Track Practice Performance With These Key Performance Indicators
Growing and scaling a medical practice requires knowing exactly what’s working and how it’s helping your practice, whether by making it more financially sound, increasing brand awareness through marketing, or enhancing your patients’ experiences from an internal perspective.
With your goal in mind, think about what you’re paying attention to, and consider these other aspects of your practice as important to your overall goal of growing and serving as many people as possible.
Financial Performance Indicators
Likely many practice owner or manager’s first thoughts of key performance indicators are financial ones, after all, if you’re not growing your revenue, you can’t grow your practice. Tracking financial excellence can go a few different directions, though. Consider tracking these metrics as part of your awareness of your practice’s growth each year or over a longer period:
- Revenue (increase or decrease %)
- Average days for funds to remain in A/R
- Average appointment value
- Patient lifetime value
Patient Acquisition and Repeat Visits
Undergirding solid revenue streams are people who come to your practice and are satisfied with their experience. Not only does this increase the likelihood they’ll come back if given the opportunity, but also enhances metrics like online review scores, referral rate, and more. Metrics that can help you understand if your patients are satisfied and whether your lead acquisition process is working efficiently include:
- Number of patients (% growth monthly or yearly)
- New patient appointments/consultations
- Conversion rate of patients in the acquisition funnel
- Patient satisfaction (online reviews and follow-up surveys)
- No-show or attrition rates
Our bread and butter is the beginning of many patients’ customer journey: their interaction with your brand via marketing. Whether online or in print, your marketing often forms the first impression and builds awareness of your practice to people who care and are most likely to benefit from your specialties. Knowing where your marketing is working best allows you to boost your return on investment with proven strategies for both getting new people in the door and reminding previous patients what value you bring to their lives. Key marketing statistics to be aware of include:
- Website performance (visitors, time on site, engagement, return visitors, etc.)
- Search engine rankings and domain score
- Social media metrics (number of followers, interactions)
- Review volume and quality
Operational Performance Indicators
No matter how many people you bring in for new consultations, you won’t succeed and grow if you don’t provide an exceptional experience for patients new or old. Ensuring your front office and behind-the-scenes staff is operating well and providing the best experience possible is essential if you want the opportunity for repeat patients and good reviews. Both digital and real-world metrics can help you understand the patient experience objectively and start to ask questions about how to make it better. These metrics include:
- Patient to staff member ratio (or provider to patient ratio)
- Patient wait time and first-time process
- Number of missed appointments
- Rate of follow-up appointments
How to Track Key Performance Indicators
You may notice how far-flung some of these performance indicators are, but with the right platform and integrated tools, they can be analyzed and managed from a single dashboard. DLM’s complete marketing service offerings are uniquely bundled into our proprietary online tool called Insight, giving you 24/7 access to up-to-the-minute data on appointment bookings, lead data, no-show rates, reviews, advertising performance, and more. Compare your most valuable KPIs instantly and make data-driven decisions to help your practice grow year over year.
To learn more about Insight or to get a live demo of the product, call or contact us online today.