Key performance indicators (KPIs) are important to managing any sustainable business. This tutorial provides audiologists, especially those with little formal business education, with a working definition of KPIs. A major theme of this article is that a relatively small group of about a dozen KPIs are an essential part of managing a successful audiology practice. The most useful KPIs for managing retail-oriented and medically oriented practices will be provided. Best practice benchmarks and how to use them to hire, coach, and train your staff also is covered.
Keywords: Key performance indicators; average selling price; benchmarks; conversion rate; effective management; gross margin; hearing aid units sold; net revenue; office culture; practice management.