Top 5 KPIs Every Practice Manager Should Track (And How to Use Them)

What are KPI’s? KPIs are Measurable metrics that track business performance. Key Performance Indicators (KPIs) are the critical (key) quantifiable indicators of progress toward an intended result. KPIs provide a focus for:

  • Strategic and operational improvement
  • Create an analytical basis for decision making
  • Help focus attention on what matters most.

Why KPIs matter: They help identify strengths, weaknesses, and areas for improvement. Key Performance Indicators:

  • Determine Impact
  • Demonstrate Value
  • Manage Resources

You don’t need to be a data nerd to love KPIs. You just need to care about improving your practice with facts-not feelings.
Here are 5 KPIs every PM should be tracking:

Revenue per Appointment – How to calculate: (divide the total revenue generated from appointments by the total number of appointments scheduled). For example, if you have $10,000 in revenue from 500 appointments, your revenue per appointment is $20 ($10,000/500).
Are you charging appropriately?

  • Are you charging appropriately?
  • Are wellness visits pulling their weight?

Staff Utilization Rate – How to calculate:(divide the total number of billable hours by the total available working hours, and then multiply by 100 to express it as a percentage.) For example, if an employee has 40 available working hours in a week and 32 of those hours are billable, their utilization rate would be 80% (32/40*100).

  • Are techs doing tech work-or stuck cleaning kennels?

Average Client Transaction (ACT) – How to calculate: (divide the total revenue generated by the number of transactions completed).

  • This tells vou how well vour team is educating clients about care. Is it consistent?