The Top Four Clinical Metrics

What do clinics and carwash shops have in common? They both use a performance metric system. Yes, every business operation today across all industries now requires the use of scorecards and other performance measuring tools. This is because everything in business that consumes time, effort, and money should be measurable. If you cannot measure your business, how then can your business be possibly profitable? The true risk of a business is not on knowing the threats but on knowing the immeasurable. Good thing, clinic managers found a friend in clinical metrics.

Fortunately, for clinic managers, there are ways to figure out the measurable aspects of operating a clinic. There is a way of knowing over-inventory and under-inventory. There is a way of knowing whether the medical facility is sufficient for the number of served patients or not. There is a method of knowing whether the treatments are successful or not. There are ways of determining whether an upgrade of medical equipment is a priority or not. And there is even a system to identify the clinic’s compliance to health insurance and accreditation requirements.

Metrics for clinical operations, in short, are manners of knowing the good and the bad of the business. Normally, managers would take out the bad, then change or improve it. But most of the time, the managers enhance the good and spend additionally to make it more beneficial. In using metrics for evaluating the performance of a clinic, there are different types that managers can use. The four types of metrics for clinics focus on such major aspects as medical, health insurance, medical supplies, and health care facilities.

The health care industry may be a broad industry to deal with. But, measuring the medical aspect of a clinic is simple. Government and accreditation bodies even require clinics to have a uniform set of key performance indicators just to standardize the measuring schemes. However, some clinics may provide special services to specific markets. Therefore, there is a prudent need for custom-tailored key performance indicators. Some of these custom KPIs include infection control and waiting times for the patients. Major metrics deal with clinical administration, patient satisfaction and services, emergency services, and financial operation. Sample metrics may include such aspects as clinic negligence, death within one month of surgery, readmission to hospital within a month of discharge, and death within a month of bypass surgery.

The second metric type deals with health insurance. It is an important aspect since the business involves patients whose health and well-being are at risk. This aspect centers its attention on the customer. And it can cover finance, operations, customers, and services. Sample metrics are new business premiums, IRR on new business, external funds under management and operating profit.

The metrics on medical supplies do more than just evaluating inventory. They also encompass the review on drug expiration, proper shelving, or keeping of medicines, appropriate administration of drugs, and reasonable prices for medicines, and other supplies. Sample metrics may include product range, market diversification, vendor contracts, and manufacturer representation.

The existence of medical supplies and qualified staff will be useless without the proper health care facility. It typically measures customer perspective, and social accountability. In short, the clinic itself reflects the quality of service.

When buying a clinical metrics system, it is imperative then to look for these four major indicators. Surprisingly, all of these four metrics are available as a bundle or package. Knowing what your metric system should measure will give your clinic the edge to improve and excel.

Medical Metrics: A Perfect Method to Optimize Performance of a Health Care Organization

Lots of profitable corporations are using the balanced scorecard system nowadays with the purpose of improving their performance and identifying the most urgent problems that prevent them from becoming more efficient and successful. However, the BSC system is not meant for corporate use only. In fact, there is an increased need for implementing metrics in other spheres of human activity and medicine is not an exception here. The efficacy and significance of the balance scorecard system should not be underestimated, so it surely makes sense to introduce and track medical metrics for the benefit of this industry.

What you should realize is that designing a trustworthy metrics system in the field of medicine can have lots of positive results. Thus, it can lead both to the improved efficacy of treatment methods and increase of patients’ trust. As a result, this will be reflected in the enhanced quality of human life. Isn’t that something we should strive for? I bet, it is!

Professionalism of doctors, by the way, can sometimes depend upon the system of metrics as well. The more advanced the technology of implementing indicators is – the higher their performance will be. This is because their ability to diagnose patients and prescribe the most suitable treatment is frequently affected by the adequacy and reasonability of introduced metrics. In the long run, doctors will be able to save their precious time in order to cure more people.

The system of measuring metrics is implemented in different fields of medicine these days. However, there are certain problems associated with this painstaking and time-consuming process. In most cases, these failures are the result of the insufficient knowledge of the measurement system and lack of experience. Furthermore, not all organizations manage to identify those areas that require assessment and some of them are not aware of the most significant BSC basics.

Nowadays, we can differentiate between five major groups of metrics that can be implemented in different fields of medicine. These are simple medical indicators, health insurance metrics and those related to medical supplies, dental practice and health care facilities. As far as the development of this industry often requires quick introduction of key performance indicators, there is a need for assessing its numerous functions. Thus, the following KPIs will be of great help here: wait times, level of patient satisfaction, infection control etc. The same indicators may be applicable to the “Medical supplies” category.

Health insurance is another important group that should be considered when it comes to the sphere of medicine. All criteria here should be analyzed with regard to such perspectives as operations, finance, services and customers.

It is not a secret that metrics reveal the basic success issues, which generally depend on conditions and essence of the industry they are related to. As far as health care is concerned, the following dimensions are worth considering: customer perspective, social accountability, operations and financial perspective.

Management of dental sphere is closely associated with the field of medicine as well. Metrics that are used here can help define weak and strong points of a certain dental practice. KPIs that matter in this area are viewed with regard to 4 main perspectives, namely customer, financial, operational efficacy and internal processes.

Health Metrics is Good For Business

Jobseekers would normally look for a company that offers competitive salary packages and reasonable benefits. Health metrics are among the considerations they take before signing a contract with any firm. This is because though health is a basic need, it is likewise regarded as the most important benefit that an employee gets from his or her employer. No worker would want to end up in a company where the health and safety of its employees is not a priority.

It must be understood that a healthy employee is more likely to become a productive worker. Thus, for the part of the business owner, it is just appropriate that he or she orders human resources personnel to find a comprehensive and affordable healthcare coverage for all employees. Also, experienced businessmen attribute the success of their companies to manpower. They know that getting the right people for the right jobs is not an easy task. But it is a fact that companies need highly qualified employees to achieve its goals. One more thing is that the competitive corporate world today increases the possibility of losing talented workers. Employees always have the chance to look for better paying firms. Therefore, it is a challenge for business owners to keep quality employees under their wing. Giving them proper care by ensuring their health is definitely a good measure.

Providing employees healthcare benefits may not appear expensive for companies. The truth is, getting a health program for a group is cheaper as compared to individuals. Take note though that companies should decide carefully on what kind of health benefits they wish to give their employees. There must be planning wherein goals are set. Experts say healthcare is still the best cost-effective measure that any business can give to pay back employees for their service. There are many health plans that companies may choose. The common ones include traditional, Health Maintenance Organization (HMO), and Preferred Provider Organization (PPO). Companies may offer either one of these three options. However, there are also firms that provide all three programs to their employees.

The traditional health program is known for its flexibility. Employees in this plan are free to consult any doctor of their choice or visit any hospital and receive treatments, provided they are under coverage. However, this is expensive compared to other health plans. An HMO, on the other hand, is not flexible. But this option is cheaper. In this program, employers will pay a fixed fee per worker enrolled in the program. The HMO creates a network of physicians and hospitals. Employees only get to visit doctors and hospitals that are members of the HMO. Meanwhile, the PPO is similar to HMO, only that such do not have restrictions. PPO is becoming a popular option nowadays. Like HMO, PPO comes with a group of doctors and hospitals. But the nice thing about PPO is that physicians and hospitals outside the organization may still be consulted. Higher payments, however, will be required from employees if doctors and hospitals are not PPO members.

In conclusion, employees can offer several health metrics their workers. Remember to take care of the health of your employees since this is essential to their productivity and your business as well.