Elevate your healthcare management with these 30 KPIs. Start tracking today to improve patient care, operational efficiency, and financial health!
The healthcare industry in the U.S. and abroad has undergone major policy and business model changes over the past decade. These changes have spurred healthcare companies to look into new healthcare metrics—or key performance indicators (KPIs)—to decide if they are meeting these new standards.
As a quick refresher, a KPI is a type of performance measurement that helps you understand how your organization or department is performing. A good healthcare KPI should be well defined, quantifiable, thoroughly communicated, and crucial to achieving your strategic goals.
If your organization is looking to track progress on these changes, or looking for ways to improve as an organization, you need to use the right key performance indicators (KPIs). Below, we’ve outlined 30 KPIs you may be interested in trying. They're separated into several categories. Make sure you pick a few from each so you have a well balanced list of KPIs.
To help determine which of the below KPIs might be most relevant for you, consider the strategic goals of your organization. While healthcare facilities benefit from tracking information around patient stays and experiences, each organization should also have specific goals it is trying to reach, perhaps related to solving a particular problem, achieving a special distinction, serving a certain demographic, etc. Having the right KPIs in place will ensure you stay on track to achieve those objectives over the long term.
Here are a few ideas for improving your competitive advantage for your healthcare organization by making changes to your operations (and then of course selecting the right KPIs to track your progress).
Keep in mind that once you’ve chosen your KPIs, the next step is to set measurable KPI targets.
The best way to do that is with benchmarking—comparing the performance of your organization with that of your competitors. If you simply set targets based on what you’ve always done, those numbers could be far off from the industry norms and may not actually help you improve. (That said, internal benchmarking, which compares the performance of similar functions within your organization, can also be a useful activity.)
Finding accurate, current data sources for KPI targets in the healthcare industry can sometimes be a challenge. Talking to peers or healthcare consulting companies about their data sources, purchasing competitive benchmarking reports, and reviewing healthcare publications are all ways to get your hands on valuable data that can help inform your efforts.
Need additional ideas of healthcare metrics to track? Take a look at this free list of metrics, organized in the eight categories above. They all include descriptions of how and why to measure that particular KPI, and they come in a simple and accessible Excel format.
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