There are hundreds of different KPIs you can implement into your practice. You could KPI everything, track everything, monitor everything... but why would you do this?
You'll end up with a lot of results, a very stressed manager/owner, and nothing in the practice will change.
So how do you set KPIs that reflect your practice goals and direction and help your practice grow?
You use the SMART principle.
You need to be clear in what exactly you are measuring.
Ensure you discuss each KPI with the team members it involves, ensuring all your team members understand what you are trying to achieve and why.
The KPI has to be measurable.
It can be measured against time, percentage, quantity, etc
This will enable you to have an actual value comparable to the targeted value.
Example: X amount of New patients "Booked" during one calendar month.
Make sure your targets are achievable.
Nothing is more discouraging than striving for a goal that you will never obtain. A good practice is moving the benchmark higher after achieving your target three months in a row.
What are you hoping to achieve from the KPI? How will this knowledge improve the practice?
Always keep the practice's long-term strategic plan in mind and ensure the KPIs reflect the relevant information to direct practice decisions.
In what time frame are you measuring? Weekly? Monthly? Annually?
It is important to state the value of the KPI in time and put parameters around it to control variables.
Focus on 5-7 KPIs that reflect the direction you're wanting your practice to grow. Remember that a practice that fails to measure and track its KPIs is effectively flying blind when making business decisions as it doesn't have the figures to find early warning signs or indications of declining practice performance. Likewise, a practice that is trying to track everything, will achieve nothing.
Does your practice need a Health Check? Book your call today and find out how Virtual Dental Management can help you set, measure, and analyze your practice KPIs to ensure optimal practice growth!