Episode 53: You Get What You Measure: Developing a Performance Dashboard for Your Medical Practice

Medical Money Matters with Jill Arena

In this episode, we talk about why it's important to focus on metrics and take the time to develop dashboards for your practice. How else can you reasonably measure the health of your medical practice?

We talk a lot about measuring our patients’ health, and we have some great examples of this: quality dashboards, full chem panels, diagnostic reports. Today, let’s focus on measuring the health of your business. How do you measure that? Do you rely on intuition, or perhaps gauge how things are going based on the level of tension in the room at staff meetings? Well, there's a better way. The old saying goes: "If you can't measure it, you can't manage it." And for good reason. Data and metrics provide a concrete foundation to assess your practice’s performance, helping you make well-informed decisions.

So, think of your practice as a patient. You wouldn't diagnose without tests and data. Similarly, you can’t understand what’s working and what’s not working in your practice without numbers and analysis. Key Performance Indicators, or KPIs, are the vital signs of your practice. These are specific, numerical metrics that provide a snapshot of your practice’s health, pointing you toward areas needing improvement AND areas where you're excelling.
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