OptimisPT Workshop Wrap-Up: “KPIs: Making Metrics Less Scary”
By: Jennifer Heiligman, PT, MPT
In May of this year, we were very pleased and privileged to have had Mike Horsfield, the current President of the Private Practice Section (PPS) of the American Physical Therapy Association (APTA) as a guest speaker for our Workshop Series being offered by OptimisPT. In addition to his current role as PPS President, Mike is also the CEO of Rock Valley Physical Therapy, a private practice with 50+ locations in Iowa and Illinois and an adjunct faculty member in the DPT programs for St. Ambrose University and the University of Iowa. He is also co-founder and a current board member of the Midwest Therapy Network.
Metrics and analytics play a huge role in being able to determine how your business is performing. Within PPS Mike started the KPI Benchmarking Initiative approximately 5-6 years ago. KPI stands for Key Performance Indicators. These metrics are quantifiable measurements that help determine a company’s achievements by comparing them to the metrics of other companies in the same industry. As Mike indicated in his presentation, collecting data for your practice is important, but it does not tell the whole story until you compare it to the data of other practices. The KPI Benchmarking Initiative aims to collect data from a select number of practices in order to then be able to analyze it all together to develop baseline measures and indicators of what success looks like within our industry.
During Mike’s Workshop presentation he discusses the importance of this data to the success of private practices. He also includes what some of those data points are that should be collected in order to help you evaluate the success of your practice. He discusses embracing the feedback from the metrics instead of viewing them as punitive. Use them to your advantage. If you are in the private practice sector of rehab therapy, this information is essential in helping you run your business successfully.
Would like to learn more, but missed the live workshop? No problem. You can watch the workshop recording by clicking on this link KPIs: Making Metrics Less Scary.
If you are interested in learning more about the OptimisPT Workshop series please visit our website OptimisPT.com. From the website you can register for upcoming workshops and view recordings for past workshop sessions.