How Practice Engine Helps Me Manage
Practice Engine™ uses Dashboards consisting of user selectable Dashlets, where every user is presented with the information about the firm in the appropriate manner. In addition, through the use of Portfolios, any information in the database can be provided at various levels of aggregation. Portfolios include the ability to drill-down to the relevant detail. A unique feature of Practice Engine Portfolios is they allow for actions to take place at the detailed level, such as launch an invoice generation activity.
The Business Case
The business case for Practice Engine is quite simple. Do you want to gain control over your working capital and on-going customer management, using a modern, scalable and sensibly priced system? If the answer is yes, you are taking the first steps to understand the business case.
Practice Engine provides such a system. It has no peer in terms of deployability and scalability. Being browser-based it does not require the expensive back office systems that support client-server applications. It delivers valid information to the respective users via dashboards and portfolios. It is an integrated system.
Working Capital Control
The working capital of WIP and Receivables tied up (lockup or exposure) in any professional firm can be substantial. Even for those firms practising modern processes such as value pricing or collection before commencing a project, will benefit from Practice Engine's wide range of supporting features.
Holding the correct information about customers is vital. Using this information with the detail financial information available with Practice Engine offers a rich blend of data. This data can be viewed in reports, graphically and through third party tools like Power BI or Tableau.
Return on Investment
Calculating the Return On Investment (ROI) of a practice management system can be fairly hard to ascertain. It will have to be the improvement of some factor over the current system, with the relevant costs of each application borne in mind.
For us the simplest way is looking at the average cost per user over a five year period. Including the charges applied for implementation, over a five year period, a firm growing from 350 to 600 users will have an average cost per day of less than a dollar (or pound) for the day. It is in fact less than a cup of coffee per user per day.
Fee Based Return
Using a simple feature linked to charge rates, one firm increased all rates for certain services by 8.5%. On the recovered element of these charges, it was estimated by the firm that they had paid for Practice Engine for the next 6 years! Put alternatively, there was no cost for Practice Engine for the first year. This return is likely to continue for the next 6 years.
Return on Receivables
A firm using the Finance Charge feature within Practice Engine and making it a process of collecting these charges, has receipted finance charges in excess of the Licence fee for the product. Another case of the system paying for itself from a single feature. This is in addition to the many other benefits that the system provides.
A very important feature of any system is the cost, and what that cost provides. Practice Engine is licensed on the basis of users who will access the system, and these licenses are sold in packs of 5. You only pay for what you need. As the firm grows, you add licences; as staff leave you re-cycle licenses, and if the firm shrinks, you shed licenses.
The license to use the application includes support, access to upgrades when released, and access to the wider Practice Engine community.
The license has a cost per user, and the costs of implementation need to be included in the costs. These charges and the way in which we work are more fully described under the Services section of the website. As indicated elsewhere on this website, the cost of Practice Engine per user is less than the price of a cup of coffee from Starbucks.