Medical Service Benchmarks Across 5 Key KPIs
In a recent comprehensive data report, now available at Field Service News, Aquant analyzed how medical device service organizations and their workforce measured up against industry benchmarks and explored service performance from a customer perspective. In this new feature, we look in-depth at medical service benchmarks across 5 key KPIs.
What KPI Measurements Tell or Don’t Tell Us
KPIs DON’T EQUAL CUSTOMER SENTIMENT
In the Service Leader’s Guide to Workforce KPIs, we examined why workforce measurement is more critical than ever, and we defined best practices for measurement criteria.
For the 2022 Service Intelligence Benchmark Report for Medical Devices, we went a step further. We analyzed service data to understand service performance beyond KPI measurement. We found that knowing your KPIs—by number or average performance—is not the same as understanding what those numbers reveal about customer satisfaction, employee skill level, or overall service performance. Averages don’t disclose the specific details you need to make critical service decisions.
Service KPIs by The Numbers
Here’s the breakdown of how service organizations measure up against other organizations and the industry as a whole.
FTFR – First Time Fix Rate
What is it?
First Time Fix rate is one of the most popular metrics for workforce measurement. It indicates how often someone is able to fix an issue on the first try. In this report, we are measuring the FTF rate of field visits, in a 30-day window.
FTF rates have hovered around 75% for more than a decade—and remained stagnant for all but a handful of top-performing companies. Additionally, FTF rates should never be measured in isolation. On average, a failed first visit leads to 2.5 additional visits and 20 days for MTTR.
CPS – Cost Per Success
What is it?
The total amount required to successfully close a service ticket is known as the Cost Per Success (CPS). This is a bit different from other similar-sounding KPIs, such as Cost Per Truck Roll, since total CPS may include multiple visits, multiple truck rolls, a variety of parts, and other labor costs.
Some organizations may measure Cost Per Work Order, but that metric leaves out cases that include always assigning experts to the most complex (and expensive) jobs. Additionally, it does not account for cases where multiple work orders are related to the same core issue.
Successfully resolving an issue involves nearly 160% more in costs versus looking at work orders individually. While average costs are dependent on the company and type of equipment being serviced, the cost difference is the most important to keep in mind.
MTTR – Mean Time to Resolution
What is it?
The Mean Time to Resolution KPI measures the time it takes to resolve a customer issue. Typically, it’s the time between the case creation date and the closure date. Similar to the pain of staying on hold when trying to resolve a personal issue, minimizing MTTR is a key factor in increasing positive customer experiences and reducing service costs. In the last year, we’ve seen a growing divide in this metric.
MTBF – Mean Time Between Failures
What is it?
Mean Time Between Failures quantifies the average time between customer issues. Service organizations try to maximize this metric because a higher rate represents excellent service quality and maximum uptime.
Individual pieces of equipment may have differing life cycles, but service leaders need to understand underlying patterns—in both their machines and workforces. When visiting a job site, experienced service techs know how to use their time wisely and ensure that assets are working properly before leaving. This can significantly extend the time between failures.
MTBV – Mean Time Between Visits
What is it?
Need to calculate both uptime and service performance? Look no further than the Mean Time Between Visits metric. This measures every visit you have for an asset or customer, instead of only tracking time between failures.
Experienced techs will skew towards longer time intervals between visits. That’s great news, thanks to low repeat visit rates, as well as their ability to utilize every visit to maximize uptime.
Watch out for the next feature from this report next week in which we analyze how KPIs limit business and how companies can look beyond them.
FSN subscribers can read the full report right now. Please note, this paper will only be available for a limited period for FSN FREE subscribers.
Data usage note: By accessing this content you consent to the contact details submitted when you registered as a subscriber to fieldservicenews.com to be shared with the listed sponsor of this premium content Aquant who may contact you for legitimate business reasons to discuss the content of this white paper.
- Read more about Digital Transformation
- Read more about Service Operations
- Read more about Aquant on Field Service News
- Find out more about Aquant
- Follow Aquant on Twitter
- Connect with Aquant on LinkedIn
- Access over 20 premium resources on COVID Recovery and the New Normal (PRO)
- Access over 40 premium resources on digital transformation (PRO)