Operating a medical and/or healthcare specialty practice carries unique challenges. Medical professionals often focus heavily on their patients, as they should. But being able to track the health of your medical practice is important. So what key performance indicators (KPIs) should you be tracking? In this post, I’ll highlight the most important KPIs your medical practice should be tracking.
What is a KPI?
A KPI, or key performance indicator, is a performance measurement that allows business owners to make intelligent business decisions. In this scope of your practice, paying attention to KPIs will improve profitability and increase efficiency.
See for yourself how ReferralMD can improve your patient referral process with patient engagement tools that reduce no-shows.
What is a Dashboard?
A dashboard is simply a tool that allows you to see your important KPIs all in 1 place. There are different types of dashboards, including:
A marketing dashboard is a visual summary of your marketing performance. They will help you measure performance and the effectiveness of your campaigns.
According to Jack Tomkins at Pineapple Consulting financial dashboards:
“are visual representations of your financial performance. They help you track your financial KPIs (Key Performance Indicators) and see trends of things like revenue, profit, etc. Financial dashboards allow you to check the health of your business at a glance in a very visually appealing way. They also allow you to go deeper into more analysis (still in a very visual format) to get however deep into the data you need!”
Important KPIs to Track for your Medical Practice
Let’s discuss some of the most important KPIs to track for your medical practice:
1. Where Your Clients are Coming From
It’s essential to know where your clients are coming from. Whether they are referrals from Facebook, advertising, or organic SEO, knowing the source and medium will help you allocate your marketing budget to the right places.
2. The Average Number of Visits Per Client
Knowing how many visits your clients/patients make can help you determine how much each is worth per year. If a mental health client comes into your practice for 8 sessions of treatment, and another comes in for 4, your average between the 2 patients is 6 visits. You should find this average across all patients so that you have a great idea of how well you’re doing compared to the average in your specific industry. The results may reveal some underlying problems in your practice.
3. Hourly Rate You Charge
The hourly rate you charge or per service charge is important and directly connected to your bottom line. You need to make sure that you’re charging enough to run a financially healthy practice.
Final Thoughts on KPIs for Your Medical Practice
I hope this blog was beneficial for you and highlighted some areas you may need to track important KPIs for your medical practice.
My name is Anthony Bart; I’m the owner of TherapistX and TherapyByPro.
TherapistX helps psychologists, therapists, and other mental health professionals grow their practice using the power of the internet.
TherapyByPro is a mental health directory that connects patients to mental health professionals. Contact us to see how we can help your practice.
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