Over the past decade, the healthcare industry in the United States and worldwide has experienced significant legislative and business model shifts. Due to these shifts, healthcare providers have begun investigating new healthcare measurements, often known as key performance indicators (KPIs), to ascertain if they are up to par.
At Brickclay, we understand the significance of these KPIs in healthcare, and we’ve curated a list of the top 30 Healthcare KPIs. These KPIs empower higher management, chief people officers, managing directors, and country managers to drive healthcare institutions toward delivering quality care.
Importance of Tracking Healthcare KPIs
Understanding healthcare KPIs is the first step toward providing excellent care. These indicators allow healthcare professionals to monitor expansion and identify service weaknesses. The metrics not only help define criteria for providing patients with the greatest possible treatment, but they also assist in doing so.
According to a study published in the International Journal of Environmental Research and Public Health, healthcare organizations that effectively track and manage KPIs experience an average of 25% higher patient satisfaction scores compared to those that do not monitor these metrics.
Monitoring KPIs can help in cost control, strategic expansion of practice, and enhancing patient outcomes. With this information, medical centers may better allocate their personnel and resources.
The Top 30 Healthcare KPIs
Let’s look at the top 30 KPIs healthcare firms should track. These key performance indicators include a wide range of healthcare-related topics, such as patient experience, clinical effectiveness, and cost-effectiveness. Each KPI contributes to the overall picture of healthcare quality.
Patient Experience KPIs
Patient Satisfaction Index
The Patient Satisfaction Index is a comprehensive evaluation of a patient’s opinion of their healthcare provider regarding interpersonal relationships, treatment, and environment. Patient questionnaires are the standard method of evaluation. Contributes to long-term success by boosting repeat business from satisfied customers and word-of-mouth recommendations.
Formula: (Number of Satisfied Patients / Total Number of Surveyed Patients) * 100
Net Promoter Score (NPS)
The percentage of satisfied patients who would suggest the medical center to others is calculated using the Net Promoter Score. Data for this indicator comes from a single question: “How likely are you to recommend our facility to a friend or family member?” A high Net Promoter Score (NPS) indicates dedicated patients will likely spread the word about your business.
Formula: NPS = (% Promoters – % Detractors)
Patient Engagement Rate
The Patient Engagement Rate is a metric used to assess the degree to which patients are involved in and accountable for their healthcare. The percentage of patients actively participating in their care is being measured here.
Formula: (Number of Engaged Patients / Total Number of Patients) * 100
The Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) score is a standardized survey to assess patients’ experiences and satisfaction with hospital care. According to the Centers for Medicare & Medicaid Services (CMS), the average HCAHPS score for hospitals in the United States is around 72-73%, reflecting patient satisfaction levels. It covers topics including how to talk to doctors, handle discomfort, and what it’s like to be in a hospital. Improve healthcare quality by measuring the degree to which patients are happy with treatment.
Clinical Outcome KPIs
The percentage of patients who do not make it through treatment, operation, or hospitalization is known as the Mortality Rate. In the United States, the age-adjusted death rate was 746.4 deaths per 100,000 population(National Center for Health Statistics). It is indicative of the standard of treatment offered by the hospital. Determines how efficient and successful healthcare interventions are.
Formula: (Number of Deaths / Total Number of Cases) * 100
The Readmission Rate measures the percentage of patients readmitted to the hospital within a specified period after their initial discharge. A high rate of readmission may be an indicator of subpar treatment. Poor care quality and a lack of patient understanding might contribute to high readmission rates.
Formula: (Number of Readmissions / Total Number of Discharges) * 100
Average Length of Stay
The Average Length of Stay measures how many days, on average, a patient remains in the hospital following treatment for a certain medical issue. Inpatient hospital stays in the United States had an average length of stay of 5.4 days (Statista). It’s a sign of productivity and wise use of assets. Patient satisfaction rises, expenditures drop, and resource usage rises when hospital stays are shortened.
