How Performance Indexing Can Better Target Qualified Healthcare Executives

A performance index is a quantifiable measurement of work performance in pursuit of a specific goal. Key Performance Indicators (KPIs) can be used to measure success in several areas across an industry. Performance indexing is widely used in many different businesses, usually as a means to measure worker efficiency and financial success. Performance indexing can also be used in staffing and hiring decisions when targeting healthcare executives.?

Healthcare companies and staffing agencies regularly use performance indexing to assess the productivity and efficiency of healthcare settings like hospitals. This is highly useful on a day-to-day basis, as it helps healthcare providers optimize their practices.?

Performance indexing gives companies and staffing agencies objective metrics by which to assess healthcare executive candidates. In addition, this further streamlines and improves the staffing process in many ways. Here is how performance indexing can be used to help fill healthcare executive jobs.

Performance Indexes for a Healthcare Executive

To understand how performance indexing helps to identify qualified executives, it helps to understand what KPS the healthcare industry uses. How does a performance index actually measure healthcare executive candidates?

Financial Metrics

There’s no question that financial balance is critical to any healthcare company. Performance indexes can provide easily quantifiable assessments of a healthcare facility’s financial performance. Metrics like average treatment charge, cost per discharge, and insurance processing times (to name a few) all provide a glimpse into financial performance.

Healthcare companies can examine any of these metrics on their own to get a sense of which areas need improvement. Or, they can examine a range of financial metrics together to get a big-picture view. In either case, these metrics can be used in multiple ways. Healthcare companies can measure their own financial KPIs against others to identify qualified candidates for their executive healthcare jobs.

Efficiency Metrics

Staffing agencies can use efficiency metrics to measure how smoothly a healthcare facility operates. Some key metrics in this category include medical staff error rate, patient cancellation rate, readmission rates, and patient wait times.

Efficiency metrics are essential in healthcare management. Minimizing inefficiencies in the workplace is the mark of a skilled and qualified manager.?

Additionally, performance indexing for efficiency can be especially practical for healthcare executive jobs. Healthcare companies can use these metrics to identify areas where they struggle with efficiency. This allows them to target executive candidates who are uniquely suited to optimize performance in these areas. When applicable, healthcare companies may even create new executive positions to oversee certain operational areas.

Operational Metrics

Operational metrics will vary depending on the type of healthcare facility in question. These metrics include things like medical equipment usage, average duration of patient stay, and room turnover rate. Obviously, not all of these metrics apply to every healthcare environment. But being able to quantify operations can help healthcare providers assess if their facilities are adequately equipped to meet the needs of their patients.

This also enables healthcare companies to identify executive candidates whose expertise matches their own operational demands. For instance, a senior care facility will have different operational needs than a general hospital. While there is some crossover, performance indexing makes it easier to focus executive job searches only on relevant operational areas.

The Importance of Hiring the Right Candidate for Healthcare Executive Jobs

At Highmark Recruiting Solutions, connecting healthcare organizations with only the best executive candidates is the top priority. Performance indexing is one of the key ways that Highmark achieves that goal. Highmark takes the time to identify each client’s unique needs and company culture before connecting them with executive candidates. Contact Highmark today to learn more about how we use performance indexing to find ideal candidates for executive healthcare jobs.