Health Care Agency Management Software play a bigger role in measuring performances.The metrics not only showcase the scope of improvement, but they help you align with the goals that you have set in your annual business meetings. Setting SMART goals lets your business focus on the important tasks and ensure your team meet targets as desired.
What are SMART Goals?
As the name suggests, the acronym SMART stands for – Specific, Measurable, Attainable, Realistic, and Timely.
SMART goals are inevitable for your team as well as for your business as they help you forecast the roadmap for growth and improvement in performance. Tracking KPIs and recognizing your team members motivates them to achieve more and derive results.
Here are 7 Important KPIs Every Home Care Provider Should Track
- Quality standards of care
If a client is satisfied and happy, you are sure to get more referrals from them. So, it is evident that you should set a goal and track performance to improve the quality of care given to your clients.
- Client satisfaction ratio
As a home care business owner, you need to make certain that your clients are satisfied with your services and keep your business as your priority when it comes to availing of home care services. You need to set methods for tracking the satisfaction ratio. Here, nursing and home care management software can help you track your client satisfaction levels. Also, good communication goes a long way. As far as you are transparent and open with your client, you are good to go! You can take client feedback via surveys as well or a feedback form.
You can set goals for increasing referral rates, getting reviews online, reduce or eliminating negative reviews – these are a few KPIs you can set to measure client satisfaction.
- Client visits by caregivers
One of the ways to increase the quality standards of care is to track KPIs for caregiver performance, one of them being timely visits to clients. As a home care business owner, you need to ensure that caregivers can access their schedules with ease and track clients’ location from the nursing and home care agency management software. After all, it is the caregiver’s duty to provide exceptional care to the clients by paying visits on time.
Tracking client visits is also important for compliance reasons. It helps the patients and caregivers steer clear of any scam while taking care by having proof of visits. A nursing and home care agency management software tracks each visit easily.
- Complaints from clients
While we aim to get positive reviews from clients, a business may also receive complaints from their clients occasionally. Hence, a plan of action to avoid such scenarios should be formulated in advance. You can start by keeping track of the number of complaints received over a specific period to determine the causes of complaints and then work on the solutions.
For instance, your business might not be able to give the level of care as promised during busy hours. Tracking such incidents and then understanding their cause helps to devise a strategy to minimize these occurrences.
- Business Growth
To grow your business, you need an efficient sales team and KPIs are required to measure the success of the team.
- Client Acquisition
As a home care provider, to increase the revenue of your business, you need to get more clients. And it is usually taken care of by an expert sales and marketing team. You can get an idea of your financial performance by monitoring your client acquisition strategy. It sets the base for taking important decisions of business expansion such as hiring more caregivers or getting more resources, capital, etc.
Also, tracking this metric helps when you are implementing a sales and marketing strategy and understanding the campaign’s performance and its effectiveness for acquiring new clients. You can also determine the cost incurred for gaining one referral by calculating the number of clients acquired and the money spent on a particular referral source.
- Invoices
Every home care agency will track its incoming and outgoing invoices and payments to get an idea of how the business is performing at present. It also helps to make financial projects for the quarter, bi-annual or annual period. You can also get a sense of how your prices are competitive against other providers in the home care industry.
- Active clients
As we mentioned earlier, the client satisfaction ratio is of utmost importance. So, by tracking the number of clients that are active, home care providers can evaluate the performance of caregivers. The fluctuations between gaining and losing clients are important to study for utilizing missed opportunities and minimising client turnover.
- Revenue
The gross revenue of your home care business reflects how much money you are making from your business. This metric helps to determine if you need to make any changes in your prices or fees. A monthly income statement is ideal to track annual revenue. It helps to understand the cash flow.
- Retention of caregivers
Caregiver turnover rates can make or break your business. So, it is important to retain your caregivers. You can attain maximum level of client satisfaction only if your caregivers are satisfied and happy with their work. So, caregiver retention impacts your home care business’s success.
Wrapping up
So now you know that tracking the above-mentioned KPIs can help your home care business to reach milestones of success and give you a competitive advantage in the industry. As a Nursing and Home Care Agency Management Software Provider, we are committed to helping home care business owners in attaining business growth and manage caregivers effortlessly.