Rehabilitation therapy practices run on data.
From patients to therapists, from employers to payors, and certainly including practice owners—there are many stakeholders who expect to see evidence of that your therapeutic services are effective (or profitable).
Too few practices know how to put that data to use, or even which data to look at. Therapy practices need to use the right key performance indicators (KPIs) to understand and optimize various operational and clinical processes. We’re sharing a few crucial data points to help you get started, and the reporting tools for rehab therapy that can get you started.
What Are Key Performance Indicators and Why Do They Matter?
You can measure the health of your therapy and rehab practice by using key performance indicators.
KPIs are objective, quantifiable, data-driven measures of activities that show the success of your practice—from administrative operations to financial tracking. Data analysis of KPIs over time allows you to create benchmarks for measuring performance, which helps form the foundation for your business intelligence reporting capabilities.
What Metrics Should Your Therapy Practice Be Tracking?
At the end of the day, therapy and rehab practices share a lot in common with any other business.
You’ve got to manage growth, prioritize staff retention and development, and deliver a great customer experience all at once. Making data-driven decisions and evaluating your practice against industry benchmarks requires monthly, quarterly, and annual reporting. Long term success has everything to do with your practice’s operational efficiency.
But then there are specialized needs, that are unique to physical therapy, occupational therapy, and speech therapy. To start, you’re expected to have information ready to be reported to all the alphabet soup agencies that oversee, tax, and regulate healthcare practices. And reporting becomes more complex when you serve multiple age demographics, expand into new states, or offer multi-disciplinary treatment.
So to help your therapy practice get on track, here are three crucial categories of performance metrics to measure, monitor, and make a priority.
- Revenue cycle and billing
- Patient journey and marketing
- Operational KPIs and staff productivity
1. Revenue Cycle And Billing Metrics
Revenue includes income from customers who purchase goods and services—in your case, your customers are patients who seek out treatment, but also private and government payers who provide reimbursement for covered services. With a bit of data visualization applied to your revenue and billing numbers, you can easily spot growth, stagnation, or decay.
Financial performance metrics to track at your practice include:
- Overall clinic revenue and gross margin
- Overhead costs and ROI per month
- Arrival rate vs. cancellations
- Average number of days in AR
- Cost per visit
2. Measuring Marketing and Patient Engagement
By tracking patient data, therapy and rehab practices can determine areas of opportunity for faster patient follow-up, more effective outreach, and stronger provider-patient relationships. Your marketing and patient experience metrics should provide insight into key points of the patient journey, from appointment request or referral to discharge.
The following KPI metrics should help you reach and attract more patients, and retain current ones through the full course of patient care:
- Number of new patient visits (break this metric down further by clinic location or other variables)
- Total cancels and no-shows
- Utilization (the number of visits divided by the total capacity of providers)
- Patient outcomes and survey results (i.e. NPS or Therapy Value)
- Audience engagement on your website and social media platforms
- Conversion rates within patient engagement campaigns (i.e. email or SMS messaging)
3. Operational KPIs and Staff Productivity
Not all KPIs are hard and fast numbers! Alongside tracking clinical performance, it’s important to measure the morale of your staff too—including properly addressing therapist burnout!
While it may be objectively difficult, managing the satisfaction of your employees is essential to driving efficient and effective business decisions regarding staff workloads, clinic capacity, as well as addressing the potential need for additional training.
Important KPIs for operational and clinical efficiency at your therapy business include:
- Employee net promoter score (NPS) and satisfaction levels
- Qualitative information: Are staff happy and engaged with co-workers? Or quickly burning out?
- Case load and patient satisfaction rates per therapist
- Efficiency within clinical documentation and billing workflows (i.e. claim denial management, total DSOs, collective AR, etc.)
The Benefit of Business Intelligence Reporting Tools for Rehab Therapy
Gathering data in your EMR or practice management software is one thing. Can you really use that data effectively to measure success at your private practice?
Business intelligence software bridges the gap between information and action. Powered by algorithms and designed with the user in mind, BI tools help you identify trends in your therapy clinics’ data in order to make better decisions.
Your BI platform may include easy-to-use dashboards, customizable reports, filtered charts, interactive graphs, and other data-rich sources, all working in conjunction to provide the information that fuels the decisions behind business growth and better outcomes. Additionally, you should be able to dig into data sets to find and address areas for improvement.
By tracking KPIs with a business intelligence tool, it’s easier to strategically support the long-term success of your SLP, OT, or PT practice.
Is Your Practice Held Back by Limited Reporting?
From revenue projections and financial planning to conversion tracking and lead-to-patient reports—you need an all-in-one platform that allows you to gain complete visibility and control over your growth.
With Raintree, you can employ the most flexible and powerful business intelligence platform designed for rehabilitation therapy. Our software brings together data from across business domains, bringing actionable insights to the right stakeholders. That means adjustable data points, customizable user access, interactive reporting features, plus…
- Drop-down menus
- Drill down and calculated field filters
- Compliance alerts and notifications
- Configurable dashboards with cross tab views
- Data separated by financial class, case type, or key payors
- and so much more!
Raintree: The Platform for Outpatient Rehab Therapy
Doesn’t your therapy and rehab practice deserve a chance to make delivering therapy easy, efficient, and more engaging? If you’re ready to learn more about our secure, simple BI and reporting tools, let’s get started! Schedule a free discovery call with us today.