{"id":387,"date":"2011-05-26T17:33:19","date_gmt":"2011-05-26T21:33:19","guid":{"rendered":"http:\/\/www.poweryourpractice.com\/?p=387"},"modified":"2011-05-26T17:33:19","modified_gmt":"2011-05-26T21:33:19","slug":"know-your-practices-key-performance-indicators","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/know-your-practices-key-performance-indicators\/","title":{"rendered":"Key Performance Indicators: Do You Know Yours?"},"content":{"rendered":"

The easiest way to improve how you manage your practice<\/strong> is to improve how you measure it. If you are collecting key data and using actionable reports, you will see areas where your practice can improve efficiency and increase profits<\/a>.<\/p>\n

It is impossible to optimize your practice without regular and accurate analytics. The best place to start this process is by outlining a plan that includes identifying your practice\u2019s key performance indicators<\/strong> (KPIs).<\/p>\n

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The easiest way for your practice to identify its KPIs is to select the most critical factors for practice success<\/strong>. For most physician practices, assessing the revenue cycle is a great place to start — and can yield huge results.<\/p>\n

However, no matter what area you choose to start with, you\u2019ll need to consider these steps to improve performance:<\/p>\n

Set goals<\/strong> \u2013 Define your desired outcome, whether it\u2019s increased collections, improved patient care<\/a> or practice expansion.<\/p>\n

Recognize data sources<\/strong> \u2013 You\u2019ll need historical practice data, industry benchmarks and comprehensive ongoing reporting. Your practice management system should provide easy-to-use, real-time reporting to make this step easier.<\/p>\n

Define KPIs<\/strong> \u2013 Select the essential indicators you want to track to determine how you will measure your practice\u2019s success.<\/p>\n

Discover opportunities<\/strong> \u2013 Defining your KPIs and analyzing data will present opportunities for your practice to improve operations and revenue.<\/p>\n

Continue to improve<\/strong> \u2013 Constantly identifying new areas of your practice to optimize will lead to a happy staff, increased profitability and a successful practice.<\/p>\n

Data is the most powerful tool your practice has to maximize its potential. Your practice management system should make it simple to utilize this information to define your KPIs and implement positive change.<\/p>\n

If you need ideas to get started, the MGMA recommends three areas of KPIs<\/strong> for non-hospital-owned medical groups:<\/p>\n

Revenue Cycle<\/strong><\/p>\n