{"id":11510,"date":"2015-05-20T17:02:40","date_gmt":"2015-05-20T21:02:40","guid":{"rendered":"http:\/\/www.poweryourpractice.com\/?p=11510"},"modified":"2015-05-20T17:02:40","modified_gmt":"2015-05-20T21:02:40","slug":"the-best-key-performance-indicators-for-your-medical-practice","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/the-best-key-performance-indicators-for-your-medical-practice\/","title":{"rendered":"The Best &#8216;Key Performance Indicators&#8217; for Your Medical Practice"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>With the advent of modern practice management software, there is\u00a0<strong>no limit to the data your practice can measure.<\/strong><\/p>\n<p>Unlimited data, however, can be overwhelming. It\u2019s better and more useful to focus on key performance indicators (KPIs). \u201cJust throwing more data at caregivers\u2014we hear routinely that\u2019s not going to be helpful,\u201d says Brian Lawrence, Chief Technology Officer at Hill-Roms Holdings Inc.\u00a0 Instead, it\u2019s important to ask: \u201cWhat can we learn from that data?\u201d<\/p>\n<p>First, decide exactly which reports and statistics are the most meaningful. Bottom-line stats like \u2018net collection percentages\u2019 can show the overall health of your practice. Your administrator and billing staff may also need to focus on a clean claims rate or how long it takes to capture demographics for a new patient.<\/p>\n<p><!--more--><\/p>\n<p>In this post, we name some of the most important billing and collections KPIs. By looking at each stage of the revenue cycle, you can easily spot where you need the most help. Don\u2019t get discouraged \u00a0\u2014 even if you track just a few of these suggested metrics, you\u2019re\u00a0<strong>on your way to making tangible improvements.<\/strong><\/p>\n<p>Remember: If you don\u2019t track it, you can\u2019t measure it. And if don\u2019t measure it, it\u2019s that much harder to control the financial health of your practice.<\/p>\n<p>&nbsp;<\/p>\n<p>Keeping an eye on your KPIs is not a \u2018one-and-done\u2019 task. Run regular reports to watch your financial health on an ongoing basis. Break these up by the types of reports you need to see on a daily, weekly and monthly basis:<\/p>\n<h2><strong>Daily Metrics<br \/>\n<\/strong><\/h2>\n<p>* Review daily activity and net production (charges \u2013 payments \u2013 adjustments + refunds, etc.)<br \/>\n* Quantify any billing backlog<br \/>\n* Balance over-the-counter collections by source (cash, checks, remittance received, credit cards, etc.)<\/p>\n<h2><strong>Weekly Metrics<br \/>\n<\/strong><\/h2>\n<p>* Quantify payment posting backlog<br \/>\n* Quantify collection backlog<br \/>\n* Quantify underpayments<\/p>\n<h2><strong>Monthly Metrics<br \/>\n<\/strong><\/h2>\n<p>* Review outstanding A\/R (billed, value and days)<br \/>\n* Review monthly production by doctor<br \/>\n* Review denial activity during the month<br \/>\n* Review reverse aging of payments (track which billing month received payments pertain to)<\/p>\n<p>It is possible to run a thriving, financially strong medical practice. Even a\u00a0<strong>limited adoption<\/strong>\u00a0of tracking and measuring KPIs can yield real results.<\/p>\n<h3>Remember:<\/h3>\n<p>* The patient experience starts at the front desk \u2013 loyalty and good collections depend upon excellent execution here.<br \/>\n* Select KPIs relevant to your practice \u2014 and monitor them often.<br \/>\n* Perfect your reports, and use them daily\/weekly\/monthly to manage your practice.<br \/>\n* Enable mobile\/remote monitoring of your practice.<br \/>\n* Automate functions wherever possible<br \/>\n* Outsource non-core functions wherever possible<\/p>\n<p><strong>What KPIs mean the most to you? Do they help you get a better grip on workflows and processes at your practice?<\/strong><\/p>\n<p><em>Brian Foster contributed to this post. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; With the advent of modern practice management software, there is\u00a0no limit to the data your practice can measure. Unlimited data, however, can be overwhelming. It\u2019s better and more useful to focus on key performance indicators (KPIs). \u201cJust throwing more data at caregivers\u2014we hear routinely that\u2019s not going to be helpful,\u201d says Brian Lawrence, Chief [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":32786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[11,2,267,268,42,53,269,85],"class_list":["post-11510","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-revenue","tag-analytics","tag-growth","tag-key-performance-indicators","tag-kpi","tag-leadership","tag-medical-billing","tag-reports","tag-revenue-cycle-management-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Best `Key Performance Indicators` for your Medical Practice<\/title>\n<meta name=\"description\" content=\"Identify and use the best KPIs for your medical practice. 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