A medical practice’s key performance indicators (KPI) provide valuable insight into operational and financial soundness. At Complete Healthcare Business Consulting, we develop comprehensive practice analytic KPI reports to monitor performance, enhance compensation models and to help with faster decision-making.
The Challenges of Data Analysis Across Practices
Data is not siloed in a medical practice to one data source. In fact, data from Electronic Health Records (EHRs), payroll systems, and accounting software are essential. Healthcare organizations must ensure that the data they use to measure quality, finance, and performance is up-to-date and accurate. Unfortunately, the storage of data in silos makes it difficult for practices to take advantage of big data and analytics in the healthcare industry. Gathering data from these silos and creating a comprehensive view of a practice’s operations with healthcare analytics takes extra time and resources, which is not feasible for practice staff or executives.
7 Essential KPIs Medical Practices Need Track
Medical Practice KPI reports provide a wealth of data, but some metrics are more important than others. The following is the essential KPI list, but other KPIs can always be added.
1. Visits over time. What is the practice’s number of patients? How many are new patients? Accurate information about the number of patients and how often they visit is essential for maintaining & growing client volume.
2. Provider Production by Services Rendered. What are your most popular services? How are they trending? How much does it cost per patient? What is the profit per patient?
3. Hours Worked. How much are your providers working? This will help prevent understaffing or burnout. Does your business have a high turnover? Find out why. What overtime hours are paid per month? Do we need more staff or are they efficient?
4. Denied Claims: Figuring out trends in the kinds of claims denied and any changes during certain months will be beneficial in finding out how to reduce future claim denials. Denied claims are costly and inefficient, so if a certain code is regularly put in incorrectly, or a similar pattern appears, you will be able to create a data-based solution.
5. Lags (Time Between Service and Payments): Are there faster ways of collecting reimbursement? Are your staff completing the insurance claims efficiently? How much are you spending to collect payment?
6. Compensation to Collection Ratio: Compensation models can be complicated but are we covering our costs? What are the providers’ direct expenses?
7. Reimbursement Verification. Payments by Insurer: Are you reimbursed your contract rate? Why not?
Making Decisions with Your Data
Whether you want to report performance, areas for improvement or simplify your compensation reporting KPIs are essential to managing the practice. Standard and accurate reporting builds trust among the partners and management. Regardless KPIs will help facilitate metric-based decision-making. Call (801) 274-2677 to get started measuring your business performance and unlocking the power of data analytics.