In a refractive surgery practice, tracking and analyzing key metrics is crucial for driving operational efficiency, enhancing patient satisfaction, and ensuring financial success.

These metrics provide valuable insights into various aspects of the practice’s performance and enable practice owners to make informed decisions and take appropriate actions.

In this article, I will list the value and applicability of several metrics I’ve found to be useful in a refractive surgery practice, discussing what they measure, how practice owners can act on them, and suggesting ways to measure results for each metric.

You don’t need to track all (or any) of these metrics to be successful, but they help demonstrate directional progress towards targets. Along the way, I’ll also suggest some alternative metrics you might find useful to consider.

Here are the metrics:

• Leadership KPIs for refractive surgery practices
  • Employee NPS (Net Promoter Score)
  • Reclaimed Leadership Time
  • Training Hours per Employee
  • Employee Happiness Score
  • Gross Margin
• Administration KPIs for refractive surgery practices
  • Average Customer Resolution Time
  • Number of Complaints
  • Patient Wait Time
  • Administrative Efficiency
  • No-Show Percentage
• Surgical KPIs for refractive surgery practices
  • Patient Satisfaction Score (aka 20/happy)
  • Number of Procedures Performed
  • Surgical Outcomes
  • Surgical Complications
  • Number (or %) of Enhancements
• Clinical KPIs for refractive surgery practices
  • Follow-up Compliance Rate
  • Surgeon Productivity
  • Patient Wait Time
  • Patient Satisfaction
  • NPS (Net Promoter Score)
• Sales and marketing KPIs for refractive surgery practices
  • Number of Assessments
  • Booked Revenue
  • Remaining Pipeline
  • Average Revenue per Patient
  • Sales Velocity

IMPORTANT: I don’t, and wouldn’t necessarily advise, monitoring ALL of these metrics in one practice at the same time. Typically, 3 per area is sufficient. Feel free to choose the ones that you find most valuable, and to change the metrics you track to reflect your current needs and conditions.

Let’s start at the top and look at the Leadership Metrics I like most:

Leadership KPIs for refractive surgery practices

Employee NPS (Net Promoter Score)

Employee NPS aims to measure the overall satisfaction and loyalty of employees within the practice. You can also use “Employee turnover ratio”.

By conducting regular surveys and collecting feedback, practice owners can gauge the level of engagement, morale, and satisfaction among the staff.

A high Employee NPS signifies a motivated workforce, which leads to better patient care and improved business outcomes.

To measure results, practice owners can calculate the average NPS score based on employee responses and track changes over time.

Additionally, qualitative feedback from employees can provide valuable insights into areas of improvement and help shape policies to boost employee satisfaction.

Reclaimed Leadership Time

Reclaimed leadership time quantifies the amount of time practice owners or managers can dedicate to strategic planning, staff development, and business growth.

By delegating operational tasks and optimizing processes, practice leaders can free up time to focus on higher-level activities.

To measure results, practice owners can track the time spent on administrative tasks before and after implementing efficiency improvements.

The goal is to increase leadership time, allowing practice owners to drive innovation, cultivate talent, and explore growth opportunities for the practice.

Training Hours per Employee

Training hours per employee measure the amount of time dedicated to employee development and skills enhancement.

Investing in continuous training and professional development improves employee performance, morale, and overall practice efficiency.

Practice owners can measure this metric by tracking the number of training hours provided to each employee.

Regularly evaluating training hours allows owners to assess the effectiveness of training programs and identify opportunities for further skill development.

Employee Happiness Score

Employee happiness score measures the overall job satisfaction and happiness levels of the practice’s staff.

Happy employees are more likely to deliver exceptional patient care and contribute positively to the practice’s success.

Practice owners can measure this metric through regular employee surveys or feedback mechanisms.

Analyzing employee happiness scores helps identify areas for improvement, address workplace concerns, and implement initiatives to enhance employee engagement and satisfaction.

Gross Margin

Gross margin measures the profitability of the practice by assessing the percentage of revenue remaining after deducting the cost of providing services.

Practice owners can calculate gross margin by subtracting the cost of goods sold (including surgical supplies, equipment, and personnel costs) from the total revenue and expressing it as a percentage.

Monitoring gross margin helps owners evaluate cost efficiency, pricing strategies, and overall financial health.

Regarding financial metrics, there are many more you can choose from, including: net profit, net collections per patient encounter, net collections per physician, retail net sales and cost of goods by product, percentage of cash collections, total operating expenses as a percentage of net revenue, non-provider staffing costs as a percentage of net revenue, case cost per surgical case category, etc.)

Now that I’ve shared 5 Leadership KPIs, let’s turn our attention to the administrative side of the practice.

Administration KPIs for refractive surgery practices

Average Customer Resolution Time

This metric measures the time it takes to resolve customer issues or concerns.

Practice owners should aim to minimize customer resolution time to enhance patient experience and satisfaction.

