#180: Tactical Tuesday: Using KPIs to Measure Business Success

04/13/21 • 17 min

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast discusses digital analytics and the role of key performance indicators (KPIs). He defines these two terms and how they impact a company’s bottom line. He also highlights three categories for selecting the right KPIs to track business success.

3 KEY POINTS:

Through digital analytics, companies can track massive amounts of data on internet users, including demographic information and online activity.
KPIs are measurable values demonstrating whether a business is achieving its key objectives. These “endpoints” often fall under three categories: increasing revenue, decreasing costs and increasing satisfaction.
KPIs should be simple, relevant, timely and useful.

EPISODE HIGHLIGHTS:

Digital analytics is the collection and analysis of information about a business.
KPIs demonstrate if you and your business are moving in the right direction. They provide a measurable value for accomplishing your key business objectives.
There are three categories to consider when it comes to setting up KPIs. These include increasing revenue, decreasing costs and increasing satisfaction.
Increasing revenue is impacted by the number of leads and qualified traffic on your website. You can boost revenue by upping the number of orders or increasing product price.
Reducing costs means reducing expenses, minimizing process complexity and decreasing the time it takes to deliver your product or service.
Increasing satisfaction is achieved through increasing stakeholder engagement, including customers, investors, employees and partners.
According to cognitive psychologist George Miller, an average person can track and remember up to five - plus or minus two - elements. Therefore, consider starting with three KPIs to get started.

TWEETABLE QUOTES:

“Know what your key business objectives are.” - Jason Duprat

“Pick KPIs that matter the most to your business.” - Jason Duprat

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

OVERVIEW:

3 KEY POINTS:

Through digital analytics, companies can track massive amounts of data on internet users, including demographic information and online activity.
KPIs are measurable values demonstrating whether a business is achieving its key objectives. These “endpoints” often fall under three categories: increasing revenue, decreasing costs and increasing satisfaction.
KPIs should be simple, relevant, timely and useful.

EPISODE HIGHLIGHTS:

Digital analytics is the collection and analysis of information about a business.
KPIs demonstrate if you and your business are moving in the right direction. They provide a measurable value for accomplishing your key business objectives.
There are three categories to consider when it comes to setting up KPIs. These include increasing revenue, decreasing costs and increasing satisfaction.
Increasing revenue is impacted by the number of leads and qualified traffic on your website. You can boost revenue by upping the number of orders or increasing product price.
Reducing costs means reducing expenses, minimizing process complexity and decreasing the time it takes to deliver your product or service.
Increasing satisfaction is achieved through increasing stakeholder engagement, including customers, investors, employees and partners.
According to cognitive psychologist George Miller, an average person can track and remember up to five - plus or minus two - elements. Therefore, consider starting with three KPIs to get started.

TWEETABLE QUOTES:

“Know what your key business objectives are.” - Jason Duprat

“Pick KPIs that matter the most to your business.” - Jason Duprat

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

Previous Episode

#179: Miriam Paramore: Elevating Healthcare through the Power of Information

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks with Miriam Paramore, President and Chief Strategy Officer of OptimizeRx, architect and leader of the US Healthcare Efficiency Index, and author of certain provisions in the Affordable Care Act. Miriam talks about her entrepreneurial journey and shares insight on networking and how to best meet customer needs.

3 KEY POINTS:

Miriam identified a need in the market for regulation on healthcare, legislated the technology formats and standards for the exchange of data, and set up privacy and security rules around those formats and standards.
Take the time to develop relationships with people and lead with value because people do business with people they like.
Have a solid idea, assemble people you know and trust, and figure out your product-market fit. Well-thought-out business plans with strong management teams are more likely to get funded.

EPISODE HIGHLIGHTS:

As a programmer and solutions designer, Miriam built and led several companies and now, she’s an investor.
She also launched her own consulting firm because she saw a need for setting up HIPAA privacy rules. As a consultant, she wanted to help the healthcare industry digest convoluted data.
Her mission is to leverage the power of information to improve the US healthcare system.
Miriam took time to volunteer at nonprofits to develop relationships, which she believes is the key to business networking.
She encourages entrepreneurs to volunteer. Provide a service, do something good with your life and contribute.
When it comes to knowing your customers - take time to understand their value and how they get the money for their purchases - and then align your story so they want to buy your solution.
In order to scale an idea into a company, you need two things: a team and capital.
Ultimately, consumers and businesses don’t care how fast or techy a product is. They just want their problems solved and their needs met.
If you don’t know the answer, find someone who does know or ask. Be willing to be wrong and adjust.
As the President of OptimizeRx, Miriam oversees the company’s enterprise platform for health communications and care management with a focus on medication affordability and adherence.
Miriam relates software development to her one-button microwave theory. Engineers tend to add all sorts of functions to new products but consumers don’t utilize them. Keep it simple.
Leverage your product-market fit to support sales. Be intellectually curious and then scale and grow.

