Healthcare industries vary considerably across the globe. Each country or territory has their own way of caring for their populations, so consider our KPIs as a springboard.
1. Patient vs staff ratio: You need to calculate the average number of patients that are coming through your doors per day to accurately predict how many members of staff you need on duty at a given time. For example if you’re operating an emergency room, overestimating is smart, especially if there’s an event on in the area or the weather is extreme.
2. Average patient wait time: If you charge per treatment, this is a key KPI to watch. A high wait time indicates problems with staffing. You’ll need to address this issue as a low wait time alludes to operational efficiency, which will be noticed by staff and patients alike.
3. Average treatment value: This KPIs will show you how much revenue is being generated per treatment, during a given period. It shows the amount of cash you’re earning compared to spending. Consider sub-divisions by treatment or patient type for a better understanding of which channels are providing the most profit for your business.
4. Cost per patient stay: This shows you how much investment you need to make in each patient. You’ll need to consider non-financial data here, such as food, medication and furniture, while bearing in mind additional cleaning and electrical costs.
5. Bed/room turnover: This KPI essentially measures the efficiency of your business. If you’re interested in patient satisfaction, this is a great place to start. In the healthcare industry, revenue is sought after, but cannot be favoured over the care itself.
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