Few healthcare organizations have an effective, centralized business dashboard. Their data is split up between various departments and housed on separate systems and documents. This makes it difficult for executives and decision-makers to see the organizational big picture: how the company is performing, where work is bottlenecking, and what problems need to be addressed. Ultimately, this impedes the business, slowing the decision-making process and preventing effective financial, operational and clinical changes from being made.
The only true way to make data-driven decisions that deliver real, tangible results is via a detailed, thorough business dashboard, one that houses all organizational data and KPI metrics in a single, easy-to-access location. This allows data to be seen holistically rather than disparately, so that more effective decisions and changes can be implemented.
How a Dashboard Can Help Healthcare Organizations
A thorough, detailed business dashboard is an integral part of any healthcare organization. Not only does it allow executives to monitor important KPI metrics, observe performance data and track revenue, it also gives companies and medical providers the information they need to make necessary improvements. Through this, they can better serve patients, shorten wait times, decrease readmission rates and progress toward providing higher quality care.
Additionally, in an industry that’s constantly in flux with changing regulations, fluctuating market prices and varying patient needs, a great business dashboard can help organizations stay organized, keep abreast of industry-wide trends and stay on track for organizational goals and objectives.
5 KPI Metrics for the Healthcare Business Dashboard
Whether it’s a hospital, a private healthcare provider, a pharmaceutical company or an insurer, a business dashboard can help any organization in the healthcare industry stay on a forward-moving trajectory. In order for a business dashboard to truly do its job, however, the organization must first select the proper KPI metrics to track and monitor with that dashboard.
While every organization has a unique set of needs and goals, the following KPI metrics are typically the most crucial in the healthcare sector:
1. Admission Rates
How many people came into the facility or sought treatment during a set time period? Are those numbers trending up or down compared to last month, last year or 10 years ago? This data can give organizations the information they need to make changes across a number of departments. If admissions are on a decline, they can up their marketing budget in an effort to draw in more patients, or consolidate staff positions to save money in the meantime. If admissions are trending upwards, they can hire new employees, purchase additional equipment, and implement more efficient systems that will allow the organization to cope with the increased number of patients.
This data can also be used to track organizational performance against statewide and national trends. As many governmental organizations publish state and national healthcare admissions averages, execs can easily compare their data with these numbers, and see how they’re measuring up in the industry at large.
2. Patient Wait Time
How long do patients have to wait (on average) between check-in and getting seen by a provider? How do these wait times differ by department? This data can give admins the power they need to make decisions regarding staffing, equipment and check-in processes. If the ER wait time is 20 minutes longer than the average surgical wait time, then this could indicate a need for additional staff or assistance in the ER wing. It could also mean check-in processes need to be changed, or current staff members aren’t as efficient as they should be. Regardless, it can give execs the data they need to make changes that shorten wait times and better serve their patients in the long run.
3. Readmission Rates
How many patients returned to the facility shortly after they were seen? How do these rates differ between departments? This data can shed light on quality-of-care issues. High readmission rates could mean a number of things: the department isn’t spending as much time with each patient or treating them as thoroughly as they should; the provider or providers in the department aren’t as educated or experienced as they need to be; or the department is understaffed and needs additional assistance. In any event, this data can power important organizational and departmental changes that can improve patient care significantly.
How many patients were referred out to other providers or facilities? Referrals are a direct revenue loss for healthcare organizations. When a patient is sent elsewhere for care, that’s money in another provider or company’s pocket. It also decreases the patient’s satisfaction and makes them unlikely to return for repeat business. In the healthcare field, referrals need to be monitored closely. New specialized employees and providers can be hired, additional equipment can be purchased, and other changes can be made so that patients no longer need to be referred out, but can be cared for immediately and directly in the facility.
5. Patient Satisfaction
How did patients rate their stay, their service or their provider? How were their meals? How was their follow-up care? All of this data provides valuable insight into the organization. Low patient satisfaction indicates that serious changes need to be made, either in staffing, training or the facility itself. Patients with an unsatisfactory experience are unlikely to return, nor will they refer friends or family to the facility. It’s a double-whammy that can seriously hurt an organization’s bottom line. Patient satisfaction should always be a top priority for any healthcare organization, and any noticeable declines in this metric need to be remedied swiftly.
For healthcare organizations, these five KPI metrics are crucial to a comprehensive business dashboard. Looking for a business dashboard for your company? Try our free business dashboard platform now, contact us to learn about customized software solutions today.