Running a healthcare organization is not an easy task. It’s essential to understand how well your healthcare organization is performing towards reaching your specific goals and improving patient experience. That’s where healthcare KPIs come in!
Healthcare Key Performance Indicators (KPIs) are metrics that help you track your progress and identify areas for improvement while providing patient care. They help you make data-driven decisions while strategizing ways to improve patient experience. A study showed that, on average, organizations that regularly track and measure their KPIs also experience an increase in patient satisfaction.
But with so many KPIs to choose from, figuring out where to start can take a while. Thus, we’ve compiled a list of the top healthcare KPIs every hospital, clinic, or medical facility should track.
So, let’s dive in and first understand what healthcare KPIs are and why one needs to track them.
What are Healthcare KPIs?
Healthcare Key Performance Indicators (KPIs) are used to evaluate the success and performance of healthcare organizations, departments, or initiatives.
Healthcare businesses track these KPIs to:
- Track progress and identify areas of improvement.
- Ensure accountability and transparency in healthcare operations.
- Provide data-driven insights for decision-making.
- Benchmark performance against industry standards.
- Monitor the success of implemented interventions.
For example, tracking readmission rates can identify areas to improve patient care. According to a study, reducing preventable hospital readmissions could save the U.S. healthcare system up to $41 billion annually.
Healthcare organizations can continuously strive for better patient care and financial stability by measuring KPIs. Let’s get into the most important healthcare KPIs that you need to track.
Top 12 Healthcare KPIs to Measure and Track
One of the best ways to structure your KPIs is using a patient journey map.
This is a visual representation of the different stages of the patient experience, from pre-visit to post-treatment.
By mapping out the patient journey, you can identify the key touchpoints and determine which KPIs are most relevant at each stage.
Now let’s look at some essential KPIs healthcare organizations can track at each stage of the patient journey.
Metrics at the Awareness Stage
The awareness stage is the first step in the patient’s journey. During this stage, it’s all about getting patients to know about your healthcare organization. Measuring KPIs at the awareness stage helps you understand the outcomes of your marketing efforts, effectiveness of your brand building activities, and how well you’re reaching your target audience.
Here are some of the metrics you should track during the awareness stage:
1. Website Traffic
Your website traffic gives you an idea of how many people visit your website daily, and it directly indicates the results of your organic and brand awareness campaigns. Increased website traffic means more people are learning about and interacting with your healthcare organization.
Measuring your website traffic allows you to make data-driven decisions to improve your reach and engagement. You can easily keep track of your website traffic using easy to configure tools, like Google Analytics.
2. Search Position
It’s no secret that people are turning to the internet to find new healthcare providers, and research shows that as much as 35% of patients search for new providers online. That’s why it’s essential to have a solid online presence and appear at the top of search results.
Several tools, like Semrush, help you monitor your search position and get insights into the type of content that will help you rank higher. You can also see how you stack up against your competitors.
By tracking search position and frequently optimizing your content, you can drive more traffic to your website and increase the chances of converting visitors into potential users.
3. Conversion Rates
It’s essential to keep in mind that while website traffic and search position are valuable KPIs to measure, it’s just one piece of the puzzle. The ultimate goal is to turn website visitors into potential users, and that’s where conversion rates come in.
Conversion rate is the percentage of visitors to your website who take a desired action, such as filling out a contact form, scheduling an appointment, or making a purchase.
Here’s how you can calculate conversion rate:
Note: The average conversion rate for healthcare websites is around 7.4%, and the median conversion rate is 3.6%. You can use these numbers as a benchmark to evaluate your website’s conversion rates.
Measuring the conversion rate can give you a good idea of how well your website is performing and how effectively it’s helping you reach your goals.
For example, suppose you’re receiving a lot of website traffic, but your conversion rate is low. In that case, it may indicate that there’s an issue with your website design, user experience, or marketing messaging.
Understanding the demographics of your patients is crucial when it comes to optimizing your healthcare marketing campaigns. By analyzing data on age groups that contribute to the most conversions, you can tailor your messaging and promotions to better resonate with your target audience.
For instance, if you find that patients in the 30-50 age range are more likely to convert, you can focus your marketing efforts on channels that are more popular among this demographic, such as Facebook. You can also create content that addresses the specific needs and concerns of this age group, like preventative care or chronic disease management. Optimizing your campaigns based on demographic data will have a significant and positive impact on your conversions.
5. User flow
Analyzing the user flow till conversion is a critical step in understanding how your customers interact with your healthcare website or application.
By tracking user behavior, you can identify the steps with the highest drop-off rates and optimize your website or application accordingly.
For instance, if you find that a significant number of users drop off during the registration process, you may need to simplify the registration form or provide additional assistance to guide users through the process. Similarly, if users are abandoning the checkout process, you may need to streamline the process and provide more transparent pricing information.
Initial Contact Metrics
The initial contact stage is the first time a patient reaches out to your healthcare organization by filling out a form, making a phone call, or sending an email.
Below are some essential metrics you can use to improve the initial contact stage:
6. Response time
Research shows that the average response time for healthcare organizations is around 5 hours and 48 minutes, but the best organizations respond in under an hour. Additionally, if you respond earlier, the chances of conversions can increase by 65%.
There are several reasons leading to longer response times:
- Manual distribution of inquiries from multiple sources to your response team increases lead response time.
- Managing multiple platforms for making calls or collecting data is time-consuming.
- Entering patient data manually not only increases time but also the chances of human errors
A healthcare CRM like LeadSquared can help you reduce response time by automating the lead distribution from different sources. You can also connect it with your call center software to build a single platform for your team.
