There’s no debate that having easy access to the right data makes anyone’s job as a healthcare leader that much easier. However, the operative phrases here are easy access and the right data. And for SNF therapy leaders who already have to wear so many hats, finding the time to know what to measure, how to measure it, and how to analyze that data can be challenging.
What we’d like to do today is help to bring some clarity to the picture. We’ll begin the discussion by looking at the top five key performance indicators (KPIs) that every SNF should start measuring today and then talk about the two things needed to make this all matter.
1. Clinical Outcomes
The number one thing for SNF therapy teams to track is clinical outcomes. In the simplest terms, how good are your teams at achieving the primary goal of great patient care? By tracking these metrics, you gain the ability to compare your facilities internally, benchmark success externally, and identify best practices from each facility you can share network-wide.
2. Average Length of Stay
Nested under clinical outcomes is an extremely important KPI—average length of stay. The better you can understand this metric, the more knowledge you have to better plan and execute treatments and business strategies. This metric allows you to gauge how well treatments are working, clearly see the patient mix you have or may need to aim for, and forecast potential availability in the future. It’s a simple metric, but when you start to break it down by specifics, it can be quite fruitful.
3. Referral Sources
KPIs are not always just about clinical measures and outcomes. Keeping new business coming through the door is paramount for the continued growth and success of a SNF. One of the chief sources of new business is referrals. What’s important here is not to just track total referrals, but to track results by source. This allows you to see where to allocate your support resources, what your strongest referral channels are, and if you’re at an elevated risk from getting too high of a percentage of your referrals from a single source.
4. Patient Satisfaction
Online reviews have quickly grown into the most important referral source for SNF therapy providers. Regardless of whether you choose to use them or not, your prospective patients are. And the quality of your online reviews is most heavily influenced by patient satisfaction. If your patients aren’t raving fans, the raving reviews probably won’t follow.
5. Financial Metrics
The stronger a SNF’s bottom line, the better the opportunity and flexibility it has to offer a higher level of care. What this means is that it’s imperative to keep a close, real-time eye on financial metrics and KPIs. For SNF therapy teams, these are the same KPIs you’ll see heralded in any other industry—in or out of healthcare. Think of things like revenue, expenses, labor utilization, appeals management, etc. Additionally, as the shift to value-based care with PDPM continues, getting a tight grip on these metrics is imperative to survive and thrive in the new landscape.
Making These KPIs Matter
A SNF can measure all of the right KPIs but the value doesn’t come to fruition unless two things are true. Number one—you have a clear and concise way to see the data in real-time. Number two—you’re prepared to convert the findings into meaningful change for your organization.
As you might suspect, number two is solely dependent on number one. That’s why companies like Net Health work so hard to not only help SNF therapy teams collect and aggregate the correct data, but they’ve built an incredible Business Intelligence (BI) dashboard to showcase it. The dashboard seamlessly integrates with existing systems and shows SNFs what they want to see in a way that makes sense and makes it easy to make the right decisions.
If you’re interested in seeing just how Net Health’s software for skilled nursing facilities accomplishes this and how it might be of help to your organization, we’d encourage you to schedule a free demo today.