TWEETABLE QUOTES:

“It’s in your own best interest to be nice and genuinely interested.” - Miriam Paramore

“If you have an entrepreneurial zeal, just try.” - Miriam Paramore

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

OptimizeRx Website: https://www.optimizerx.com/
Miriam Paramore on LinkedIn: https://www.linkedin.com/in/miriamparamore/
“Blitzscaling” by Reid Hoffman and Chris Yeh: https://www.blitzscaling.com/
Malcolm Gladwell’s website: https://www.gladwellbooks.com/
Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea

Next Episode

#181: Dr. Kenneth Dion: A Boundary Spanner & Entrepreneurial Catalyst

OVERVIEW:

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks with Dr. Kenneth Dion, Assistant Dean for Business Innovation and Strategic Relationships at the Johns Hopkins School of Nursing. He shares tips for entrepreneurs as he talks about Decision Critical, Inc. from its foundation to its acquisition. He also discusses his role at Johns Hopkins promoting intellectual property, revenue creation and catalyzing change.

3 KEY POINTS:

When opportunities present themselves, you have to walk through the door. You need to listen to your gut. There are signposts along the way and they will help point you in the right direction.
The healthcare industry needs competent (not compliant) professionals. Decision Critical filled that gap and brought the synergy model of nursing together by tracking in-depth information about clinicians.
It’s okay to do well while doing good. If you make some money, do some philanthropic work. You have the opportunity to move your profession forward.

EPISODE HIGHLIGHTS:

Consultancy is a great opportunity for aspiring entrepreneurs to be exposed to a variety of different experiences.
Conduct an environmental scan and understand what the end-user really wants. And if regulation can help to drive a revenue stream for your business, go for it.
Delivering a great product while maintaining great customer service can be a challenge but it’s important for the growth of a startup.
As the President and CEO of Decision Critical Inc., Dr. Dion built a learning management system. Competitor systems were closed and he provided a revolutionary open-source system by partnering with content vendors. He also led the way for healthcare professionals to create and publish an electronic professional portfolio.
Thanks to technology, marketing is easier to do today but pay attention to quality in order to best support growth strategies and do your due diligence on salespeople.
On transitioning after the sale of a company: keep flying the plane and get outside counsel, including someone you trust and a great attorney.
During his sabbatical, Dr. Dion realized he wanted to give back to the profession that had been good to him.
He was invited to join Johns Hopkins School of Nursing because of his entrepreneurial mindset.
As the Assistant Dean, Dr. Dion considers himself a boundary spanner who catalyzes people.
Dr. Dion believes nurses are in a great position to solve problems in healthcare. His advice is to surround yourself with people who know a different domain to build a great team.

TWEETABLE QUOTES:

“Slow to hire, quick to fire.” - Dr. Kenneth Dion

“Stay involved... be a philanthropist and a great leader.” - Dr. Kenneth Dion

CONNECT WITH JASON DUPRAT:

LinkedIn | Facebook | Instagram | Youtube | Facebook Group

RESOURCES:

“A Journey into the Heroic Environment” by Robert Lebow: https://www.amazon.com/Journey-Heroic-Environment-Revised-Expanded/dp/0761509046
“The Art of the Start” by Guy Kawasaki: https://www.amazon.com/Art-Start-Time-Tested-Battle-Hardened-Starting/dp/1591840562
Sigma Theta Tau: https://www.sigmanursing.org/
National Student Nurses’ Association: https://www.sigmanursing.org/
Dr. Kenneth Dion on LinkedIn: https://www.linkedin.com/in/kenneth-dion-0b44901/
Dr. Kenneth Dion on Twitter: https://twitter.com/kennethdion
Dr. Kenneth Dion on John Hopkins School of Nursing’s faculty directory: https://nursing.jhu.edu/faculty_research/faculty/faculty-directory/kenneth-dion
Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
Do you enjoy our podcast? Leave a rating and review: https://lovethepodcast.com/hea