Lately, my team and I have been inundated with so many questions from aesthetic practices about financial data, what KPIs are important to know, what reports to run in their software, as well as questions about what practice management software can and cannot do.
There has also been some confusion as to what our new business intelligence training and growth platform “APX” is, how it differs from EMR/Practice Management Software, why you need both, and how it can help increase your revenue exponentially.
That’s why I wanted to take a minute and explain:
What your EMR/Practice Management Software is and what it is NOT
What APX is and what APX is NOT
How APX augments your Practice Management Software and completes the equation for complete business intelligence solutions
Why you SHOULD NOT hold off on APX regardless of your Practice Management Software status
Why time is a moot point when APX gives you the information you must know and has increased practices’ revenue 2800% in one year
For those of you who know me, you know I do NOT mince words. I don’t BS, and I speak truth from my heart. I can say with absolute confidence and coming from the most sincere and humblest place that “APX” was developed out of necessity and to provide solutions the industry is lacking. It was designed after listening to clients express their challenges and developed as an all-in-one platform that will:
Change the way you do business
Accelerate practice growth and employee performance
Save you thousands of dollars per year, as well as increase your practice’s revenue
What Does EMR/Practice Management Software Do?
I’ve worked closely over the years with many amazing, comprehensive EMR/Practice Management Software companies and have helped them develop some of their KPIs. These Practice Management Software platforms are absolutely ESSENTIAL for your practice.
Your Practice Management Software (PMS) has the capabilities to:
Keep track of inventory
Maintain your EMR
Have a dashboard with KPIs
What your PMS CANNOT do is:
Benchmark your practice against other aesthetics practices
Tell you your revenue per hour, revenue per service, revenue per provider
Tell you your profit per treatment
Perform forecasting or budgeting
Create and track your monthly goals
Give you start-up cost calculators
Give you compensation calculators
Give you social media analytics all in one place
Provide access to online, on-demand training courses
That’s where “APX by Terri Ross” (which is an acronym for Aesthetic Practice Accelerator) picks up and provides the business intelligence piece that is NOT available anywhere else in the aesthetic industry.
What is “APX by Terri Ross”?
I cannot stress this enough, APX is NOT Practice Management Software.
APX enhances what your EMR/Practice Management Software doesn’t do. It essentially uses the data you run in your PMS and allows you to plug it into Abacus, which contains financial optimization calculators that provide you with critical information that is useful in business decision making. My team worked closely with the major Practice Management Software companies to identify the gaps in what the current software was NOT providing, as well as fielded questions from clients on a regular basis about how poor their reporting was or how it wasn’t set up correctly. Are you facing these same challenges?
We took these gaps and challenges and reverse engineered them to develop solutions that give APX clients the same tools we use with our 1 on 1 consulting clients.
APX is a business intelligence, training, and growth platform that addresses and provides solutions to every pain point and challenge aesthetic practices face, regardless of whether you are considering launching a practice, have been in business 1-3 years, or you’ve been in business for 10+ years and regardless of whether you are a medical spa, cosmetic dermatology, plastic surgery, reconstructive or ocular practice.
APX accelerates the growth of aesthetics practices through on-demand, employee training courses, financial algorithms, KPI calculators, benchmarking data, and integrative marketing dashboards. It translates the decades of experience and proven formulas for success that my team and I have developed into a real-time, on-demand change management system.
Training programs in the areas of sales, finance, and operations for your entire staff with built-in accountability and content that is evergreen and consistent. Our finance course really walks you through how to start-up and/or operate and run a practice in order to be sustainable and profitable; how to set up your chart of accounts; how to look at your revenue per hour and profit per treatment; how to structure your compensation plans; and how to build an accurate forecast and budget that reduces costs and achieves revenue goals
7 user-friendly, financial optimization calculators that provide real-time insight and one dashboard to basically understand how your business is performing so you can identify where to cut, where to add, and how to increase your revenue
A real-time, comprehensive analytics dashboard displaying every marketing metric and KPI so you can see how your business is performing on a social perspective (phone tracking, ad campaigns, google analytics, email marketing) and run powerful reports on website performance, SEO, and campaign ROI. You can save time and money with integrations to 50+ popular data sources and social media channels
Validated and statistical benchmarking technology that provides industry insights not found ANYWHERE else. Our updated, “statistically relevant” data comes from over 360+ practices--the same data provided to the American Society of Plastic Surgery--and allows you to compare metrics, procedure counts, productivity, average charges, and consumer behavior
Exclusive access to ongoing educational sessions and live coaching calls to increase recall and information retention – it’s almost like having my team in your practice with you every step of the way
How Does APX Augment my Practice Management Software?
I recently interviewed Izhak Musli, Chief Revenue Officer of Symplast on my podcast, In Touch with Terri, and I think he sums it up best:
“I think there is a natural synergy between the two. What I like most about APX is that it comes from the consultative approach. The tools you have inside APX can really move the needle for most practices. It hits all the weak points commonly identified in every practice. If the staff is not trained well enough, if people don’t know their data, or if their data is not accurate then an integration is not going to be a magic solution.”
Izhak continued, “That’s really where both of the systems flow the best, in my opinion, from a synergistic point of view. Practice Management Software helps practices gather the best data by following all the best practices and then makes the data available so it can flow into APX. APX takes the ball and helps practices understand what the data really means, and then educates them on how their staff needs to use these numbers. And that’s how you are going to really move the needle.
So, it’s those two sides of the fence that really make it so powerful. And I think these two pieces are what most practices are missing today. And that’s what makes the difference between a mom-and-pop, small practice and those practices that go on to expand to multiple locations and scale. If you have the data and know what to do with it then you’re scalable. If you don’t, you stay very small."
Should I Wait Until my EMR/Practice Management Software Goes Live to Get APX?
Some clients have asked me recently if they should wait to get APX since they are in the process of onboarding new Practice Management Software. My advice is definitely DO NOT wait. As consultants for many years, one of the things that my team and I have found when clients hire us is that most of the data we analyze is very poor.
A Practice Management Software’s job is to get you up and running. Our job through APX is to teach you how to set up your data correctly. Our job is to educate you on the 12 categories of services that fall in line with your appointment types, so you can extrapolate the right data and plug it into our financial calculators. We want you to have your software set up for success from the very beginning. If it is set up wrong, it’s basically like putting garbage in, so you’ll get garbage out. You will waste more time and more money trying to fix it later.
In addition, there are so many elements of APX that provide value right away including the training courses, the social analytics dashboard as well as the ongoing weekly calls and live coaching directly with Terri and her Team that can be used while your Practice Management Software is in the process of onboarding.
Now more than ever it is so important to not only work in your business but to work on your business. I invite you to schedule a discovery call to see what APX can do for your practice, as it has helped so many others. Click here to schedule. As always, my team and I are here to answer any questions you may have and to serve and support you so your aesthetics practice can thrive.
Terri Ross can take your business to new levels, whether you’re looking for exclusive private strategy sessions, corporate sales training, or a keynote speaker for the next major aesthetic event. Book Terri Ross today to take the first steps in giving your business the tools it needs to succeed in this incredibly competitive landscape.