We measure everything in life: from our success to our relationships, there is always a scale that we determine is the golden rule, and most people dictate their actions in relation to their distance to that line.
So why wouldn’t you use measurements and benchmarks in your business?
KPIs are important for your business because they offer insight and evaluations for you to analyze and pinpoint places for improvement.
So, what are KPIs?
KPIs are Key Performance Indicators, and they offer a variety of benefits to your business.
These indicators pinpoint the important things within your business, and place an emphasis on what you’re doing well, and how to continue that behavior.
Before we get into the KPIs that are helpful for you to assess, let’s discuss where to find it.
The answer: your EMR system, PtEverywhere.
Throughout the software, and on your dashboard, there are easy indicators that display to you your metrics in relation to many things, such as retention, revenue, visits etc.
Here are some KPIs that you should be assessing for your business.
- Number of new monthly patients. Evaluate how many new monthly patients you are booking, and decide from there what your goal is to be for the following month(s) regarding new patient visits.
- Number of visits per patient. How many times do you see each patient? This can assist in creating a personal metric for your clinic regarding various injuries, treatments, and plans.
- Discharged/completed patients. These are the patients that have completed their therapy with you. How long did it take them? How efficient was the treatment plan?
- Vacant hours for PT. These are the hours between patients that the PT has, and this should reveal how many hours throughout the day there are no patients. The goal may be for you to book those empty slots.
- Cancellation rate. How many appointments are canceled throughout the week? If this number is high, or is higher than past metrics, finding the reason may help business.
- Monthly billing charges. This is the overall billing you do, without accounting for insurance or any other factors.
- Charges per visit. How much are patients being charged for particular services? This may help with retention, or you may even realize you are undercharging for certain services.
- Charges per patient. How much is each client being charged for their personalized care plan?
- Your expenses. These are the expenses you accumulate throughout the month for keeping your business open, from software to other essential services.
- Collected charges. This is how much you get after insurance or any other deductions, and this also pays for your business expenses.
- Website visit. This should indicate to you how much traffic you have on your site, and you can compare what days of the week and hours of the day seem to be most popular.
- Unique site visitors. How many new visitors have visited your site in the last week? Month? Where are they visiting from? Where do they live?
- Social media followers. Does your social media grow when you post? Why or why not? Does much of the traffic to your site come from social media?
- Email clicks. How many people receiving your emails or newsletters actually click? Does the percentage go up when you send it again?
- New clinic inquiries. How many new inquiries do you receive weekly/monthly? Deciding the goal is important.
Regardless of how far along you are in your clinic or PT journey, analyzing your performance is key to progressing and improving some areas you may be falling behind in.
As a clinic, it is vital you are tracking where your income is coming from, and what you can improve to see success rates in the next few months and years to come.