Have you ever heard of the Pareto principle? I hope you have. The other more common name is the 80/20 rule. It basically state that 20 percent control 80 percent and vice versa. It was first observed in Italy as 20 percent of the people owned 80 percent of the land. It has been used ever since to describe everything. IT has come to light again recently as the economic changes we have faced over the past few years. The 1 per centers talk is really an extension of the Pareto Principle.How does this affect your practice. Well, you will find this principle holds true for you in your life and in your practice. I bet about 20 percent of your patients provide 80 percent of your income. Its the patients with good insurance, come in regular, refer, buy from you, etc. I bet 20 percent of the patients cause 80 percent of your headaches. There is not much getting away from this rule. It is life! So, what can you.
Its a way to put perspective in your life and practice. One big thing is to think what activities you do that produce the most results. What is the 20 percent you do, that produces 80 percent of your results? Treating patients? Doing the marketing? Find what it is, do more of it, and less of what isn’t helping you out.Do some more research on the Pareto Principle, and see how you can apply it to your life and practice!