Monitoring the pulse of your practice requires more than casual observation; it calls for a structured approach through tracking essential metrics.
Your Key Performance Indicators (KPIs) are at the heart of this process. KPIs shine a spotlight on your clinic’s performance, showing how well you’re doing towards achieving specific goals and where you need to improve.
In this article, we’ll dive into five essential healthcare KPIs.
KPI #1: Attendance Rates
Consistent attendance is central to both client care and operational revenue. Track attendance rates as well as no-shows and late cancellations.
Additional Considerations: Digging deeper into the data, for instance, evaluating no-shows between first consultations and subsequent appointments, can illuminate problem areas.
KPI #2: Aged Receivables
Aged receivables are a critical indicator of a practice’s financial health. Typically, these receivables are classified into segments such as current, 30, 60, or 90 days past due.
What Action Can You Take?
Practice management software like Zanda simplifies billing and facilitates quicker payments, improving cash flow. The software streamlines the invoicing process, allows you to send reminders to clients for outstanding invoices, and provides an easy-to-use platform for online payments.
KPI #3: Client Satisfaction
Monitoring client satisfaction keeps care quality high and helps a practice run smoothly.
By using practice management software to gather feedback regularly, you can work to improve client satisfaction, boosting your practice’s reputation and financial health.
What Action Can You Take?
• Embed survey links: Integrating a survey link within appointment reminders or invoice emails can provide multiple touchpoints for clients to share feedback.
• Bulk email campaigns: Conducting periodic bulk email campaigns to collect feedback can provide a broader understanding of client satisfaction.
KPI #4: Referral Revenue
When you evaluate referral revenue, you can gauge the effectiveness of referral relationships and develop strategies to improve them. Zanda offers healthcare practices insight into revenue generated per referrer, aiding in better decision-making when fostering referral relationships.
What Action Can You Take?
Knowing where to focus your efforts allows you to implement strategies to improve referrer relationships, including improving communication, hosting educational events, and sending thank you notes.
KPI #5: Client Retention Rate
Client retention provides a lens into both the effectiveness of treatment plans and clients’ overall satisfaction. It’s gauged by the number of clients who continue to seek services compared to the number of new clients.
What Action Can You Take?
By paying attention to client retention rates and the average number of sessions, allied health practices can foster an environment for meaningful client engagement and optimal treatment outcomes.
Becoming a metrics-driven clinic enables better client care and operational efficiency.
Practice management software like Zanda supports this process by offering streamlined reports for informed decision-making, so practice owners have the insights they need to achieve their goals. Start your Free Trial today–no credit card required!
