April 15, 2015
5 Crucial KPI Metrics for the Healthcare Business Dashboard
Few healthcare organizations have an effective, centralized business dashboard.
Their data is split up between various departments and housed on separate systems
and documents. This makes it difficult for executives and decision-makers to see
the organizational big picture: how the company is performing, where work is bottlenecking,
and what problems need to be addressed. Ultimately, this impedes the business, slowing
the decision-making process and preventing effective financial, operational and
clinical changes from being made.
The only true way to make data-driven decisions that deliver real, tangible results
is via a detailed, thorough business dashboard, one that houses all organizational
data and KPI metrics in a single, easy-to-access location. This allows data
to be seen holistically rather than disparately, so that more effective decisions
and changes can be implemented.
How a Dashboard Can Help Healthcare Organizations
A thorough, detailed business dashboard is an integral part of any healthcare organization.
Not only does it allow executives to monitor important KPI metrics, observe performance
data and track revenue, it also gives companies and medical providers the information
they need to make necessary improvements. Through this, they can better serve patients,
shorten wait times, decrease readmission rates and progress toward providing higher
Additionally, in an industry that’s constantly in flux with changing regulations,
fluctuating market prices and varying patient needs, a great business dashboard
can help organizations stay organized, keep abreast of industry-wide trends and
stay on track for organizational goals and objectives.
5 KPI Metrics for the Healthcare Business Dashboard
Whether it’s a hospital, a private healthcare provider, a pharmaceutical company
or an insurer, a business dashboard can help any organization in the healthcare
industry stay on a forward-moving trajectory. In order for a business dashboard
to truly do its job, however, the organization must first select the proper KPI metrics
to track and monitor with that dashboard.
While every organization has a unique set of needs and goals, the following KPI
metrics are typically the most crucial in the healthcare sector:
1. Admission Rates
How many people came into the facility or sought treatment during a set time period?
Are those numbers trending up or down compared to last month, last year or 10 years
ago? This data can give organizations the information they need to make changes
across a number of departments. If admissions are on a decline, they can up their
marketing budget in an effort to draw in more patients, or consolidate staff positions
to save money in the meantime. If admissions are trending upwards, they can hire
new employees, purchase additional equipment, and implement more efficient systems
that will allow the organization to cope with the increased number of patients.
This data can also be used to track organizational performance against statewide
and national trends. As many governmental organizations publish state and national
healthcare admissions averages, execs can easily compare their data with these numbers,
and see how they’re measuring up in the industry at large.
2. Patient Wait Time
How long do patients have to wait (on average) between check-in and getting seen
by a provider? How do these wait times differ by department? This data can give
admins the power they need to make decisions regarding staffing, equipment and check-in
processes. If the ER wait time is 20 minutes longer than the average surgical wait
time, then this could indicate a need for additional staff or assistance in the
ER wing. It could also mean check-in processes need to be changed, or current staff
members aren’t as efficient as they should be. Regardless, it can give execs the
data they need to make changes that shorten wait times and better serve their patients
in the long run.
3. Readmission Rates
How many patients returned to the facility shortly after they were seen? How do
these rates differ between departments? This data can shed light on quality-of-care
issues. High readmission rates could mean a number of things: the department isn’t
spending as much time with each patient or treating them as thoroughly as they should;
the provider or providers in the department aren’t as educated or experienced as
they need to be; or the department is understaffed and needs additional assistance.
In any event, this data can power important organizational and departmental changes
that can improve patient care significantly.
How many patients were referred out to other providers or facilities? Referrals
are a direct revenue loss for healthcare organizations. When a patient is sent elsewhere
for care, that’s money in another provider or company’s pocket. It also decreases
the patient’s satisfaction and makes them unlikely to return for repeat business.
In the healthcare field, referrals need to be monitored closely. New specialized
employees and providers can be hired, additional equipment can be purchased, and
other changes can be made so that patients no longer need to be referred out, but
can be cared for immediately and directly in the facility.
5. Patient Satisfaction
How did patients rate their stay, their service or their provider? How were their
meals? How was their follow-up care? All of this data provides valuable insight
into the organization. Low patient satisfaction indicates that serious changes need
to be made, either in staffing, training or the facility itself. Patients with an
unsatisfactory experience are unlikely to return, nor will they refer friends or
family to the facility. It’s a double-whammy that can seriously hurt an organization’s
bottom line. Patient satisfaction should always be a top priority for any healthcare
organization, and any noticeable declines in this metric need to be remedied swiftly.
For healthcare organizations, these five KPI metrics are crucial to a comprehensive
business dashboard. Looking for a business dashboard for your company? Try our free
business dashboard platform now, contact
us to learn about customized software solutions today.