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?