Practice IQ now lets you view KPI comparisons across the Quarter, Year, and Month. By hovering over any KPI after adjusting the date range at the top of the page, practices can gain insights into how their current performance compares to these past periods. This feature provides practices with valuable data for tracking progress and making informed decisions to stay on track with financial and operational goals.
How to Use the KPI Comparison Feature:
Set the Date Range:
Adjust the date range at the top of the Practice IQ page to select the desired period—whether it's the month, quarter, or year.Hover Over the KPI:
After setting the date range, hover your mouse over any KPI card to view additional details, including comparisons to past performance and percentile rankings compared to other practices.Interpret the Comparison Data:
The details window that appears will include the following:Practice Value: The current KPI value.
Target for the selected period.
Percentile Performance: Where your practice stands in relation to other practices.
Comparisons with the Quarter and the Year (where applicable).
Gross Production for the Month (October 2024)
Practice Value: $70,115
Goal: $132,000 for October 2024
Percentile Status: The practice is performing below the 50th percentile. The progress bar shows that the practice needs to close the gap to meet the goal.
Percentiles:
10th Percentile: $30,982
25th Percentile: $49,927
50th Percentile: $79,565
75th Percentile: $124,951
90th Percentile: $187,706
This comparison shows the practice’s progress toward its monthly goal and its position in relation to other practices. Since the practice is below the 50th percentile, strategies may need to be implemented to improve performance by the end of the month.
Gross Production for the Last 12 Months
Practice Value: $1.36M
Goal: $1.58M for the period from October 2023 to September 2024
Percentile Status: The practice is below the 50th percentile, and the progress bar illustrates its current gap compared to other practices.
Percentiles:
10th Percentile: $416,949
25th Percentile: $994,159
50th Percentile: $1.69M
75th Percentile: $2.71M
90th Percentile: $4.19M
This comparison allows the practice to review its annual performance, assess how it compares with industry standards, and take action to meet the target of $1.58M by the end of the 12-month period.
Gross Production for Last Quarter (July 2024 – September 2024)
Practice Value: $342,144
Goal: $396,000 for the quarter from July to September 2024
Percentile Status: The practice is performing below the 50th percentile, indicating that it is underperforming compared to the average practice.
Percentiles:
10th Percentile: $184,192
25th Percentile: $283,696
50th Percentile: $451,544
75th Percentile: $717,868
90th Percentile: $1.10M
This comparison highlights the practice’s performance for the last quarter and shows how much production is needed to reach the $396,000 target. Since the practice is between the 25th and 50th percentiles, it's close to its goal but still needs improvement.
How These Comparisons Help Practices Stay on Target:
Identify Trends: KPI comparisons over the quarter, year, and month enable practices to track trends and identify areas for improvement.
Adjust Goals: If a practice is consistently falling behind in specific KPIs, adjustments can be made to better allocate resources and effort to improve performance.
Benchmark Performance: By comparing KPI values against percentile benchmarks, practices can gauge how well they are doing relative to others and take steps to improve their standing.
Informed Decision-Making: These comparisons provide actionable insights that can guide practices in optimizing their strategies for the future, ensuring they stay on target with their financial and operational goals.
In the images, the box percentile plot is a visual representation of how a practice’s performance compares to other practices at various percentile benchmarks. Here’s a breakdown of the key components:
Box Percentile Plot:
Percentiles (10th, 25th, 50th, 75th, 90th): The horizontal bar is divided into different sections representing these percentiles. Each section marks a range of performance values:
10th Percentile: Represents practices that are in the bottom 10% in terms of performance.
25th Percentile: Indicates practices performing better than 25% of all practices.
50th Percentile (Median): This is the middle point—50% of practices are performing better, and 50% are performing worse.
75th Percentile: This shows that a practice is performing better than 75% of others.
90th Percentile: Indicates the top-performing practices, as 90% of practices are performing below this value.
Circle on the Box Plot:
The circle represents the current value of the practice’s KPI (e.g., gross production). It shows where the practice's actual performance falls on the percentile scale.
In the images, the circle is located between the 25th and 50th percentiles, indicating that the practice is performing better than 25% of practices but worse than 50%.
Blue Dotted Line:
The blue dotted line represents the practice's target goal. It is placed at the location on the percentile plot where the practice needs to reach to meet the predefined goal.
For example, in the images, the blue dotted line aligns with the 75th percentile in some cases, meaning that the target performance is set higher than where the practice currently stands.
What These Elements Represent:
Circle: The practice’s current performance value on the percentile scale.
Blue Dotted Line: The goal the practice is trying to reach. This serves as a visual indicator of how far the practice is from meeting the target.