Medical businesses the world over are constantly in a state of flux. Like most businesses, medical facilities in Australia as well are looking to adopt new business models and policies.
As a result, the KPIs that your medical business should be tracking will also change with time. But in the process of running a business, taking care of patients, and working with multiple departments, it’s natural to lose track of the KPIs that you need to keep a tab on.
This is what happens in most medical businesses. And this ultimately translates to lost business, lowered revenues, and undue stress.
To ensure that doesn’t happen with your business, here we have a list of the top five KPIs that your medical business should be tracking. Once you start to keep track of these KPIs, you’ll begin to see positive changes in your business within a short time.
Clinic Utilisation Rate
When you’re running a medical business, there’s a certain amount of infrastructural investment involved. Naturally, as the owner, you’d want the best ROI possible on this investment.
However, it might not often be easy to track exactly to what extent your clinic is being utilised. This naturally leads to underutilisation of your facility, resulting in lowered returns.
Also, there’s the question of patient service. Unless your facility is being utilised optimally, you’re not able to cater to the most number of patients.
All this can be carefully tracked using the Clinic Utilisation Rate KPI. This metric allows you to get a measure of the number of patients that have appointments on any given day. Higher numbers indicate that your team is more heavily booked. This ensures optimal utilisation of your clinic.
This KPI tracks the average ratio of rostered doctor hours to each rostered nurse hour for a given time period. A higher value indicates a greater number of doctors relative to the number of nurses.
This metric can have a significant impact on the quality of care that patients receive. The better the patient service, the better the performance of your medical business. Also, an adequate doctor to nurse ratio helps ensure that your facility is adequately staffed in the case of emergencies, such as the current pandemic situation.
This is related to the KPI we discussed above, but it is not limited to doctors and nurses alone. This KPI compares the total number of the medical staff that your facility has with the number of patients they have to attend to in a given time frame.
This KPI may need to be measured in different time periods, such as morning shift vs. night shift. A high staff to patient ratio indicates proper levels of patient care. It also acts as a good indicator of improved sustainability for the workforce.
Patient Wait Times
This is one of the most important metrics that you can track to measure the performance of your medical facility. The average patient wait time can provide you with a valuable metric for tracking business goals centering patient satisfaction.
What is the wait time exactly? It’s simply the measure of the time the patient has to wait before they are given the first treatment. Ideally, with a high staff to patient ratio, you can expect to lower the wait times considerably. Lower wait times translate to better patient care.
The final KPI that we must discuss is the DNA rate. This KPI indicates the percentage of patients who booked an appointment but did not attend the same.
Careful analysis of DNA rates, and understanding why the patients are skipping appointments, may reveal action areas. These are critical facets of your business that you must take care of immediately.
Unless you’re keeping a careful watch on KPIs such as the above, you might just be missing out on a lot. Tracking the above KPIs can help your Australian medical business thrive.
And KPeyes can be your trusted partner in KPI tracking. Using our advanced KPI management system, your medical business can ensure that no performance metric is left overlooked. With KPeyes by your side, you can ensure that the health of your medical business is on the right track.