The rapid rise of digital marketing has impacted industries and changed the way they conduct business, and the world of healthcare and physical/occupational therapy are no exception. Competition in the field has increased and it has become tricky to capture more market space and retain patients. Collecting and analyzing data is a meaningful way to track pain points and see what is affecting the bottom line. It is important to not just collect data but to use that data to improve performance in clinics overall.
Tracking and measuring metrics is a great way to create goals for growth or modify current business practices. It is also useful for identifying where money is being lost and allocating the right resources to improving those areas. Most medical practitioners do not have a surplus in their yearly budgets for extensive marketing campaigns or to institute new programs and identifying pain points guarantees that resources are being allocated to where they are most needed.
Collecting data is a good start but properly analyzing those metrics is necessary for this practice to have any value.
Step 1: What are you measuring?
Collecting and tracking clinic metrics is important for long-term success because data can be highly valuable, but not all data is created equal. It is time-consuming to measure all possible KPI’s so the focus should be on what is most important to the overall goal of the clinic. Metrics should be clear and simple, drive the strategy of the organization, and help make decisions, so it is important to first define the metrics.
Metrics to Measure:
- Patient Satisfaction Metrics
- Revenue Metrics
- Billing Metrics
- Marketing & Sales Metrics
- Clinician Productivity Metrics
- Referral Data Metrics
- Employee Satisfaction
Step 2: Analyze the data accurately
The increased use of electronic medical records (EMR) has improved methods of monitoring, assessing, and analyzing patient information. However, the data collected must be examined and interpreted in the right context for it to be of value. It is the responsibility of the overseer of the facility to manage this step.
- Have a clear goal for the data to streamline analysis
- Don’t ignore issues outside the scope of data
- Collect enough data for the big picture, too small of sample size can affect the results of the analysis
- Pay attention to missing data – this can also skew results
Step 3: Formulate a strategy
There is no one-size-fits-all guide and each metric will require its own strategy. Some solutions are simple, such as cutting back costs if the clinic is overspending in a certain area but issues like patient retention or patient attrition will require a more complex plan. Instituting patient engagement technologies, like AC Health can facilitate better follow-through after patients have left the clinic. This improves communication between the patient and therapist and can help patients recover better because they are staying on track with their therapy exercises.
Step 4: Communicate the plan
The only way to get things to change after collecting and analyzing the data is to effectively communicate with staff and bring them up to speed on the new plan of attack. However, it is most effective if the plan is conveyed in a non-accusatory manner that doesn’t leave staff feeling at fault. Metrics help get everyone on the same page because it is hard to argue with data and facts. Everyone on staff must be dedicated and working towards the same overall goal to improve performance in PT/OT clinics.
While patient care will always come first in a therapy clinic it is still important to have a thriving business so therapists can provide the best care. Measuring metrics allows managers to create the best actionable strategies for the problems identified in the analysis. AC-Health can be a solution for many patient engagement problems and increase patient retention in a crowded market.