You can’t manage what you can’t measure. What key parameters shape the core of your chiropractic practice? Patient visits, retention, revenue, accounts receivables — the range of vital numbers is extensive.

We are not talking about bookkeeping or accounting. We are referring to the Key Performance Indicators (KPIs) of your chiropractic practice. If you are operating your chiropractic clinic without the benefit of KPIs, you are not performing at the top of your game!

KPIs Explained

So what are KPIs for a chiropractic practice?

KPI stands for Key Performance Indicator. It’s a measurable value that demonstrates how effectively your practice is achieving key business objectives. KPIs are crucial metrics that help you understand operational performance, make informed decisions, and work towards your goals like increasing patient base and revenue, or retaining more patients.

1. Cancellation No-Show Rate

Cancellation and No-show Rate is a key performance indicator that allows you to analyze the number of patients who miss their scheduled appointments. It provides insights into the rate at which patients either cancel or fail to show up for their appointments. A high cancellation no-show rate can have a significant impact on your clinic’s revenue and disrupt the scheduling efficiency.

What it indicates: By tracking this KPI, you can identify patterns and trends in patient behavior, allowing you to implement strategies to reduce the no-show rate. This may involve optimizing appointment reminder systems integrated with chiropractic software, implementing stricter cancellation policies, or improving patient communication. Ultimately, managing the Cancellation No-show Rate is crucial for maintaining a well-organized and financially stable chiropractic practice.

2. Accounts Receivable

Accounts Receivable is a fundamental key performance indicator that provides insights into the financial health of your chiropractic practice. It refers to the outstanding payments owed to the clinic by patients and insurance companies for services rendered.

 What it indicates: Monitoring the Accounts Receivable KPI allows you to track the overall effectiveness of your billing and revenue collection processes. A high accounts receivable balance may indicate delayed payments, billing errors, or challenges in the revenue cycle management.

 By analyzing this KPI, you can implement strategies to optimize billing procedures, improve claims processing, and enhance communication with patients regarding outstanding balances. Effectively managing the Accounts Receivable KPI ensures a steady and timely inflow of revenue, contributing to the financial stability and success of your chiropractic practice.

3. Patient Visits

Patient Visits is a crucial key performance indicator that allows you to monitor and analyze the number of appointments made by patients, providing insights into the overall activity and engagement level within your chiropractic clinic.

 What it indicates: Tracking Patient Visits helps you understand the demand for your services, identify peak appointment times, and assess the effectiveness of marketing efforts. A consistent and growing number of patient visits often correlates with a healthy and thriving practice.

By focusing on this KPI, you can optimize scheduling, allocate resources efficiently, and tailor your services to meet the evolving needs of your patient base. Additionally, analyzing trends in patient visits over time enables you to make informed decisions for practice growth and improvement.

4. New Patient Visits

The New Patient Visits key performance indicator is a vital metric that allows chiropractors to monitor and assess the number of first-time appointments in their clinic. This KPI specifically focuses on tracking the influx of new patients seeking chiropractic care.

 What it indicates: Analyzing New Patient Visits provides valuable insights into the effectiveness of your marketing strategies, communication efforts, and overall patient acquisition methods. A steady and growing number of new patient visits indicate a positive trend in expanding your patient base and increasing the visibility of your chiropractic practice within the community.

 By understanding the dynamics of new patient visits, chiropractors can tailor their marketing campaigns, outreach initiatives, and services to attract and retain a diverse range of individuals seeking chiropractic care for the first time. This KPI is instrumental in gauging the success of your practice’s efforts to reach and connect with potential patients.

5. Patient Recall Rate

The Patient Recall Rate is a pivotal key performance indicator (KPI) that addresses the crucial aspect of tracking and reengaging patients who may have dropped off from care. Many chiropractic offices overlook the significance of implementing a robust strategy for patient recall, potentially missing out on opportunities to reconnect with inactive patients.

What it indicates: Patient Recall Rate indicates the percentage of patients who return for follow-up appointments or treatments, reflecting the effectiveness of a chiropractic practice’s strategies to engage and retain patients over time. A higher recall rate suggests successful patient retention and ongoing care.

