability by service: Which services bring in the most revenue
• Expense reports: Breakdown of operational costs, marketing expenses, and payroll
• Year-over-year comparison of revenue and expenses

KPIs to track:

• Revenue per service category
• Operational cost percentage (rent, staff, supplies) vs. revenue
• Monthly recurring revenue (MRR) if applicable

Make Annual Business Reviews Easy with Unified Practice

Conduct an annual business review to boost patient care, streamline operations, and keep your clinic moving in the right direction.

With Unified Practice, you can generate comprehensive reports and locate KPIs at the click of a button – no more sifting through documents or second-guessing your calculations.

Contact us today for a free trial of our business management software designed specifically for acupuncturists.