• Patient records: Records give you easy access and the ability to print all relevant history, physical exam, diag-nosis and orthotic design informa-tion, and have standardized forms. • Followup: It is important to maintain regular contact with your patients and ensure that the device that you dispensed is doing and continues to do what it was designed to do and that your patient is feeling better and will come back in the future. A re-exam should be scheduled to check for device breakdown and dispense another pair if necessary to increase ease of use and, conse-quently, compliance issues. • Statistical information: This infor-mation helps you to determine the quality of care that you are provid-ing as well as track the fi nancial growth of the practice. There are two types of statistics that the proper management systems can help you track. They are as follows: . Clinical statistics Quantifi es per cent pain relief for each patient from the initial examination to the fi rst two-week follow-up call to the yearly follow-up calls. Determines the progress of the patient numerically and compares this progress to statistical norms for each diagnosis. As the database grows, success rates for each treated condition can be deter-mined and used clinically. For example, if over the last fi ve years that the pro-gram has been running I have an aver-age pain relief of per cent for the diagnosis of plantar fasciitis and my patient comes for a re-examination and has a percent pain relief of per cent I know that I can do better, even though my patient may be happy. . Business statistics Track the number of orthotics sold each week, month and year to track and com-pare to previous weeks, months or years. Approximate the value of the practice that you have worked so hard to build. After consulting with various chartered accountants who valuate businesses, the best estimate for a practice that operates in such a manner as one outlined in this article and has several years of consist-ent and provable sales fi gures, is that it has a value multiplier between three to fi ve www.canadianchiropractor.ca times net profi ts. The reason for this gen-erous multiplier is that the numbers are transparent, income streams are pre-dictable to a buyer and it is obvious that it is a stable and predictable business. Otherwise stated, it has a high value for goodwill since another practitioner can capitalize on it. are organized, continue to grow your orthotic dispensing practice and are in control fi nancially of what you have worked so hard to build. If the time comes for you to sell, or partially retire, having viable options as to how you can do so is of tremendous value. To read the previous articles in this four-part series, or for more on practice management, visit www.canadianchiropractor.ca. CONCLUSION Having the proper practice management systems in place will ensure that you
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