KPI stands for key performance indicator, a quantifiable measure of performance over time for a specific objective. KPIs provide targets for teams to shoot for, milestones to gauge progress, and insights that help people across the organization make better decisions.
Generally, performance measures fall into three categories: medication adherence, medication safety, and completion of a medication therapy management (MTM) program for comprehensive medication reviews.Aug 7, 2019
What KPIs are most important?
- Revenue Growth. Sales growth is one of the most basic barometers of success for any business. ...
- Income Sources. ...
- Revenue Concentration. ...
- Profitability Over Time. ...
- Working Capital.
What are the 4 types of performance indicators?
- Workload or output measures. These measures indicate the amount of work performed or number of services received. ...
- Efficiency measures. ...
- Effectiveness or outcome measures. ...
- Productivity measures.
What is a good KPI?
A good KPI has the following attributes: Provides objective and clear information of progress towards an end-goal. Tracks and measures factors such as efficiency, quality, timeliness, and performance. Provides a way to measure performance over time.
What are key performance indicators for a pharmacy?
- Payroll Ratio: The payroll ratio is an expense, but it's also an efficiency measurement. ...
- Net Dollars/Prescription. ...
- Number Rx/Employee Hours. ...
- Dollar OTC/Employee Hours. ...
- Return to stock % ...
- Inventory Turn. ...
- Volume. ...
- Gross Margin per Prescription.
How do pharmacists measure success?
These measures can be based on multiple factors, including quality, improvement/cure, outcomes, adherence, cost, and potentially many more. The measures can also frequently be subjective, based on how the patient feels.Nov 16, 2017
What are pharmacy quality measures?
Quality measures help measure or quantify healthcare processes, outcomes, patient perceptions, and organization structure/systems that are associated with the ability to provide high-quality healthcare and that relates to goals for the healthcare system.May 27, 2020
What is benchmarking in pharmacy?
In a broad sense, benchmarking encourages pharmacists to evaluate their performance on a variety of levels by providing them with a set of measures for making comparisons with peer hospitals and hospitals identified as leaders in the field, or benchmark hospitals.
What are KPIs metrics?
KPIs or Key Performance Indicators are the metrics by which you gauge business critical initiatives, objectives, or goals. The operative word in the phrase is “key,” meaning they have special or significant meaning. KPIs act as measurable benchmarks against defined goals.May 19, 2021
What are the 5 key performance indicators?
- 1 – Revenue per client/member (RPC)
- 2 – Average Class Attendance (ACA)
- 3 – Client Retention Rate (CRR)
- 4 – Profit Margin (PM)
- 5 – Average Daily Attendance (ADA)