6 Healthcare BI Analytics KPIs You Should Be Watching
Key Performance Indicators (KPIs) for hospitals and medical facilities, unsurprisingly, differ quite a bit from KPIs for “traditional” businesses. Still, that doesn’t mean healthcare administrators can’t accurately track their Business Intelligence (BI) analytics performance. On the contrary, professionals in the medical field should pay close attention to a number of vital KPIs that reflect internal performance and patient care. Though this list is by no means comprehensive, here are six BI analytics KPIs worth following closely:
Wait Times/Room TurnoversIn business, time is money. In the healthcare sector, though, a few moments here or there could very well mean the difference between life and death. Therefore, it’s of particular importance for hospitals to measure the wait times for emergency room visits. On a broader scale, it’s also a wise idea to track how quickly your organization turns over rooms/beds. In one sense, medical facilities need to run at peak efficiency, yet a high turnover rate coupled with high readmittance could indicate a problem.
Insurance Claim Time & CostAll healthcare centers should keep tabs on the number of claims denials they experience –– as well as the overall cost for each patient’s treatment. For one, monitoring claims denials and claims processing times should grant insight into how much time your team spends on clerical paperwork. Naturally, the less time spent in this regard, the better. In addition, determining the average claim cost could help explain the difficulty (or lack thereof) a team experiences in dealing with claims.
Follow-Ups & ReadmissionsSome patients may only need to visit a healthcare facility once, and they may not require further attention or check-ups. However, it often behooves healthcare professionals to follow up with patients outside of the hospital. Furthermore, readmission rate is a KPI administrators should follow closely because frequent readmissions could be a sign of a significant internal issue.
Medical MistakesEveryone makes mistakes. Rather than ignoring medical errors or mistakes, though, the best centers track them and strive to eliminate (or greatly reduce) them. Ignoring errors won’t help your team avoid them in the future!
Patient Well-BeingReadmission rate, treatment-success rate, mortality rate, and overall population health all help to define the well-being of your patients. Since patient safety and health is the number one priority for medical facilities, this KPI should take precedence in your workplace.
Patient SatisfactionSeparate from patient safety, patient satisfaction is, nevertheless, an important KPI. Short wait times, simple claims processing, and exceptional treatment all influence how satisfied patients are when they visit a healthcare center. By breaking this KPI down into some of the base forms we’ve outlined above, medical facilities can determine how to improve the way their operation functions. Paying close attention to KPIs will enable medical professionals to introduce productive measures like hiring more staff or sending out automated follow-up emails at opportune times.
Doctors, nurses, and other healthcare staff work extremely hard to provide the best treatment possible to their patients. Fortunately, focusing on the right KPIs can lead to actionable solutions to problems they face every day. At Amitech, we specialize in data analytics for the healthcare industry, and we’re ready to help your organization right away. Contact us here to get started.