The world of healthcare is dynamic. With this, the system goes through changes from time to time. Now, with the latest updates in healthcare policies, healthcare providers and organizations need to adhere to them. This has made them look into healthcare KPIs and metrics as well to ensure if they are aligned with the new policies.
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30 Best Healthcare KPIs and Metric Examples.pdf
1. 30 Best Healthcare KPIs and Metric
Examples
The world of healthcare is dynamic. With this, the system goes through changes from
time to time. Now, with the latest updates in healthcare policies, healthcare providers and
organizations need to adhere to them. This has made them look into healthcare KPIs and
metrics as well to ensure if they are aligned with the new policies.
There are many questions that come from this, like “what are healthcare KPIs?” “Why is
it important to track KPIs and metrics?” and much more. If you are getting confused with
them, worry not! This blog will answer all your questions and give you the best healthcare
KPIs and metric examples. But before we go on to these examples, let’s understand what
KPIs and metrics are and why they are important.
What are Healthcare KPIs and Metrics?
KPIs or key performance indicators in healthcare and metrics can be termed as
measurements that are used by healthcare organizations to measure their performance
in numbers, monitor their progress, and make decisions based on the same. These
metrics cover various aspects of the healthcare organization’s operations, financial
health, patient care, and much more. It is an important part of an organization’s healthcare
revenue cycle management.
2. By tracking and analyzing these key performance indicators in healthcare and metrics,
healthcare providers can identify areas of improvement, implement best practices, and
ensure that they are delivering high-quality care and services.
Why is it Important to Track KPIs and Metrics?
There are many reasons why it is important to track key performance indicators in
healthcare. The major ones are as follows:
Performance Assessment
Key performance indicators in healthcare are the conventional way to assess the
performance of various departments of healthcare organizations. This helps them to
identify their strengths and weaknesses and help them improve in the required areas.
Goal Alignment
While KPIs help assess strengths and weaknesses in various areas of healthcare
organizations, metrics help to get a framework that aligns with the goal of the healthcare
organization to get the desired results. They also ensure that the organization’s efforts
are directed towards the goal.
Data-Driven Decisions
Tracking key performance indicators in healthcare helps to make decisions based on the
calculated data. This helps healthcare organizations to make decisions based on evident
information about their current performance instead of assuming them.
Operational Efficiency
Key performance indicators in healthcare and metrics help understand the inefficiencies
in the healthcare organization’s workflow and help them streamline their operations and
improve allocation of resources. They also help enhance healthcare revenue cycle
management.
Patient Care Enhancement
Key performance indicators in healthcare and metrics not only help healthcare
organizations streamline their work to achieve the desired goal but also monitor patient-
centric KPIs that help improve patient care and safety.
Quality Improvement
Metrics related to clinical outcomes, patient safety, and infection rates drive continuous
quality improvement efforts, promoting excellence in care delivery.
Resource Optimization
By analyzing financial and operational KPIs, organizations can optimize resource
allocation, reduce waste, and control costs effectively.
3. Staff Performance
Employee-related KPIs assist in evaluating staff performance, training needs, and
satisfaction, contributing to a motivated and skilled workforce.
Patient Satisfaction
Tracking patient experience metrics helps healthcare providers tailor services to meet
patient expectations, leading to higher patient satisfaction and loyalty.
Benchmarking and Comparison
KPIs allow organizations to benchmark their performance against industry standards and
competitors, fostering a culture of innovation and excellence.
30 Best Healthcare KPIs and Metric Examples
There are various areas of healthcare organizations that are assessed with the help of
key performance indicators in healthcare and metrics. Here are the best healthcare KPIs
and metric examples:
Finance
1. Operating Margin
This is an important metric in finance that helps healthcare organizations to assess the
profitability of their core operations. Herein, the operating income is divided by the total
revenue and a percentage is calculated. If the operating margin percentage is positive, it
means that the healthcare organization is generating profits from its core operations. On
the other hand, a negative operating margin means that the healthcare organization is
facing financial issues.
