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Key Performance Indicators beta test

Submitted by Guest on Thu, 03/09/2015 - 19:30
in

A beta test version of the KPI report [requires 1.8] is attached. I would like feedback on which stats should have a period-to-period % change show. [Please don't say all - there are some 37 statistics and with 4 periods displayed - so that is another 3x37=111 fields to add to the report.]

The current stats shown (for the specified period and 3 prior periods N months prior) are:

My candidates to have period-to-period % changes shown are highlighted in the above.

Any feedback/comments/suggestions appreciated.

Regards, Tim G

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Re: Key Performance Indicators beta test

Submitted by tgething (not verified) on Fri, 04/09/2015 - 16:06.

I have just updated the file attached to the above post.  The new version includes the period-to-period % changes for the highlighted stats.  It also has the typos in the explanatory text fixed.

Regards, Tim G

Re: Key Performance Indicators beta test

Submitted by PeterG on Sat, 05/09/2015 - 14:23.

Tony Thelander of Valuvet has generously contributed his ideas on KPI's.

Included are those that he wants to see when evaluating a practice and also his methodology of taking a 12mth report every month which gives him a 12 month picture that changes slowly as time goes by.

This is an exerpt from his email reply to my request for his views on essential KPI's. Many thanks to him for his contribution.

Primary data

  1. Turnover (ex GST)
  2. # active clients
  3. # new clients
  4. # invoices

By calculation of above

  1. % new clients
  2. # client visits
  3. Average client spending
  4. Average invoice

Secondary data

  1. # active patients
  2. # new patients
  3. % new patients

I calculate a ‘monthly year’s creeping average’ for all of the above so I am always comparing a year with a year but calculated monthly.  I look for trends and can react accordingly within a month if necessary.

Re: Key Performance Indicators beta test

Submitted by tgething (not verified) on Sat, 05/09/2015 - 17:08.

Pete - thanks for this.  Some comments and questions:

  1. Turnover (ex GST) If this is defined as "The annual sales volume net of all discounts and sales taxes." then we have this - we call it 'Total Billed' - ie the ex-GST sum of invoices less credits plus adjustments.
  2. # active clients - got it - but that my definition of 'active' is functionally "client's active flag is set".  ie my definition is 'client is on the books'.  However, it is probably beneficial to also include 'count of distinct clients seen' - ie the number we did business with.
  3. # new clients - got it
  4. # invoices - got it

By calculation of above

  1. % new clients - we show not % new, but rather % change - ie we include the clients lost.
  2. # client visits - humm - what is a client visit. We count patient visits - ie if Mr Smith brings in Fido and Rover, we count 2, not 1.
  3. Average client spending - what is defined as?  Could be Total Invoices/Total active customers, or Total Invoices/Count of distinct customers seen.  Which is needed?
  4. Average invoice - got it

 

Secondary data

  1. # active patients - got it
  2. # new patients - got it
  3. % new patients - we show not % new, but rather % change - ie we include the patients lost

 

Pete - can you get me an answer to item 7.

I find it interesting that the debtors situation is not included in the above list. I would have thought that the payment delay and outstanding debtors numbers were reasonably important.  I also would have thought that the discount data was of interest.

However, thanks very much for the input.

 

Regards, Tim G

Re: Key Performance Indicators beta test

Submitted by PeterG on Sat, 05/09/2015 - 22:22.

I think your list looks pretty good Tim. It was good to see what the pro's like to see when evaluating a practice. Would be good to see if others in the industry use the same numbers.

I think the average spend  would just be the Gross income/ Number of invoices even though this would technically be different from the average spend per visit in some cases (where costs are accumulated on an invoice which is sent out e.g. monthly).

Re: Key Performance Indicators beta test

Submitted by tgething (not verified) on Sun, 06/09/2015 - 16:24.

OK - will add in "Distinct Customers Seen in period", this/"Active Customers" as a %, and also "Total Billed"/"Customers Seen".

It will be interesting to see, for a 12 months period, what the ratio of "Distinct Customers Seen in period" to "Active Customers" is. In a general practice (where everybody should be coming in for their annual vaccinations even if they are fit as a fiddle) this number should be close to 1.

I think that I will also add a 'Number of prior periods" parameter: 0 means just the specified period, and can be 1,2, or 3 to compare with up to 3 prior periods.

At the moment if you want the last 12 months data, because of the 'fixed 3 prior periods" the report processes 4 years worth of data.

 

Re: Key Performance Indicators beta test

Submitted by tgething (not verified) on Sun, 06/09/2015 - 18:59.

It is done - now available in the Resource Library.

Regards, Tim G

Re: Key Performance Indicators beta test

Submitted by PeterG on Sun, 06/09/2015 - 23:49.

Thanks Tim,

I think that it is always going to be to be able to extract this data whether it is for outside consultants or as an aid for clinic managers to to keep a finger on the pulse.

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