Formula: (Total Days of Stay for All Patients / Total Number of Patients)
The Complication Rate measures the percentage of patients who experience complications during their treatment or hospital stay. The absence or reduction of complications is indicative of safer, higher-quality care. Reduced risk of complications indicates safer, better care.
Formula: (Number of Patients with Complications / Total Number of Patients) * 100
Operational Efficiency KPIs
Bed Occupancy Rate
The percentage of hospital beds occupied at any particular time is known as the Bed Occupancy Rate. It helps hospitals maximize patient throughput and minimize unused bed space. Both resource distribution and the flow of patients are impacted.
Formula: (Number of Beds Occupied / Total Number of Beds) * 100
The Staff-to-Patient Ratio evaluates how many medical professionals (doctors, nurses, etc.) are available to treat patients. It’s crucial for maintaining high standards of care and the well-being of patients. Patient safety and care quality must have enough personnel levels at all times.
Formula: (Total Number of Staff / Total Number of Patients)
Operating Room Utilization
The percentage of time operating rooms are used is measured by an Operating Room Utilization metric. It measures how well surgical services are organized and how effectively resources are used. Maximizing operating room utilization increases productivity and availability of surgical care.
Formula: (Time Operating Room in Use / Total Available Time) * 100
Patient Wait Time
The duration of a patient’s wait before their scheduled procedure, test, or appointment is quantified by Patient Wait Time. Improving patient happiness and productivity and shorter wait times are a top priority. Patient satisfaction and productivity both increase with shorter wait times.
Financial Health KPIs
Revenue per Patient
Revenue per Patient measures how much money a healthcare provider makes from each patient. The average revenue per patient day for U.S. hospitals was $2,418 (Statista). It is necessary for long-term fiscal health and efficient use of available resources. The financial viability and service standard are improved by optimizing revenue per patient.
Formula: (Total Revenue / Total Number of Patients)
Cost per Case
Cost per Case is a metric used to analyze how much a healthcare provider spends on typical cases of a given medical condition or operation. It’s a sign of prudent spending and productiveness. If you reduce care costs, you can better utilize resources and boost the bottom line.
Formula: (Total Costs for Condition or Procedure / Total Number of Cases)
The percentage of revenue kept as the Operating Margin metric measures net income. Maintaining a profitable business requires an operating margin in the black. A healthy operating margin is required for a business to thrive and expand.
Formula: ((Total Revenue – Total Expenses) / Total Revenue) * 100
Accounts Receivable Turnover
The Accounts Receivable Turnover is a metric used to evaluate how quickly and accurately a business receives client payments. Cash flow and fiscal management are reflected. A higher turnover rate is associated with increased cash flow and financial security.
Formula: (Net Sales / Average Accounts Receivable)
Compliance and Safety KPIs
Medical Errors Rate
The percentage of patients suffering preventable harm due to medical care is reported as the Medical Errors Rate. Errors in the provision of medical treatment can take many forms, including those involving medication, surgery, and other areas of practice. Care quality and patient safety benefit from a reduced prevalence of medical errors.
Formula: (Number of Patients Affected by Medical Errors / Total Number of Patients) * 100
Compliance with Regulatory Standards
The healthcare facility’s compliance with regulatory requirements demonstrates that it follows all applicable laws and policies. This Key Performance Indicator guarantees that the facility operates according to all applicable laws and standards. Maintaining credibility and avoiding legal trouble are also benefits of ensuring compliance.
The percentage of patients contracting infections while in the hospital is reported by the Infection Rate. This key performance indicator helps ensure that hospitals maintain high levels of cleanliness and safety. Patients will feel safer and more satisfied if infections are reduced.
Formula: (Number of Patients with Infections / Total Number of Patients) * 100
Medication Error Rate
Medication errors, such as inappropriate dosing or administration, can have a significant impact on patients, and this is what the Medication Error Rate tracks. Trust and patient safety depend on this key performance indicator. Medication mistakes must be reduced to improve patient safety and confidence.
