Key performance indicators (KPIs) should be simple and useful. Done right they give you a snapshot of your practice and let you know how you are travelling.
Yet, in many practices KPIs are arduous and time wasting.
KPIs done wrong require your staff to spend hours producing pages and pages of figures which they then spend ages dissecting. This is followed by staff meetings where the team sits and desperately tries to extract meaning from the figures.
Many of the commonly-used KPIs are easy to fudge. For example, dollars of revenue generated per hour can be faked up and down depending on what the staff or dentist is trying to show. Case acceptance percentages are very easy to manipulate. Failed appointment statistics can be massaged.
Over the coming few blog posts I’ll give you my take on KPIs. As with everything on this blog it will be made a simple as possible. I’ll give you just the crucial ones that you need to drive your practice forward and I’ll give you the ones that are difficult to fake.
I hope that you enjoy this upcoming series.