By tracking and analyzing this metric, owners can identify bottlenecks, streamline processes, and allocate resources more efficiently.

Practice owners can measure the average customer resolution time by recording the time taken from when a customer issue is reported to when it is fully resolved.

Regular monitoring of this metric helps identify areas that need improvement and provides an opportunity to implement strategies to reduce resolution time.

Number of Complaints

The number of complaints measures the frequency of patient dissatisfaction or concerns expressed to the practice.

It is essential to track and address complaints promptly to maintain patient satisfaction and mitigate any potential reputational damage.

Practice owners can measure this metric by recording the number of complaints received within a given time period.

Analyzing the nature of complaints and identifying common themes can help identify areas for improvement and develop strategies to address recurring issues.

Patient Wait Time

Patient wait time measures the time patients spend waiting for their appointments or procedures. Specifically, the admin team may own “wait time from appointment start to start of examination”.

Minimizing patient wait time is crucial for enhancing patient satisfaction and optimizing practice efficiency.

Practice owners can measure this metric by recording the time from a patient’s scheduled appointment to the time they are seen by a healthcare provider.

Regularly monitoring patient wait time helps identify bottlenecks, streamline processes, and improve patient flow.

Administrative Efficiency

Administrative efficiency measures the effectiveness and productivity of administrative processes within the practice.

It encompasses tasks such as appointment scheduling, billing, record keeping, and administrative support.

Practice owners can track administrative efficiency by monitoring key indicators such as the time taken to process paperwork, error rates, and customer feedback on administrative services.

Identifying areas of inefficiency and implementing process improvements can streamline operations, reduce costs, and enhance the overall patient experience.

No-Show Percentage

No-show percentage measures the frequency of patients who do not attend their scheduled appointments or surgeries.

High no-show rates can lead to lost revenue, inefficiency, and disruption of patient flow.

Practice owners can calculate the no-show percentage by dividing the number of missed appointments by the total number of scheduled appointments and multiplying by 100.

Monitoring this metric helps owners identify reasons for no-shows, implement reminder systems, optimize scheduling, and reduce lost revenue opportunities.

Now let’s turn our attention to surgical KPIs.

Surgical KPIs for refractive surgery practices

Patient Satisfaction Score (aka 20/happy)

Patient satisfaction score reflects the level of satisfaction and happiness among patients who have undergone refractive surgery.

It measures various factors, including pre-operative care, surgical experience, post-operative care, and overall outcomes.

By collecting patient feedback through surveys or online reviews, practice owners can assess the quality of patient care and identify areas for improvement.

The results can be measured by calculating an average patient satisfaction score based on the responses received. Consistently monitoring this metric allows practice owners to make data-driven decisions to enhance patient satisfaction, ultimately improving the practice’s reputation and attracting more patients.

Number of Procedures Performed

The number of procedures performed measures the volume of refractive surgeries conducted by the practice.

Tracking this metric is vital for assessing the practice’s productivity and revenue generation.

Practice owners can measure this metric by recording the total number of surgeries performed within a specific period.

Regular monitoring allows owners to identify trends, optimize scheduling and resource allocation, and track the impact of marketing efforts on procedure volume.

Surgical Outcomes

Surgical outcomes assess the success rate and effectiveness of refractive surgeries performed by the practice.

It measures factors such as visual acuity improvement, complication rates, and patient satisfaction with the surgical results.

Practice owners can measure surgical outcomes by analyzing post-operative data, patient feedback, and conducting follow-up evaluations.

Tracking surgical outcomes allows owners to evaluate the quality of care provided, identify areas for improvement, and ensure patient safety and satisfaction.

Surgical Complications

Surgical complications measure the occurrence of adverse events or complications during or after refractive surgeries.

Tracking this metric is crucial for patient safety, quality assurance, and risk management.

Practice owners can measure surgical complications by recording and analyzing data on post-operative complications, adverse events, or patient reports.

Regular monitoring of this metric allows owners to identify patterns, evaluate surgical techniques, implement corrective actions, and enhance patient safety protocols.

Number (or %) of Enhancements

The number or percentage of enhancements measures the volume or percentage of additional procedures or adjustments performed to optimize visual outcomes for patients who have undergone refractive surgery.

Tracking this metric helps practice owners assess the effectiveness of surgical procedures and patient satisfaction.

Practice owners can measure the number of enhancements by recording the total number of follow-up procedures or adjustments conducted.

Analyzing this metric allows owners to evaluate surgical techniques, patient counseling, and long-term satisfaction rates.

Now let’s turn our gaze toward clinical KPIs.

Clinical KPIs for refractive surgery practices

Follow-up Compliance Rate

The follow-up compliance rate measures the percentage of patients who adhere to recommended post-operative follow-up appointments.

This metric is crucial for monitoring patient engagement and ensuring proper healing and recovery.

Practice owners can track this metric by comparing the number of scheduled follow-up appointments with the number of completed appointments.

