The healthcare industry is one of the fastest-growing industries thanks to all the technological advancements taking place in the medical field. Some of the top drivers of this growing industry include clinical trials, medical device manufacturing, health insurance, telemedicine technology, etc. In order to survive in this growing industry, healthcare companies need to stay at the top of their game in terms of efficiency and productivity. Along with providing excellent products, services, and care, these healthcare companies also need to ensure that they have strong goals and frameworks set in place that can guide them towards their desired success. This is possible with the help of OKRs.
In this post, we will take a look at what Objectives and Key Results (OKRs) are, their key benefits, and examples of 10 amazing OKRs for healthcare that you can modify and implement to suit your business needs.
Table of Contents
What is OKR?
Objective and Key Results (OKRs) can be described as a goal-setting framework that enables businesses to boost their efficiency and productivity and achieve greater success. This goal-setting strategy can be used for personal purposes as well. The OKR framework works on the principle of having an objective, i.e., ‘what’ you want to achieve, and having 2-3 key results, i.e., ‘how’ you can achieve that objective.
The standard format followed while developing OKRs is:
We will ________ (objective) ______ as measured by _______ these (key results) ______.
One thing to keep in mind is that your key results should have numbers in them so that they can be measured. This in turn will help you to determine your progress towards achieving the specific objective. The ideal scoring format for key results is using a scale of 0 to 1 with 0 being the lowest and 1 being the highest. Scores less than 0.4 means that you need to reevaluate your OKRs.
Key OKR Benefits
Some of the key benefits of OKR include:
- It is fairly easy to create OKRs, and since they are measurable, it gives you an accurate picture of how close or far you are from your goal.
- With OKRs in place, you can streamline your focus on the key objectives and commit yourself to achieve them.
- OKRs is a bi-directional process that allows both the leaders and teams at different levels to better collaborate and set up the objectives and key results.
OKRs in Healthcare
For healthcare providers, the primary objective is to provide top-notch patient care with high quality and low costs. OKRs enable these healthcare businesses to focus better on what is important, such as improving patient satisfaction rates, discovering new ways to promote the patient’s health, etc. By measuring the key results, businesses can get a clearer picture of where they are lacking and which are their strong areas.
By implementing the OKR framework, healthcare companies, be it a primary clinic or multi-specialty hospital, can efficiently provide high-quality and quick medical services. There are several benefits of using OKR software by healthcare businesses, such as a better success rate of improving the patient’s condition, establishing lifestyle management programs, reducing the count of chronic diseases, etc.
Top 10 Examples of OKR for Healthcare
As mentioned earlier, healthcare is a fast-growing industry with several challenges, innovations, and technological advancements cropping up on a regular basis. By establishing OKRs, healthcare organizations can easily adapt to these rapid changes and stay ahead of their competitors. So, without further ado, let’s take a look at the top 10 OKR examples for healthcare.
Objective: Increase the operation efficiency of the hospital
Key Results:
- Increase the average rate of bed occupancy from 75% to 85% by the end of Q3.
- Increase the utilization rate of medical equipment from 70% to 85%.
- Maintain the gross profit margin at 40%.
Objective: Build a strong and experienced team of healthcare professionals
Key Results:
- Interview 15 applicants for surgeon openings
- Boost the average participation rate for professional development through 5 Continuing Education Units (CUEs) in Q2.
- Develop 5 on-site training programs in Q3.
Objective: Boost and improve the patient satisfaction rate
Key Results:
- Decrease the time of waiting for patients from 60 minutes to 30 minutes.
- Develop personalized patient experience.
- Reduce the patient’s discharge time from 4 hours to 2 hours.
Objective: Improve the healthcare professional’s efficiency by providing cutting-edge technology
Key Results:
- Provide training on robotic-assisted surgery to 10 doctors in each quarter.
- Conduct maintenance and upgrading of at least 25 devices in each quarter.
- Invest $10,000 for upgrades in IT infrastructure.
Objective: Boost the employees’ job satisfaction rate
Key Results:
- Interview 5 employees from each department every quarter to gather feedback and understand areas of improvement to boost job satisfaction.
- Conduct employee engagement activities on a monthly basis.
- Organize a rewards and recognition program for each quarter to identify 5-10 top performers from a different department.
Objective: Create awareness about the hospital by reaching more patients
Key Results:
- Develop different forms of content (email, videos, podcasts, etc.) for 15 health-related problems in each quarter.
- Increase the target audience from 50% to 70%.
- Invest $10,000 in various marketing campaigns.
Objective: Build a better and stronger relationships with patients and their families
Key Results:
- Improve the ratio of patient calls with regards to follow-ups from 50% to 75% outgoing and 50% to 25% for incoming.
- Boost the customer service team by hiring 3 new personnel.
- Allot 50 hours every month to review, update, and improve the materials related to patient discharge.
Objective: Improve the reporting process across all the departments in the hospital
Key Results:
- Automated collection of data within 3 days
- Build customized report templates with an easy user interface by the end of Q3.
- Create a centralized platform to access all the patient-related data by the end of Q4.
Objective: Set up a high-quality diabetic care unit
Key Results:
- Conduct diabetes awareness programs once in each quarter.
- Provide online diabetic diagnosis services by the end of Q2.
- Provide diabetes-specific training programs to doctors on a monthly basis.
Objective: Build a strong social responsibility footprint
Key Results:
- Improve the enrollment rate of Continuing Medical Education (CME) courses from 50% to 75% by the end of Q3.
- Establish study programs to mentor at least 50% of high school students in each quarter.
- Increase the number of physicians participating in free clinics from 5 to 10.
Conclusion
There is no doubt that OKRs are one of the best and most effective goal-setting frameworks that enable you to get a clear picture of how well you are performing, how close you are to achieving your objectives, what your roadblocks are, etc. Having the ability to measure these attributes is key to establishing a structured growth path and achieving success. We hope these top OKR examples for healthcare are helpful for your organization. You can easily modify them to suit your specific needs.
You can also check out examples of OKRs for different departments in your organization, Recruitment OKRs, Customer Success OKRs, etc.
