{"id":2645,"date":"2012-04-30T17:30:40","date_gmt":"2012-04-30T21:30:40","guid":{"rendered":"http:\/\/www.poweryourpractice.com\/?p=2645"},"modified":"2025-06-02T18:16:25","modified_gmt":"2025-06-02T18:16:25","slug":"key-performance-indicators-what-to-measure-at-your-practice","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/key-performance-indicators-what-to-measure-at-your-practice\/","title":{"rendered":"Key Performance Indicators: What to Measure at Your Practice?"},"content":{"rendered":"

With the advent of practice management software, there is no limit to the data your practice can measure.<\/strong><\/p>\n

Deciding exactly what reports and statistics are the most meaningful is important. Your practice will be focused on bottom-line stats like net collection percentages, but your office manager and billing staff may focus on clean claims or how long it takes to capture demographics on a new patient.<\/p>\n

<\/p>\n

Below are some of the most important billing and collections key performance indicators (KPIs). By looking at each stage of the revenue cycle, you can easily spot where you need help the most. Even if you track just a few of these suggested metrics, you\u2019re on the way to making tangible improvements.<\/strong><\/p>\n

Remember: if you don\u2019t track it, you can\u2019t measure it. And if you\u2019re not measuring it, you\u2019ll never be able to make improvements.<\/p>\n

Billed amount vs. value at the time of charge capture
\nGap between date-of-service and date billed
\nTime-of-data-entry per encounter
\nTime-of-data-entry per patient
\nPercentage of claims denied due to front-end edits vs. due to coding oversights
\nPercentage of claims denied due to authorization\/referral, insurance information, or eligibility oversights<\/p>\n

Collections KPIs Days A\/R Net percentage collected, overall and by payer
\nPercentage of claims denied overall, and by payer
\nPercentage of no-response claims overall, and by payer
\nAverage life of denials and no-response incidents
\nDenials by category (over time, a larger percentage should be due to payer error and\/or request for further info, not due to practice mistakes)<\/p>\n

There are also numerous reports you should use for ongoing management.<\/strong> Break these up by the types of reports you need to see on a daily, weekly, and monthly basis:<\/p>\n

Daily
\n<\/strong><\/h3>\n

Review daily activity and net production (Charges \u2013 payments \u2013 adjustments + Refunds, etc.)
\nQuantify any billing backlog
\nBalance over-the-counter collections by source (cash, checks, remittance received, credit cards, etc.)<\/p>\n

Weekly
\n<\/strong><\/h3>\n

Quantify payment posting backlog
\nQuantify collection backlog
\nQuantify underpayments<\/p>\n

Monthly<\/strong><\/h3>\n

Review outstanding A\/R (billed, value, and days)
\nReview monthly production by doctor
\nReview denial activity during the month
\nReview reverse aging of payments (payments received during the month for what billing month did they pertain)<\/p>\n

It is possible to run a world-class medical practice. Even a limited adoption<\/strong> of tracking and measuring KPIs can yield real results. Remember:<\/p>\n