Operating Margin = (Total revenue – Total expenses) / Total revenue
2. Days in Accounts Receivable (AR)
This metric helps calculate the average number of days it takes for the healthcare
organization to collect payment after providing healthcare services. If the accounts
receivable value is lower, it means that there is efficient revenue collection. On the other
hand, if the accounts receivable value is higher, it means that there are issues in the
collection process or billing, which could affect the organization’s healthcare revenue
cycle management.
3. Cost per Patient Day
This metric helps calculate the average cost incurred by the healthcare organization to
provide care to a patient for one day. With this, it helps understand if there is efficient
resource utilization and proper operations expenses are being done. Tracking these key
performance indicators in healthcare and metrics help the healthcare organization to
identify ways to save on costs and improve patient care.
4. 4. Revenue Cycle Length
This metric helps calculate the time taken from the beginning of a healthcare service to
the collection of the payment for the same. Tracking this metric helps identify issues in
the process of healthcare revenue cycle management and helps the organization’s finance
department streamline the process.
5. Bad Debt Percentage
This metric helps calculate the effectiveness of the healthcare organization’s collection
procedure and billing as a part of the healthcare revenue cycle management. It basically
calculates the percentage of billed charges that are unlikely to be paid by the patient due
to their inability to do so. A high bad debt means that improvisation is required in patient
payment processes or financial assistance programs.
Operations
6. Bed Occupancy Rate
This metric keeps the healthcare organization’s bed utilization in check. It calculates the
percentage of occupied beds against the total available beds in the facility. It calculates
the efficiency of bed utilization and helps ensure that resources are optimally allocated to
patients in need of care.
7. Patient Turnaround Time
Patient turnaround time calculates the time taken from patient admission to discharge or
transfer. It indicates the efficiency of patient flow through the healthcare facility, helping
identify bottlenecks and areas for improvement in the care process.
8. Emergency Department (ED) Wait Time
ED wait time measures the average time patients spend waiting in the emergency
department before receiving care. Tracking this metric helps enhance patient experience
and assess the efficiency of emergency care delivery.
9. Operating Room Utilization
This metric calculates the percentage of time operating rooms are in use. It reflects how
efficiently surgical resources are managed and scheduled, ensuring that operating rooms
are effectively utilized for patient procedures.
10. Appointment Wait Time
Appointment wait time measures the average time patients wait for non-urgent
appointments. It indicates the accessibility of care and helps manage patient expectations
while optimizing scheduling processes.
Emergency
11. Average Length of Stay in ED
5. This metric helps calculate the efficiency of the health organization’s care delivery and
the patient flow in their emergency department. It calculates the average time spent by a
patient in the emergency department from their arrival to their admissions or discharge.
12. Door-to-Doctor Time
This metric helps calculate the speed at which a patient is provided medical attention in
the healthcare organization. It calculates the time taken to provide care to a patient after
arriving in the emergency department. This helps improve the patient care efficiency of
the healthcare organization.
13. Left Without Being Seen (LWBS) Rate
This metric is important when it comes to understanding patient satisfaction. The left
without being seen or LWBS rate calculates the percentage of patients who left the
healthcare facility’s emergency department before getting medical care. It helps identify
operational issues and improve patient satisfaction.
14. Patient Wait Time
This metric helps calculate the time a patient spends waiting for medical treatment in the
emergency department. It helps manage patient satisfaction and improve the process of
care delivery.
15. Readmission Rate from ED
This metric helps measure the rate of readmission of the discharged patients within a
specific timeframe. It helps assess the quality of care provided initially.
Care
16. Patient Satisfaction Score (Care Quality)
These metrics and key performance indicators in healthcare help calculate the patient
satisfaction level with the healthcare organization’s care and healthcare services
provided. The patient satisfaction surveys help understand the patient’s perspective on
the services provided and help improve the required areas.
