KPI, or Key Performance Indicators is a measurable value that helps an organization determine how well they are meeting set goals. KPIs are an effective way for organizations to plan and budget their finances. KPIs are used across many different fields, but today we want to look at effective KPI metrics for healthcare. You may be wondering: how exactly does one determine which KPI to use? Furthermore, what steps should you take to track your chosen KPI? If you’ve asked yourself these questions, here are some answers straight from the experts.
Whether you’re looking for advice on effective kpi metrics for healthcare or how to best utilize your financial planning software, turn to Questica for quick and helpful answers. Since 1998, Questica has been working to make handling finances easier and better for healthcare and other organizations. We manage over $63 billion in annual public sector and non-profit budgets, and we want to help you. Please visit our website for more information and consider signing up for one of our free webinars.
Finding and monitoring effective KPI metrics for healthcare
Determining your KPI
To determine which KPI to track, you should first ask yourself what goal your healthcare organization is trying to accomplish. For our purposes today, let’s say that you’re trying to improve your hospital’s efficiency. In that case, some good KPIs to monitor might include how long patients have to wait before treatment, or the ratio of staff to patients during busy shift times. Alternatively, let’s imagine that a hospital wants to lower the amount of time spent on insurance paperwork. They would want to monitor the rate of insurance claims denials and compare it to how many insurance claims are filed in a set period of time. No matter what your goal is, there is the right KPI to match with it. For more ideas, there are resources on the internet, including healthcare KPI list examples.
How to track your KPI
Once you’ve determined which KPI(s) to use, there’s the matter of measuring and tracking them. What it basically comes down to is determining how long is appropriate to measure the KPI. It could be a unbroken span of a few months, or numerous repeated times throughout the year. Additionally, you also want to create the measuring values. It’s no good accumulating so much data if you’re unable to interpret it properly.
Questica financial planning software helps create and track your KPIs
Measuring KPIs effectively can be time consuming, but it’s easier when you have dedicated and excellent financial software. Questica software boasts years of a proven track record for healthcare organizations. Our software works with you to easily create and monitor your chosen KPIs. Whether you’re gathering data or presenting your findings, we’ll help take the frustration out of achieving your goals. We are a passionate team of technology experts and business specialists with decades of collective experience managing finances and budgeting software, and we want to help you! To learn more about how Questica’s software can help you, download a whitepaper or take a product tour. You can also learn more about upcoming Questica Connect events happening in 2018.