My core metrics are split by each clinic and include the number of referrals, total provider days, gross revenue and average daily revenue (gross/provider days). I compare each metric to the previous year. Included in the core metrics is a recommendation on the number of days to work by each specialty and in each office in the coming year. In general each 10% increase in patient referrals requires 5% more days. I don't act on a change in a referral pattern in an office unless it's off by more than 10% in 2 consecutive quarters
We are a referral based practice so I analyze how many (by quarter), to which office (4 sites) and from which referring practitioner. We also divide each by specialty type. I’ve found that 20% variation is normal in referring practitioners. For each specialty, variation as little as 5% variation per quarter is more common. For generalists, I would recommend total patient encounters or total active patients (patients seen in the last 2 years) as a core metric.
The number of minutes waited in the office calculated from the time of the appointment until check-out and the number of days waited for different appointment types.
Our office uses block booking. I calculated the mean/stdev of the time from appointment creation to actual appointment (we ensure each block of patients is a normal distribution). This measure is accurate retrospectively. For a prospective calculation, we also measure time to an opening for a block on two consecutive days.
Total cost to run the clinic (including depreciation and bad debt but excluding capital and taxes) as a percent of revenue. Variation of less than 5% is normal over an entire practice but individual groups can vary widely. For variable expenses I also analyze the budget as costs per provider days.
We determine where patients are coming from calculated as a rate per 10,000 population. In primary catchment areas less than 10% variation is normal and in secondary catchment areas 20-30%.
Voluntary Employee Turnover
Our goal is less than 5% turnover per year. Each lost employee is calculated as a fraction of an FTE based on days worked in the previous year. Total employee bank is calculated as total days worked divided as a fraction of FTE’s. We consider 4.5 days per week one FTE. Last year our turnover was <1%.
No Show Rate
Our goal is less than 5%
Most of the data has been automated over the last 5 years so I can expand the analysis each year. It usually takes me about 8 hours to get the preliminary data together and another 8 hours to analyze and complete the report. For a mid-sized clinic it’s time well spent.