This day and age it is essential to measure the results of your practice using key performance indicators to identify areas for improved. Figuring such areas and can implement a solution leads to an increase in profitability for immediate practice. This article discusses key performance indicators that can be used to determine where your areas of need for improvement are
Self Pay Days In A / R over 60 Days -. This is an indicator of how long it takes for your practice to collect your accounts receivable patients, which ultimately affects your cash flow practice. If your practice Self Pay Days A / R over 60 is significant, it may be time to reevaluate how you go about collecting your balances patient. You just send invoices or does your practice have a strategic follow up system that includes sending letters and making phone calls? Having a credit scheme defined in place and the process to collect such balances will keep this number to a minimum. This analysis will become more important as consumer-directed health plans are gaining popularity with employers
Claims Rate Denial -. The metric is an indicator of your effectiveness in preventing denials, discuss a refund, the payer behavior monitoring and training of staff. Simply put, the higher this rate, the more money you lose practice on a daily basis and it may be time to investigate the root cause of your claims denials. . Provide staff training can advance the cause of your denials and tracking to reduce this number
Encounters Hourly – This measures the efficiency of your practice in terms of scheduling and is full. Openings in your schedule means that you generally earn any revenue for that period. Over-scheduling can be as harmful to your practice because it can lead to patients spending too much time in the waiting room. Can analyze your current scheduling determine whether you need to add another doctor to your exercise or change your hours of practice
Patients Turn Around -. This is basically a measure of the time frame between when a patient walks in the door, check-in, will be seen by the doctor and check out. The upper white patients, decade after decade, it is not being seen on time. Reasonable performance could aim to see patients within 20 minutes of the appointment time. If your usual reach this goal, you may want to consider posting your new patient registration forms before they visit your office so that everyone in the front when the patient arrives
Workers Over -. Although this measure may be more difficult to analyze quantitatively, it is certainly worth looking at. With your office staff is so vital to the success of your practice, it is essential that you monitor employee turnover. Incentives are put in place that reward your staff for keeping down claims denials and following up on claims and rejected in the past because of patient balances. Adequate training should be provided for your staff so that they are qualified and able to perform their daily tasks accordingly
Actual Budget To Review -. While this may seem obvious one, it is often overlooked. Review your monthly expenses can actual and budgeted revenue for your numbers to notify you of where your practice stands financially. This is a high-level review should be performed after each month end is near. Not only will let you know where your practice stands financially, it can also bring awareness to suspicious activity by your employees. Although no business owner likes to think that any of their employees to commit fraud, it is imperative that certain internal controls in place to mitigate such activity. You can even take it to the next level and compare your numbers with some other practices in your specialty.
The right set of KPIs can transform your practice. It’s worth your effort to find them and constantly reviewing them to see where your practice stands. It can do so that the difference between taking your practice to the next level or arrive simultaneously results after time.