When it comes to tracking performance, there should not be any difference between small and large businesses. Yet, often it is thought that KPI tracking is applicable only for large businesses, and smaller ones can just wing it.
In the case of medical businesses, this is simply not true. No matter the size of your medical practice, you need to focus on KPI tracking to ensure that your business’s performance remains in line with your business goals.
Especially for small medical practices, KPI tracking is one of the most essential steps that you need to take in order to ensure business success. That’s why today, we’re going to let you in on some of the top KPIs that small medical practices need to be tracking in 2020.
Let’s get going.
Top KPIs For Small Medical Practices
1. Wait Times
As usual, wait times remain one of the most crucial factors that need to be tracked in order to maintain business success. By improving the wait times at clinics, small medical practices can ensure that the customers don’t have to waste too much time in the waiting room. At the same time, efficient allocation of staff, along with scheduling appointments, should also be emphasised.
2. Staff-to-Patient Ratio
This indicates the number of staff members that are available per patient. A high Staff-to-Patient ratio indicates that the medical facility is well-staffed, and has an adequate number of hands to attend patients. This can prove highly beneficial in times of medical emergencies, such as the present pandemic situation.
3. New Patient Acquisition Rates
This indicates the number of new patients that a practice acquires within a given time frame. New patients are essential for the survival of a small medical practice, and unless your practice
has a stable rate of new patients coming in, it cannot hope to flourish. So, it’s essential that you pay attention to this metric.
4. Bed/Room Turnover Rates
This KPI is an indicator of the speed of patient movement through the facility. It directly influences the facility’s efficiency and patient satisfaction rates. When measuring the bed/room turnover rates, it’s important to couple this with readmission rates. This will help you get a better idea of the number of patients leaving the facility before being fully cured.
5. Cost Per Patient Encounter
For small medical businesses it’s important to understand that each time you receive a new patient at the facility, it is costing you money. In order to maintain a profit, you need to pay attention to the fact that each encounter is bringing you more money than it’s costing you.
That’s why along with the average cost per encounter, it’s important to measure the average charges per visit as well. In case you find that your costs are more than your income, then it’s time for you to re-evaluate your pricing policy, and also pay attention to how you can cut costs.
6. Permanent Employee Wages
No matter what the size of your facility, you’re bound to have a few permanent employees. And the cost to your medical practice for maintaining these employees on the payroll is an essential part of ensuring profitability.
However, it’s not always profitable to reduce permanent employee wages blindly just to cut costs. In fact, it’s essential to measure this figure in light of the benefits accrued from the employees. This way, the metric can prove to be a vital addition to your KPI repertoire.
7. Patient Satisfaction
The only reason for mentioning this metric last is that it’s perhaps the most important of all. Unless you can ensure the satisfaction of your patients, you can’t really afford to run a medical practice, whatever the size.
Though this is a qualitative metric, it’s essential to keep track of it. By carefully gauging the level of service satisfaction, you can ensure that your patients become loyal patrons.
KPI tracking is one of the major methods by which you can ensure that your medical practice stays on track. And that’s exactly where KPeyes can help you out. Using the latest KPI tracking technology, we enable your medical business in Australia to flourish.