Key Performance Indicators for Successful Medical Practices

Introduction

Physicians master gauging essential health indicators to accurately diagnose patients, outline treatment, and track its effectiveness. Yet, surprisingly, this vital skill isn't consistently used to evaluate the performance of their medical practice, often relying on limited data.

Considering a patient's CMP, some metrics will be within the desired range while others may not; additionally, a CMP is unlikely to detect a mental disorder.

We'll review your medical practice's key performance indicators (KPIs) by category and convert this information into quantifiable goals.

1) Patient Experience

Without patients, there is no practice. Satisfied patients generate good reviews and referrals through word of mouth. Here's what patients value most:

1) Short wait times,

2) Clarity regarding their treatment plans for both the patient and family,

3) A sense of safety and being understood,

4) Relief during and following their appointment.

2) Growth

The growth formula is:

Number of Patients   x   Number of Visits  x  Collection per Visit

In one sentence, this formula means how many patients come to see us, who will return and would also love to hear about other services we offer.

The growth formula variables are:

1) New patient visits,

2) Repeated visits, and

3) Collections from additional services.

3) Financials

We expect the patient experience and growth variables to move the needle in:

1) Claims submitted (production) and

2) Collections,

And these nine KPIs will become our executive dashboard – our beloved "business intelligence" for monitoring performance. 

Doctors KPIs Dashboard

The main goal of a dashboard is to trigger an immediate reaction, not after losing $100K in revenue.

Review these indicators daily (or weekly at most). Any anomalies or lack of progress with these KPIs requires a deeper investigation to find the root causes. Once the issue is identified, corrective action is required, and you'll need to monitor that specific point until you see a positive trend in the primary nine indicators.

For example:

If you notice a decline or stagnation in your collections, examine the number of claims submitted weekly, the number of claims approved or denied weekly, and the number of claims re-submitted weekly. Continue monitoring until the situation is fully resolved.

Conclusion

Your EHR has numerous KPIs that can be automated and viewed in real time. Contact your EHR provider to customize your dashboard to meet your specific needs.

Start with these nine basic KPIs; as you observe how this effort translates into increased profits, you can progress to more sophisticated and expanded KPI tools.