Key Performance Indicators (KPIs) for Your Practice
It can be difficult to know what data your practice should be tracking. Most current practice management systems have such in depth reporting capabilities, it can be challenging to find a report or reports to quickly summarize your practice’s data to analyze your metrics and ensure business goals are being met. So how can we drill down into the data that is most useful to our practices?
One way to concentrate on the data that is most important to your practice is to establish Key Performance Indicators (or KPI’s) for your practice. You should begin by looking at your goals in four key areas—Financial KPIs, Patient KPIs, Services KPIs and Employee KPIs.
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Total Encounters
Total Charges
Total Collections
Outstanding /R
Average Days in A/R
Revenue per charge category
Average revenue per encounter
Device Revenue
Injectable medication cost and revenue (by medication)
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Number of appointments
Number of new vs. established patients
Average wait time
Number of patients that purchase products at appointment
“Missed Opportunity” appointments (no-shows, cancellations without rescheduling)
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Number of new patients referred by other providers
Number of new patients referred by internet services
Number of new patients referred by existing patients
Number of cancellations within 24 hours of scheduled appointment
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Patient satisfaction (via survey)
Wait time to work up/testing/exam
Total patients managed per hour by employee and/or provide
The right Practice Management and EHR software can do much of the work for you with robust reporting and analytics tools. If you would like PMRG’s expert practice management consultant to work with you on establishing KPI’s for your practice, please get to either Curt (at chill@medicalpmrg.com) or Jana (at jana@medicalpmrg.com ) for more information on how we can support you.