17. Medication Adherence Rate
While the healthcare organization prescribes medication to the patient, it is important to
know if the patient is following the same. This is one of the most important metrics and
key performance indicators in healthcare, as it helps understand the effectiveness of a
patient’s communication, education, and understanding of the overall treatment plans.
18. Pain Management Effectiveness
This metric helps assess the effectiveness of pain management during the patient’s
healthcare journey. It helps understand the quality of treatment and patient comfort.
19. Follow-up Compliance
6. This metric helps calculate the percentage of patients who adhere to scheduled follow-up
appointments or tests as recommended by healthcare providers. It helps ensure
continuity of care and timely interventions.
20. Care Plan Adherence
Care plan adherence measures how well patients adhere to their personalized care plans,
including lifestyle changes, treatments, and recommended activities. It reflects patient
engagement and the effectiveness of care plans.
Internal
21. Employee Turnover Rate
This metric helps calculate the number of employees who leave the organization in a
specified period. It helps understand the workforce stability, employee satisfaction, and
the organization’s culture.
22. Employee Mistake Events
This metric helps calculate the number of mistakes made by employees in the
organization. This helps understand the effectiveness of the employees.
23. Patient Confidentiality
When patient information is collected by a healthcare organization, it remains confidential
with them. If the same is compromised, the organization may have to bear certain
consequences. This metric helps calculate the number of times a patient’s confidential
information or medical records are compromised or seen by an unapproved party.
24. Training Completion Rate
This metric calculates the percentage of the number of employees who complete required
training and certifications. It ensures that staff members are well-trained and up-to-date
on the latest practices and procedures.
25. Employee Engagement Score
Employment engagement surveys are also important metrics and key performance
indicators in healthcare. They help calculate the level of engagement and employee
satisfaction. It also helps identify strengths and areas of improvement in the management
practices, internal communication, and much more.
Communication
26. Patient Communication Satisfaction
This metric helps assess patient satisfaction with communication received from
healthcare providers. It helps identify many areas of communication, like organization’s
responsiveness, clarity of information, and the patient’s overall communication
experience.
7. 27. Social Media Engagement
This metric is very important as it measures the level of interaction via likes, comments,
shares, and more on the social media account of the healthcare organization. It helps
understand the effectiveness of the organization’s online presence and engagement
strategies.
28. Website Traffic and Engagement
Another one of the important metrics and key performance indicators in healthcare is
website traffic and engagement. It helps calculate the number of page vows, time spent
on the organization’s website, unique visitors, and so on. This helps assess the
effectiveness of the healthcare organization’s online information dissemination and
patient engagement efforts.
29. Media Coverage Impact
This is yet another great example of metrics and key performance indicators in
healthcare, as it helps analyze the audience sentiment by tracking media coverage and
help in improving the organization’s public perception. If the media coverage is positive,
it means that the audience trusts the organization.
30. Internal Communication Effectiveness
This metric helps assess the effectiveness of international communication in the
organization. It can be employee feedback on various areas, like timeliness, clarity,
relevance, and much more.
Conclusion
With the constant changes in healthcare policies, it is important for the healthcare
organizations to stay up-to-date and align with the same. In order to do so, it is important
to understand and incorporate various metrics and key performance indicators in
healthcare that help measure the organization’s performance in various aspects, improve
healthcare revenue cycle management, and help the organization achieve the desired
goal.
There are metrics and key performance indicators in healthcare that help assess various
areas of the healthcare organization, like finance, communication, care, emergency, and
much more. These metrics and key performance indicators in healthcare help in
managing claim denials, ultimately giving better results in healthcare revenue cycle
management.
As data-driven decision-making becomes the norm, embracing these metrics empowers
organizations to navigate the complexities of modern healthcare, ensuring that every
patient receives optimal care and every process contributes to a healthier tomorrow.