The Top Healthcare KPIs to Keep Your Business Strong: Healthcare

Healthcare industries vary considerably across the globe. Each country or territory has its own way of caring for its populations, so consider our KPIs as a springboard. The healthcare industry is a volatile operation, with a lot of uncertainty in the air. KPIs are a way to keep your head above water and know where you stand.

The Top Healthcare KPIs:

Net Promoter Score  

A measure of customer loyalty, calculated by asking customers how likely they would be to recommend this healthcare provider to somebody else on a scale from never, low chance to always, or a high likelihood.

Patient Satisfaction

A measurement of how well patients are satisfied with the care they received, calculated by patient responses on a survey about their experience. This will include the organization of the healthcare professionals, the system in which they operate, and hospital performance.

Complaint Rate

The number of complaints each healthcare provider receives from patients divided by the number of contacts made for that service over an agreed period of time.

• Median Length of Stay

The time a patient spends in hospital, from the day they are admitted to discharge. This is calculated by dividing the total number of days spent in the hospital for all patients who were discharged during a given period (usually one year) by the total number of discharges over that same period.

5 Healthcare Metrics to consider

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 in the area that attracts people or the weather is extreme.

Average patient wait time

If you charge per treatment, this is one of the key performance indicators to watch. Long wait times might be caused by a manpower shortage. In the process, staff and patients will shrink in numbers. Decreased satisfaction may lead to decreased revenue in the long term.

Average treatment value

These KPIs tell you how much revenue is generated per treatment, during a given period. It shows the amount of cash you’re earning relative to spending. Consider sub-divisions by treatment or patient type for an understanding of which channels are generating more revenue than others for your business and why that might be true.

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. You will need plans and systems in place to improve hospital performance.

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 favored over the care itself. Hospital beds need to be free as much as possible for emergencies. The occupancy rate of beds needs to hover in the high 70s. Achieving these goals allows for the facility to have space and keep a steady cash flow.

Health insurance plans

Health insurance plans are essential to the healthcare industry. With a steady supply of funds, hospitals can provide better care for patients and their families. Hospitals require a specific percentage of insured individuals in order to remain viable on an operational level.

Operation

The system/operation of a hospital is crucial to the success of any healthcare facility. With a strong operation, hospitals are capable of offering continuity and consistency in care for patients.