KPI stands for Key Performance Indicator — a title that is pretty self-explanatory. Businesses need to understand what they’re doing right, and what they could do better. That’s where KPIs come in handy — they help businesses track specific metrics and areas of performance. This is done by utilizing KPIs to measure their performance or metrics and observe, analyze, optimize and transform their services or processes. KPIs help to measure the progress of your facility and demonstrate where it is most successful, as well as where it is lacking the most.
KPIs can be used by business owners and strategists to compare their success to other businesses in the area as well, or find areas of improvement. KPIs open the door to greater success for businesses, and this certainly includes dental practices.
The specific KPIs that are tracked and monitored at your dental practice will be unique to the practice itself. Every business has a unique collection of assets, as well as unique challenges that depend on their environment, customer base or even the services that they offer.