3 key performance indicators you should track in your physical therapy practice

A key performance indicator (KPI) is a kind of measurement that is used to track the performance of an organization, certain aspects of an organization, or employees. Key performance indicators are crucial instruments for anyone looking to strategically improve their physical therapy business. 

There are so many different types of key performance indicators in general. But, when it comes to using KPIs to track performance in a physical therapy type of setting, there are a few common KPIs that many people refer to for data. To learn more about these kinds of key indicators, keep reading here.

What are common types of key performance indicators that a physical therapist should track?

• Internal communications — One of the most common types of key performance indicators that a physical therapist should track is internal measures. This means tracking your employees to measure their performance. Some more specific types of internal communications key performance indicators include employee engagement, feedback, turnover rates and customer satisfaction.

• Operational — Another main kind of key performance indicator is the operational KPI measure. It’s intended to aid leadership in making more informed decisions on operational procedures and policies. It can help give your practice a better competitive edge. Operational KPIs can also provide insight on what to adjust for better daily company efficiency. More specific types of operation KPIs include finances, staffing, manufacturing and marketing.

• Financial — This key performance indicator is such an important measure for every business. It can allow physical therapy owners to not only make better, more informed financial decisions but also to promote the financial security and success of their clinic. Financial measures can be used to examine the current financial health of a business and where there is room to improve. Some examples of financial KPIs include profit margins, working capital, ratios, inventory turnover, seasonality and operating cash flow.

Each of the measures, in addition to others, can be used to measure the overall performance of a physical therapy clinic. It’s best to use them in conjunction with one another. This can give you a bigger picture idea of how your practice is performing, rather than relying on just one or too few measures.

What are the benefits of using KPIs to measure clinic success?

When you use key performance indicators, there are a few different outcomes that you could reach as a result. Using key performance indicators is very beneficial for measuring physical therapy clinic success. To learn more about how key performance indicators can be important to a physical therapy clinic owner wanting to see how their clinic is performing, read the advantages listed below.

• Concrete evidence of progress — Using KPIs means you have solid, trackable evidence to show improvement over a period of time.

• Better decision-making — You can make more informed decisions based on your collected data. Once you collect pertinent information, you can make decisions related to that information and the possible effects of your decisions.

• Create a baseline for change — You can use KPIs to establish a baseline to grow from. They can act as measures for a basis before beginning a journey of growth.

AgileEMR can provide you track key performance indicators for your physical therapy business

AgileEMR is a health care practice management software solution. It’s designed for therapists and created by therapists. AgileEMR officially launched its software in 2013. It’s intended to address the source of common problems that physical therapists and clinicians most often run into with run-of-the-mill clinical EMR systems: None of them were created with physical therapy at the forefront. We conferred with physical therapists and physiotherapy experts when developing our physical therapy-centered software. This was how we could confidently ensure that our software program can meet the demands of this unique health care field. Since its launch, AgileEMR has become used in more than 1 million patient cases by all kinds of providers in the outpatient physical therapy industry. We’re aware that EMR systems are propelling the future of outpatient physical therapy. To learn more, read our blog post about how to grow your physical therapy practice with an EMR system. To see our physical therapy and rehabilitation partners, click here.

Are you a practice owner? If you’re looking for more information on electronic medical records systems or the features of our EMR program, look no further. We’re confident that our program can simplify how your outpatient physical therapy and rehabilitation clinic can keep running efficiently. 

Contact our team today for more information or to schedule a demo to see how AgileEMR can help you streamline your practice’s operations.