What is a KPI?

In my business, I am a huge fan of using KPI’s with regards to how the practice, and specific employees, are operating.  When I talk about KPI’s I can tell, usually by the looks on people’s faces, that many don’t know (and understand) what a KPI is.  In fact, this became a trending link on Facebook last week.

KPI’s, short for Key Performance Indicators, are simply defined as values that demonstrate how a company is achieving key business objectives.  Businesses use KPIs to evaluate their success with top-level KPIs focusing on the overall performance of the business and low-level KPIs focusing on processes in a single department or employee.

What KPI’s should you be tracking?  Simple answer is track the KPI’s that are the key numbers that drive your business.  A more in-depth example is what we measure weekly in my practice: Visits, Evaluations, Referrals, Collections, Accounts Receivable, Cancellations.

Monitoring these KPI’s quickly tells me if my business is on track to achieve the goals set.  These KPI’s are also reported by each of my clinic and department managers to ensure their office/department is operating as expected.

KPI’s are an integral aspect of my clinic management team and is a core aspect of PT Clinic Metrics coaching program.

Do you know the KPI’s of your practice?  If not, Click Here to schedule a FREE consultation to learn more!

Andrew Vertson, PT, DPT, ATC
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