The Most Important Health KPI Metrics
One of the main drivers of the high healthcare costs in the U.S. is overspending in healthcare organizations. Recent research by the Centers for Medicare & Medicaid Services shows that healthcare spending has increased by 6.4% to reach $1,270.1 billion.
As a healthcare provider, you can play a role in reducing the healthcare costs in your facility. A good place to start would be to track KPI metrics to ensure you’re providing the best possible care efficiently.
Healthcare KPIs will help you measure your organization’s performance and processes to identify areas that you should improve. As the saying goes, “if you can’t measure it, you can’t improve it.”
In this post, we’ll tell you the most important KPI metrics that you should track to ensure you’re meeting your objectives.
Patient Satisfaction Rate
One of the most important KPIs you should track is the patient satisfaction rate.
Patient satisfaction is a measure of how well you’re meeting the needs and expectations of your patients. Many factors can contribute to patient satisfaction, such as quality care and communication.
To track this KPI, you can use tools like patient satisfaction surveys to gather feedback from your patients. You can use this information to identify areas where your organization is falling short. You can then take steps to address any issues that are causing dissatisfaction among your patients.
As an allied healthcare provider, you can also leverage case management tools like iinsight. The tool will help you manage different patients and ensure they’re getting proper attention.
You can learn more about how iinsight can help you offer care to your patients for more satisfaction.
Patient Wait Time
Another important KPI to track is patient wait time. This metric measures the amount of time patients have to wait before seeing a healthcare provider.
Patient wait time is essential because it can directly impact patient satisfaction. In fact, long wait times are one of the top reasons patients leave healthcare facilities.
To track patient wait time, you can use a simple stopwatch or timer. The time will record the amount of time it takes for patients to be seen from the moment they arrive at your facility. You can also ask your staff to keep track of this information and report it to you.
Bed Occupancy Rate
Your healthcare organization should also track the bed occupancy rate. This KPI measures the percentage of beds that patients have occupied at a given time in your facility.
The bed occupancy rate can help you determine whether your facility has enough beds to meet the needs of your patients. If your bed occupancy rate is too high, this can negatively impact patient flow and increase wait times.
To measure the bed occupancy rate, you can track the number of beds occupied on a daily or weekly basis. With this metric, you can determine whether you need to add more beds.
Hospital Readmission Rate
This healthcare KPI measures the number of patients readmitted to the hospital within a certain period after being discharged.
Hospital readmissions are essential to track because they can affect your facility’s bottom line. The more patients you have to readmit, the more it will cost you.
Tracking this KPI metric is vital because it will give you insight into whether your facility is administering quality care. If the readmission rate is too high, there might be problems such as overloaded staff.
The problems could make it challenging to offer quality care to patients. But, you shouldn’t use this metric alone to measure your care quality.
Average Treatment Cost
This KPI measures the average cost of treating a patient from the time of admission until they’re discharged. This metric is important because it can help you determine whether your facility is providing high-quality care at a reasonable price.
It’s also an indicator of whether the treatments in your hospital are efficient and effective. You can measure the average treatment cost in terms of the cost of treating one individual. Alternatively, you can measure it in terms of how much you spend treating all your patients in a given period.
Average treatment cost is one of the KPI metrics in healthcare that can help you measure how well you’re attaining your objectives related to cost reduction.
Rate of Claims Denial
The claims denial rate is one of the most vital KPIs in healthcare. It measures the percentage of claims that insurance companies deny within a given time period. This is a crucial KPI because it can help you determine whether your billing processes are running smoothly.
If your claim denial rate is too high, this could indicate issues with claim submission and coding. To track this metric, you can use your facility’s billing records to track the number of claims that insurance companies deny.
The Number of Medical Errors
This KPI measures the number of adverse events that occur while patients are under your care. Adverse events can include hospital-acquired infections, medication errors, and surgical errors.
By tracking the number of medical errors, you can identify potential problems in your facility and take steps to correct them. You can use hospital discharge records or electronic medical records to track adverse events.
Staff to Patient Ratio
This metric measures how many patients each member of your staff is responsible for, on average. This helps you determine whether there are enough members of your staff to handle the workload.
The staff-to-patient ratio can also help you identify potential problems with staffing levels. The metric will indicate how well your hospital meets its objectives related to offering quality patient care.
A greater ratio will show that your facility can provide better and more personalized care to your patients.
Track KPI Metrics and Improve Your Facility’s Performance
There are several important KPI metrics that your healthcare organization should track to improve the quality and efficiency of care. The ones discussed in our article are some of the most important. Start tracking KPIs to ensure your organization’s continued success and growth.
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