A high compliance rate indicates effective patient communication and engagement, while a low rate may indicate potential issues in patient education or satisfaction.

Practice owners can take actions to improve the compliance rate, such as enhancing patient education materials, optimizing appointment scheduling, and implementing reminder systems.

Surgeon Productivity

Surgeon productivity quantifies the efficiency and effectiveness of individual surgeons within the practice.

It measures factors such as the number of surgeries performed, surgical outcomes, patient satisfaction, and time utilization.

Practice owners can track surgeon productivity by analyzing surgical volumes, patient outcomes, and feedback.

This metric helps identify high-performing surgeons, areas for improvement, and opportunities for further training or support.

Patient Wait Time

I know I mentioned this in the admin section, but clinicians should also own this KPI. Patient wait time measures the time patients spend waiting for their appointments or procedures. The clinic team, for example, could own “Total cycle time from appointment time to checkout”.

Minimizing patient wait time is crucial for enhancing patient satisfaction and optimizing practice efficiency.

Practice owners can measure this metric by recording the time from a patient’s scheduled appointment to the time they are seen by a healthcare provider.

Regularly monitoring patient wait time helps identify bottlenecks, streamline processes, and improve patient flow.

Patient Satisfication

Again, another KPI that can also be owned by the clinical team is patient satisfaction. Patient satisfaction is a comprehensive measure of how satisfied patients are with their overall experience at the practice.

It encompasses various aspects, including pre-operative care, communication, surgical outcomes, post-operative care, and customer service.

Practice owners can measure patient satisfaction through surveys, feedback forms, or online reviews.

Analyzing patient satisfaction scores helps identify strengths, weaknesses, and areas for improvement.

By focusing on patient satisfaction, practice owners can enhance the reputation of the practice and attract new patients through positive word-of-mouth.

NPS (Net Promoter Score)

NPS measures the likelihood of patients recommending the practice to others. It is a key indicator of patient loyalty and satisfaction. Another way to look at this is “Percentage of patients arising from patient referrals”.

Practice owners can calculate NPS by conducting patient surveys and asking patients to rate, on a scale of 0-10, how likely they are to recommend the practice to others.

Based on their responses, patients are categorized as promoters, passives, or detractors. The NPS is calculated by subtracting the percentage of detractors from the percentage of promoters.

Monitoring NPS helps owners assess patient loyalty, identify areas for improvement, and drive patient referrals.

And now for the final department I’d like to cover, let’s look at Sales and marketing KPIs.

Sales and marketing KPIs for refractive surgery practices

Number of Assessments

The number of assessments measures the volume of patients evaluated for refractive surgery.

Tracking this metric helps practice owners understand the demand for their services and the effectiveness of marketing efforts.

Practice owners can measure the number of assessments by counting the total number of patients who undergo the evaluation process.

Monitoring this metric over time can provide insights into trends and help optimize marketing strategies to attract more potential patients to the practice.

Booked Revenue

Booked revenue represents the total revenue generated from scheduled refractive surgeries.

Tracking this metric helps practice owners evaluate the financial health of the practice and forecast future revenue.

Owners can measure booked revenue by summing up the expected revenue from confirmed surgeries.

Monitoring this metric provides insights into revenue trends, the impact of marketing initiatives, and the effectiveness of the scheduling process.

Remaining Pipeline

Remaining pipeline refers to the number of prospective patients in the practice’s sales pipeline who have not yet undergone refractive surgery.

Monitoring this metric helps practice owners gauge future revenue potential and forecast patient volumes.

Practice owners can measure the remaining pipeline by tracking the number of patients who have completed assessments, but have not yet scheduled their surgeries.

Regularly assessing the remaining pipeline allows owners to implement targeted marketing and follow-up strategies to convert prospects into patients.

Average Revenue per Patient

This metric helps practice owners assess the financial performance and profitability of the practice.

Owners can measure average revenue per patient by dividing the total revenue generated by the total number of patients served within a specific period.

Tracking this metric allows owners to identify trends, evaluate the effectiveness of pricing strategies, and target high-value patient segments.

Sales Velocity

Sales velocity measures the speed at which leads are converted into paying patients or surgeries. It helps practice owners evaluate the efficiency and effectiveness of their sales and marketing efforts.

You can calculate your sales velocity by multiplying the number of opportunities in your pipeline by dollar/pound/euro value of your average deal size and your win rate. Divide the result by the number of days in your typical sales cycle.

Analyzing sales velocity allows owners to identify bottlenecks, optimize the sales process, and allocate resources effectively to accelerate revenue growth.

In summary

Tracking and analyzing these key metrics in a refractive surgery practice provide valuable insights into various aspects of the business, including employee satisfaction, patient experience, operational efficiency, financial performance, and growth potential.

By regularly monitoring these metrics and taking appropriate actions based on the results, practice owners can enhance patient satisfaction, optimize resource allocation, improve operational processes, drive revenue growth, and ensure the long-term success of their refractive surgery practice.