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The client began working with Maven in March 2023 to improve overall profitability. They knew spending was high but did not have clarity on which categories or by how much. Our first step was a benchmark assessment to establish a clear starting point.
The assessment revealed that consumables spend was far above target. While fixed expenses aligned with benchmarks, the key opportunity for reducing overall percentages would come from boosting revenue.
By the end of 2023, we had stabilized consumables spend at 43% thanks to a more profitable service mix and increased revenue. The 2024 wellness program launch surpassed expectations, driving a 67% increase in total revenue by mid-year and creating recurring revenue streams.Rising patient volume and strategic service bundling helped reduce consumables spend while diversifying offerings with high-margin services. This shift allowed Dr. Delaney to expand the team, balance workloads, and improve operational efficiency.
Maven Financial uncovers high consumable spend and turns it into an opportunity for measurable growth. Through expert analysis of service mix, revenue streams, and expense management, we guide practices toward improved profitability and long-term stability. By aligning financial strategy with daily operations, Maven delivers a clear path to efficiency, recurring income, and sustainable success.
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Discover where your business stands in the market with Maven Financial Partners' free benchmark audit. Our expert team will analyze your financial performance, providing you with valuable insights and strategies to outperform your competitors. Take advantage of this opportunity to identify strengths, uncover areas for improvement, and gain a competitive edge. Don't miss out on this chance to enhance your business success with our professional guidance.
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