7. Cancellation rate
The cancellation rate refers to the number of appointments patients cancel as compared to the total number of appointments booked.
A low cancellation rate can indicate high patient satisfaction and a well-run appointment scheduling process. On the other hand, a high cancellation rate implies that:
- Patients are not satisfied with the services.
- There was no or minimal communication with the patient before the appointment.
- There are issues with the appointment scheduling process.
Software like LeadSquared, Healthplix and Psycheonline can simplify the appointment scheduling process for patients and healthcare providers. It provides real-time updates on the available slots and reduces the chances of human errors.
Once a patient books an appointment, it is essential to communicate with the patients to build trust with them and help them with any queries they may have before coming for the appointment. LeadSquared can automate patient engagement and reduce cancellations.
8. No-show rate
The no-show rate refers to the number of patients who fail to attend appointments without canceling beforehand.
It’s important to not confuse the no-show rate with the cancellation rate. While the cancellation rate refers to patients who cancel their appointments, the no-show rate relates to patients who simply don’t show up. The reasons for both actions differ, so it is vital to measure them separately.
Research shows that no-shows can go as high as 80% in some healthcare organizations. A high no-show rate can have a significant impact on the efficiency of a healthcare organization, as well as on patient experience.
There are several reasons for no-shows:
- Uncomfortable appointment times
- Age (for example, an old patient who cannot drive) and language are examples of demographic hurdles
- Anxiety related to the procedure, negative news, and doctor disapproval
- Copayments, deductible, and other out-of-pocket charges
To reduce no-shows, you can start by:
- Sending reminders to patients before the appointment
- Communicating with them before the appointment
- Providing the right support for elderly people at the reception
- Educating patients about insurance claims
Care and Treatment Related Metrics
Patients receive the medical care they need in the care and treatment stage. It includes all the steps once the patient has booked an appointment. During this stage, it’s essential to track KPIs that measure the quality of care and the efficiency of your healthcare organization.
9. Wait time
Long wait times at healthcare facilities can be a major headache for patients. That’s why it’s crucial to keep track of the average wait time between check-in and seeing a doctor or provider. This handy metric helps us stay on top of staffing needs, appointment scheduling, and, most importantly, patient satisfaction.
According to a survey, a significant relationship exists between the wait time and patient feedback in terms of rating. The average wait time for organizations with the highest ratings was just over 13 minutes, while it was more than 34 minutes for those with the lowest ratings.
Gathering all the patient data and papers online beforehand and transitioning to an online patient portal may speed up onboarding. Another excellent choice for cutting down on wait times is online check-in. Patients can share all the details required for the appointment like symptoms, concerns, lab reports or previous prescriptions prior to the appointment with online check-ins.
Patient follow-up rate tracks how many patients return for additional appointments or treatments after their initial visit. It gives you a clear picture of how effective the care was in resolving their health issues.
Frequent follow ups ensure that your patients are happy with the care they received and trust your facility for their future needs. On the other hand, a low follow-up rate may lead to adverse health outcomes and even readmissions.
11. Treatment time
Treatment time is another important KPI that measures the efficiency of your healthcare organization. The faster patients receive treatment, the better the outcome. A study showed that the average treatment time for healthcare organizations is around 2 hours, but the best healthcare organizations can provide treatment in under an hour.
Post Treatment Metrics
The patient journey doesn’t end when patients walk out of your healthcare facility. As a healthcare facility, you need to ensure that the treatment and patient experience at the hospital was of the highest quality.
Post treatment metrics focus on collecting feedback from your patients so that you can improve the care you provide.
10. Patient satisfaction
Patient satisfaction is a key KPI that measures how happy patients are with the care they receive. Surveys and feedback forms are great ways to collect this information. According to a recent survey, the average patient satisfaction score for healthcare organizations is around 77%.
You can create a survey about how your patients felt while being treated for, how they would rate their meals, or how long it took doctors and nurses to explain their condition. This type of evaluation will give you insights into the general perception of your hospital’s services and show you which areas can be improved. Furthermore, your patients will feel heard because their thoughts and emotions are taken into consideration, which is an important component of the satisfaction score.
Once you list all the KPIs, the next step is to track them regularly. However, it can be challenging to quickly and easily access data if it is scattered across multiple systems. A healthcare dashboard is a powerful tool that can help healthcare organizations stay on top of their KPIs.
How a Healthcare Dashboard can Streamline Your Reporting
A healthcare dashboard is a visual representation of the KPIs that provides real-time insights into your performance. Instead of sifting through spreadsheets or reports, you can quickly see how well you’re doing in each area at a glance. Not only does this save you time and make it easier to track your KPIs, but it also helps you identify areas for improvement.
LeadSquared offers 100+ ready-to-use dashboards to measure and analyze the KPIs. These dashboards can monitor daily, weekly, monthly, or yearly progress. The click-through feature in reporting is useful to expand information across the healthcare dashboards.
In conclusion, tracking healthcare KPIs is crucial for the success and growth of any healthcare facility. From measuring website traffic to conversion rates, appointment bookings, and patient satisfaction, each KPI provides valuable insights that can help improve operations and enhance the overall patient experience. Regularly monitoring and evaluating these KPIs can drive better business outcomes and contribute to high-quality patient care.
And finally, by using a HIPAA-compliant Healthcare CRM, healthcare providers can streamline their reporting process, making tracking and analyzing essential metrics easier.
To know more, get in touch with our team today!