207 - The KPIs Every Therapy Practice Should Be Tracking (But Usually Isn’t)

Most practice owners run their business on instinct. But when you understand the right numbers—like retention, utilization, and revenue per session—you stop guessing and start growing with intention.In this episode, Daniel sits down with Madeline Larsen, co-founder of PracticeVital, to talk about the KPIs every therapy practice should be tracking (but usually isn't).Madeline and her team help hundreds of group practices turn their EHR data into clear, actionable insights. She breaks down which metrics actually matter, why retention is often the first red flag to watch for, and how to use data without drowning in spreadsheets.If you've ever felt like more marketing should be solving your growth problems—but isn't—this episode will help you figure out what's really happening inside your practice.Key Takeaways:Therapists often become business owners without formal training in operations or analyticsData helps practice owners move from gut decisions to informed decisionsRetention is often the first "red flag" metric to investigateLow retention acts like a "leaky bucket"—clients come in but quickly drop outUtilization rates help determine whether it's time to increase marketing or hire new cliniciansTracking average revenue per session helps you understand client lifetime value and marketing ROIData makes difficult conversations with clinicians easier by providing objective contextMetrics are most powerful when used together, not in isolationLinks Mentioned:PracticeVital: https://www.practicevital.com (Use code PrivatePracticeElevation for $30 off your first month)Private Practice Elevation: https://privatepracticeelevation.com/This Episode Is Brought To You By:Alma is on a mission to simplify access to high-quality, affordable mental health care by giving providers the tools they need to build thriving in-network private practices. When providers join Alma, they gain access to insurance support, teletherapy software, client referrals, automated billing and scheduling tools, and a vibrant community of clinicians who come together for education, training, and events.Learn more at helloalma.com/elevation.