 Amazingly, a patient recall system integrated with chiropractic software where patients receive automated reminders to schedule an upcoming appointment can be the factor that reduces the number of inactive in your patient database. Setting up a patient recall system is not only simple but also aligns with the preferences of patients who appreciate the convenience of digital communication.

Utilizing the right practice management tools, chiropractors can harness the potential of the Patient Recall Rate KPI to foster patient retention and ensure a consistent flow of appointments..

6. Money Collected

Money Collected is a fundamental metric that provides insights into the financial health of your chiropractic practice. This KPI focuses on tracking the overall revenue generated and collected by your clinic over a specific period.

What it indicates: This metric aids chiropractors in assessing the effectiveness of their revenue generation strategies and identifying areas for improvement, such as:

• assessing the efficiency of billing and payment processes within the clinic.
• identifying any outstanding balances or overdue payments,
• identifying different services or procedures that are generating more profits.
• peak revenue periods or potential seasonal variations.

A modern billing solution integrated with chiropractic EHR software that can automate the billing and coding process will help you avoid claim denials and increase collections from insurances.

7. Outstanding Claims

Outstanding claims serve as a crucial KPI in evaluating the financial health of a chiropractic practice. This metric measures the total value of claims that have been submitted to payers but remain unpaid or partially paid. It also shows the amount paid or to be paid by the patients. Here’s a breakdown of its significance:

• A higher number of unsettled claims can result in delayed or reduced revenue, affecting the clinic’s financial stability.
• Monitoring outstanding claims provides insights into the efficiency of the revenue cycle management process. A well-optimized billing system, supported by chiropractic software, can help minimize outstanding claims by ensuring accurate submissions and prompt follow-ups.
• It helps in identifying potential issues with specific insurance providers and strategizing to improve reimbursement rates.
• Outstanding claims are often categorized based on their aging, reflecting the duration for which they have remained unpaid. Tracking the aging of receivables provides a snapshot of the practice’s ability to collect revenue promptly.

By considering outstanding claims as a KPI and leveraging chiropractic software functionalities, practitioners can proactively manage their revenue cycle, optimize billing practices, and ensure the financial success of their chiropractic practice.

8. Patient Feedback and Ratings

Monitoring patient feedback and ratings offers valuable insights into the patient experience. Positive reviews signify satisfaction and quality care, contributing to patient loyalty. On the flip side, negative feedback pinpoints areas for improvement, guiding the practice towards enhanced services. 

Actively managing online reviews is paramount in the digital age, influencing a practice’s online reputation. Engaging with patient feedback demonstrates transparency and commitment to patient-centric care, fostering trust. Additionally, positive reviews serve as organic marketing, attracting new patients through word-of-mouth referrals. 

By considering patient feedback as a KPI, chiropractic practices can benchmark against competitors, identify improvement areas, and ensure continuous enhancement in services. Prioritizing patient satisfaction contributes to a positive online presence, patient retention, and sustained growth for the practice.

9. Payment Per Visit (PPV) = Total Collections / Total Patient Visits

This is the average revenue collected per visit during a period of time (month, quarter, year). 

 How much money do you make per visit? Is this number increasing or decreasing? If this number is decreasing, can you identify why?

 Payment per visit plays a pivotal role in assessing the financial health of your chiropractic practice. It provides valuable insights into the average monetary returns associated with each patient visit.

 A detailed analysis is crucial to identify contributing factors. This analysis may involve a deep dive into pricing structures, an evaluation of service utilization patterns, or the identification of operational inefficiencies impacting the revenue generated per visit.

10.  The Patient Follow-Up and Post-Treatment Care 

This KPI assesses the effectiveness of your chiropractic practice in providing ongoing support and communication with patients after their treatment sessions. It measures the quality and consistency of follow-up procedures designed to enhance patient outcomes and satisfaction.

Directly linked to patient outcomes, Patient Follow-Up and Post-Treatment Care KPI influences the level of satisfaction patients experience. Effective follow-up care contributes to positive treatment outcomes, reduced post-treatment issues, and an increased likelihood of patients adhering to recommended care plans.

Conclusion

Becoming a data-centric business enhances both patient care and operational efficiency. zHealth chiropractic software facilitates this transition by providing concise data points and reports, empowering practice owners with the necessary insights to make informed decisions and successfully accomplish their objectives.

 Ready to learn more about zHealth chiropractic software. Book a free demo today!