Exam Preview for 30897: Using Key Performance Indicators to Do More

Using Key Performance Indicators to Do More with Less in Your Practice, presented in partnership with Seminars in Hearing

Please note: exam questions are subject to change.

1. Which of the following is not a key driver of office productivity in a practice that dispenses hearing aids? Office traffic/New Patients The ability to select and fit only premium technology Average Selling Price/Gross Margin Conversion Rates
2. According to the author there are several categories of KPIs, but the two most useful in an audiology practice are Quality KPIs and _________. Internal business process KPIs Employee KPIs Financial / Operational KPIs Hearing Aid KPIs
3. KPIs can be displayed in the following way: Executive dashboard Line Graphs with Trend Line Bar Graphs with Trend Line All of the above
4. For a medically-oriented practice that does a substantial amount of diagnostic testing, a good benchmark for Gross Hearing Aid Revenue as a % of Total Gross Revenue is: 90% 80% 50% 30%
5. According to the course, which of the following outcome measure can be easily used as a Quality KPI because it broadly measures outcome with few questions? COSI APHAB IOI-HA HHI
6. Gross profit margin is defined as: the percentage of profit made on the sale of hearing aids (retail price of hearing aids - cost of goods) total retail price of hearing aids wholesale cost of hearing aids - expenses None of the above
7. A summary page of KPIs, often with several different graphs on a single report, and viewed by the manager on a weekly or daily basis is referred to as: Box score Trend Line Dashboard Summary Page
8. If cost of goods rises above 30%, what options can the manager do to improve it? Negotiate more favorable terms with vendor Raise retail prices Change product mix All of the above are possible options
9. Average revenue per patient in a KPI with a benchmark of $2,960 per hearing aid opportunity. What options does the manager have to improve this metric if it is below the benchmark for 3 successive months? Increase Average Selling Price of products sold Improve the bilateral fitting rate Improve sales agreement rate All of the above might be good options
10. Net profit is a measure of overall business success. If net profit falls below 10% of total revenue, what can the manager improve it to be closer to 20%: Monitor and possibly reduce expenses Improve gross profit Increase unit sales All of the above are likely contributing to a low net profit KPI