Empower Your Practice

Journal for Practice Managers

Key Healthcare Metrics Your Private Practice Manager Should Target

Michael May
February 17, 2021

Key performance indicators (KPIs) are an essential part of the running of any business and healthcare is no different. If you want your clinic to prosper, then your private practice manager should be focusing on a crucial set of metrics that we’ll discuss here. They have been categorised into distinct groups to help you understand what to do from first principles and all of them are possible to investigate and learn from with the Analytics module in private practice management systems.

Optimise Your Clinic’s Workload

Your colleagues can do their best work only when they are satisfied in their position and are not being worked too hard or too little. It’s a fine balance to strike, but an important one. You don’t want your colleagues to be swamped with work so that their main concern is getting to the end of the day unscathed. At the same time, you certainly don’t want them twiddling their thumbs and waiting for something to do. The Medesk practice management platform helps you keep an eye on your clinical workload to ensure you get the most out of your people.

Be the best private practice manager you can be by optimising workload in the following ways:

  • Check how busy clinicians are compared to their capacity in percentage
  • Examine the occupancy rate of entire departments and allocate the right resources
  • See how much work is being done in individual roles within departments
  • Compare workload with clinical outcomes to keep a check on clinician burnout
  • Ensure that your hard work is paying off by tracking the profitability of services and individuals

Read more: How to Become the Best Private Practice Manager You Can Be

Improve Your Financial Performance and Grow Your Clinic

It’s only possible to provide excellent patient care if you have the resources to do so. That is to say, your clinic’s financial success feeds into the quality of care you can offer. It works the other way around too as the better you do for your patients, the more likely they are to recommend you to others. The resultant financial success you achieve then allows you to invest even more in your clinic. A good private practice manager understands this in principle, but only an excellent one takes proactive measures to succeed.

Use medical software like the Medesk practice management platform to boost financial performance through:

  • Tracking profitability of clinicians, services, products and departments
  • Learn what your most popular services are and start promoting them better
  • Find out which patient subgroups are bringing in the most revenue
  • Understand exactly how much revenue is generated by self-payers versus insured patients
  • See what time most patients attend and optimise your opening hours

Profitability of roles in Medesk Analytics

The Medesk platform includes a powerful Analytics module that works as a decision-making support tool. Our report library contains more than 40 fully functional, colour-coded reports. You can examine your clinic's business processes and key performance indicators very easily.

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Read more: Medical Practice Management – How to Benefit from a Systematic Approach

Ensure Your Patients Get the Quality of Care They Deserve

We have spoken already about the importance of financial success and how that contributes to the quality of care, so now let’s look at tracking clinical excellence in and of itself. All clinicians understand that good health stems from taking an interest in one’s health to the extent that preventative measures are taken as a matter of course. The trick is to pass this understanding on to your patients so they are more than happy to attend their next appointment.

Medical software helps you to promote your patients’ health and the clinical success of your practice by:

  • Showing how many patients are due for a follow-up for a specific health condition
  • Recalling patients en masse through customised SMS text messages
  • Displaying analytics that will help you build and submit CQC reports with ease
  • Making sure you fulfil your obligations to track and treat long-term conditions
  • Checking that every single clinician is doing their job at the highest level

Read more: Patient Management Software and its Benefits for Clinicians

Develop Referral Partnerships and Work on Your Marketing Plan

Your professional networks and your promotional activities are essentially two sides of the same coin when it comes to patient acquisition. While networking and capitalising on it is for all intents and purposes free, you should still be tracking the effectiveness of your referral partners. The approach you ought to take to doing so differs little, if at all, from the way you need to be keeping an eye on your marketing strategies. The main difference between them is only in that advertising tends to cost money and a lot of it! Use smart private practice management software like Medesk to achieve all of your patient acquisition goals.

Encourage professional referrers and patients alike to push people toward your clinic by:

  • Tracking the number of referrals from each source and increase collaboration
  • Check which acquisition channels are not profitable and cut your losses
  • Match patient subgroups with acquisition channels to promote the service they expect to see
  • Examine the profitability of different channels and scenarios
  • Explore the relationship between the lifetime value of a patient and the first clinician they ever saw at your clinic

Acquisition channels report in Medesk Analytics

Read more: How Private Practice Software Helps to Improve Your Approach to Patient Acquisition

The Best Practice Manager Never Stops Moving

We have outlined a range of key performance indicators that you can use in your clinic without further delay. All of the four main categories covered in this article go hand in hand when it comes to the success of your medical business. After all, you can only expect to succeed financially if your colleagues are satisfied, your patients are engaged and people on the outside want to join your circle.

Watch more: Patient CRM – How to Build the Best Relationship with Your Patients

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