KPI 101

Let us prepare for KPI 101!

Too often, when a healthcare innovator would demo their solution, they focused on metrics that did not matter to the health plan or the clinician. Metrics like engagement and adherence are always poorly defined.

After patiently watching the demo or listening to the pitch, I always ask, “Who is your target population?” the slew of answers received is impressive. However, one common theme consistently rises, the innovator wants as many lives on their platform as well.

Can you blame them?

More lives equal more money. More money equals happy investors and more development opportunities. Let’s be honest, though; more lives do not always mean better outcomes.

At this moment, you may be saying, “But, Alex, I know exactly which population is the best for my product or solution.”

Do you really know, though? Is this something you have taken years to figure out through research?

What did you do when you had a new idea and, in its infancy, were trying to determine market fit?

For early-stage companies and ideas, it is critical to develop strong key performance indicators (KPIs); these KPIs will help drive your company to the ideal population to establish the best results possible.
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Taking the time to assess and develop Key Performance Indicators will:

Help identify the most critical metrics to measure
Understand metrics that are good to know, but that do not drive success
Not waste your time on unnecessary reporting metrics that create no value

Why do most people fail at KPIs? They approach it from a single perspective and forget many stakeholders that the product or solution will impact.

Do not fear; I have a step-by-step process to support your KPI development. Stay tuned for KPI 101 in the Medtech + Mindset Newsletter.