Formula: (Number of Patients Affected by Medication Errors / Total Number of Patients) * 100
Staff Performance KPIs
Employee Turnover Rate
Employee turnover measures how many healthcare workers (such as nurses, doctors, and administrators) leave a company annually. Problems with staffing and turnover can have an impact on patient treatment. As employee turnover rates decrease, institutional knowledge is preserved, and recruitment expenses are cut.
Formula: (Number of Employees Who Left / Total Number of Employees) * 100
Staff Training and Certification
Healthcare providers, such as nurses and other medical professionals, must be evaluated to see if they have the proper training and qualifications. This key performance indicator ensures professional and high-standard treatment of patients. Care quality and patient safety may be guaranteed with a well-trained workforce.
The nurse-to-patient ratio measures the availability of registered nurses in relation to the number of patients. Nurse staffing levels must be sufficient to ensure the health and well-being of all patients. Nursing staffing levels directly affect the quality and security of patient care.
Formula: (Total Number of Nurses / Total Number of Patients)
Physician Satisfaction Index
Doctors’ levels of contentment in their workplace are gauged using the Physician Satisfaction Index. Improved patient care and lower turnover rates are two outcomes of physician satisfaction. Physicians who are happy in their jobs are more likely to stay with the company and deliver high-quality care.
Formula: (Satisfied Physicians / Total Number of Surveyed Physicians) * 100
Technology and Innovation KPIs
Electronic Health Record (EHR) Utilization
As a metric, Electronic Health Record (EHR) Utilization quantifies the extent to which EHRs are being used to manage patients’ medical records and data. This key performance indicator is critical for enhancing information management, healthcare quality, and choice-making. As of 2023, 59% of non-federal acute care hospitals in the United States had a certified EHR system (Office of the National Coordinator for Health Information Technology). Care delivery is streamlined, patient safety is increased, and data-driven choices are supported when EHRs are used effectively.
Formula: (Number of Electronic Records / Total Number of Records) * 100
Telemedicine utilization measures the share of patient visits handled remotely. It exemplifies the facility’s use of technology to increase patient participation and access to healthcare. The global telemedicine market is expected to reach $185.66 billion by 2026, with a CAGR of 37.1% from 2021 to 2026 (MarketsandMarkets). Access to care is expanded, especially in outlying locations, and patient participation is boosted thanks to telemedicine.
Formula: (Number of Telemedicine Consultations / Total Number of Consultations) * 100
The percentage of the healthcare budget put toward research and development of new technologies is what Innovation Investment measures. This key performance indicator shows the facility’s dedication to remaining technologically competitive and responsive to patients’ changing requirements. Allocating resources to innovation helps hospitals stay technologically competitive and adaptable to the needs of their patients.
Formula: (Innovation Budget / Total Healthcare Budget) * 100
Data Security and Privacy Compliance
Compliance with data security and privacy standards protects patients’ personal information from theft and keeps their faith in the healthcare system intact. Compliance with data security and privacy standards is essential for avoiding breaches, maintaining patients’ trust, and meeting legal requirements.
These 30 healthcare KPIs span several areas of healthcare administration, guaranteeing quality care delivery alongside effective resource management and strict adherence to all applicable regulations. Keeping tabs on these key performance indicators will be critical for healthcare providers in 2024 and beyond.
How can Brickclay Help Delivering Quality Care?
Brickclay serves as a strategic ally to healthcare organizations and their key personas, encompassing higher management, chief people officers, managing directors, and country managers, in their mission to deliver top-tier care by effectively utilizing healthcare KPIs.
To improve patient outcomes, the patient journey, operational processes, optimization, regulatory compliance, and innovation in healthcare delivery, Brickclay equips healthcare leaders with comprehensive data integration, customized healthcare KPI dashboards, and analytical solutions. By working with Brickclay, you can create a healthcare system that improves efficiency and effectiveness and is fundamentally patient-centered, allowing us to provide care that meets and surpasses patients’ expectations.
Contact us today to embark on your journey to excellence in healthcare.