KPI’s are a great way to monitor key areas and eliminate the guesswork. Utilising them in a health care setting is a fantastic way to boost the efficiency and overall functionality of the practice. Here’s how you can use KPI’s to manage your health practice if you aren’t already.
KPIs, what are they?
KPI’s stands for key performance indicators. These metrics are used to provide you with a clear understanding of where your business is performance-wise. When you have an idea of how everything is running, you can then make informed decisions for your practice. You can address any weaknesses or areas that need attention easily.
Which KPI’s are most beneficial for a healthcare practice?
The key KPI’s that will be most beneficial for your business will depend on your goals and the kind of services you offer but, there are some standard KPI’s that all healthcare practices should implement. They are:
This is taking a closer look at the appointments booked each week.
Why should you have KPIs for appointments booked?
When you can clearly track the number of appointments you are getting each week, you can gain a sense of how well the business is travelling. Obviously, the more clients you are getting, the better your business is going. If you see a decline in normal bookings, you can look at why this may be. Have you recently upped your pricing? Has your delivery of care been as high as it usually is? Etc. That’s why Practice Management Appointment Scheduling is so important in practices to keep track of all numbers..
Sales figures are an integral part of any business, and KPI’s can help you to analyse every aspect of your business and make improvements or adjustments when and if needed.
Why should you have KPI’s for revenue?
When revenue is lagging, this isn’t good for business. If you’re like most of us, you’ve got expenses waiting to be paid each week, and it’s important for both you and the well-being of your clients that you can maintain your business long-term.
Missed appointments and no shows
No shows and missed appointments
Tracking no shows and appointments via KPI’s can give you an indication of how many people are booking appointments and actually following through and attending.
Why should you have KPI’s for missed appointments and no shows?
No shows and missed appointments not only waste your time but they cost you money. Not to mention that people are potentially not getting the medical attention that they need. While implementing a practice management program can help you to reduce these through reminders, keeping track can help you to recognise patients that possibly need extra follow up reminders, or whether you need to consider a no show fee.
Cancellations can be monitored easily and correctly with the help of KPI’s.
Why should you have KPI’s for cancellations?
Much like no shows and missed appointments, cancellations can cost a business big time, especially if minimal notice is given and you don’t have time to fill the appointment slot with another on your cancellation list.
This is verifying the caseload for each practitioner with KPI’s within the practice.
Why should you have KPI’s for practitioner efficiency?
This enables you to see how full each practitioners day is with appointments. You may be able to distribute the workload or set targets to boost overall efficiency.
Outstanding accounts can be documented and measured using KPI’s
Why should you have KPI’s for outstanding accounts?
This allows you to see what’s paid in full and what’s overdue, and by how long. You can then follow up with reminders if need be. KPI’s can help to keep everything up to date as you go rather than having to chase up outstanding accounts that may have been overlooked.
Keeping clients is just as important as having new ones walk through the door. Being able to measure the number of clients that are rebooking can help you identify and implement strategies to help boost client rebooking.
Why should you have KPI’s for client retention?
KPI’s provide up to date and accurate metrics which are practical and easy to decipher.
KPI’s can effectively track the number of new clients your practice is seeing.
Why should you have KPI’s for new clientele?
New clientele ensures your business is growing and successful, without them, you’d have to be running at capacity full-time which can be almost impossible.
How to Use KPI’s
Most reputable practice management software programs such as ours here at Nookal have KPI’s integrated into the system. You can break the metrics down to focus on key areas and check them at your convenience to see how the business is travelling. Monitoring these often can help to give your practice direction, and reaching goals becomes much more achievable when you know where the business is at and where you want it to be.
It pays to monitor a couple of metrics to begin with, and once you’ve got your head around how they work, you can then add more as it may become too overwhelming otherwise. Start with the most important ones to you first, as they are the priority.
For any information on KPI’s or practice management software, contact our professional team here at Nookal. We have a sophisticated practice management program that can completely transform the way you do business.