Page 21 - HME Business, Jan/Feb 2019

KEEPING PACE WITH HME’S KPIS
The ways providers measure their performance are constantly changing, but HME software is becoming more robust to meet those demands.
By Leila McNeill
AS MORE HME providers explore new business models and develop new revenue sources, running their businesses without monitoring business performance data has become an untenable approach to HME. Fortunately, there are many tools and resources available to help providers track, collect and interpret data, and help them make smart decisions.
A key performance indicator, or KPI, is a broad description of the various quantifiable measurements that HME provider businesses can use to evaluate their success in meeting performance objectives by allowing them to see how close or how far they are from meeting that particular objective. KPIs give detail and context to performance goals by pointing to specific,
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quantifiable factors that contribute to a provider’s success or failure in meeting a goal. For example, if an HME provider doesn’t meet its target revenue, tracking relevant KPIs might help management see exactly what and where the business went wrong.
More than being measurable, KPIs are actionable. Instead of waiting to see whether or not an objective or goal is met, KPIs quickly deliver data that allows providers to make performance adjustments as needed to meet goals. Tracking your business’ KPIs helps you keep a finger on the pulse of the overall health of the business in real-time.
Many types of industries and businesses utilize KPIs to measure their
hme-business.com | January/February 2019 | HMEBusiness 21