Monitor specific metrics frequently to improved profitability, efficiency, and increase revenue across your entire practice and RCM operations.
Tracking metrics can seem like a daunting task. However, keeping a pulse on your account and how you are doing on specific areas of your medical practice can help you improve your business and identify areas of improvement.
Choosing what to measure and what to report is as important as deciding to start tracking measurements in the first place. There are multiple metrics you might want to track to monitor your practice´s success on collecting your money and how well your business is doing overall.
Read more about the importance of monitoring your metrics on our blog Track your metrics and set your practice to succeed
At Health Prime, there are three Key Performance Indicators (KPIs) we recommend reviewing on a weekly basis, if possible. Eventually, this will help you identify and monitor potential risks and issues that happened over the past week.
Here are three KPIs to track weekly
1. Denials
Health Prime’s benchmark for controllable denials is below 2%.
Addressing your denials first is the best way to go. These are the reasons stopping you from getting paid. According to a recent MGMA (Medical Group Management Association) Stat, 69% of healthcare leaders report their organization´s denials have increased in 2021.
Therefore, here are some steps to improve your denial rate:
- Run reports to identify the reasons behind your denials.
- Pick one of the core causes at a time.
- Set realistic goals for improvement.
With our business intelligence platform, Health Prime´s Datalytics, you can export your own data, analyze the denial detail, and develop performance improvement plans to reduce or eliminate denials or group of denials.
Additionally, read more about how to reduce your denials on our blog Simple steps to get your denials under control
2. Charges Acceptance
Health Prime´s benchmark for charge acceptance is at 98%.
This metric refers to the percentage of charges that are paid on first pass to the payer without being denied for controllable reasons. Identify your charge acceptance rate and how well your practice is doing by accepting claims by the clearing house.
It is also important to monitor your Gross Charges & Net Payments. Let´s say you are seeing an increase in charges, but a decrease in payments. Then you can ask yourself and your practice if it can be issues in:
- Lack of claims follow-up.
- Payer guidelines changes.
- Lack of coverage in specific cases.
- Reduced contractor rate
- Other reasons.
Datalytics allows you to monitor your Gross Charges in a year by month view, as a Payer Mix and By Provider. Net Collections are also presented with these last 3 features, including Payment Type and Payment Place. With its drill-down capability, Datalytics helps you get into detail and analyze trends in your practice.
Optimal data in this metrics can help you increase revenue and improve cashflow. By analyzing your charge acceptance rate and monitoring your payments and charges you will be able to detect areas of improvement to get the money you earned.
3. No Show Rate
Health Prime´s benchmark for No Show Rate is below 6%.
The No Show Rate metric measures the number of patients who don´t show up to their appointments. According to a 2019 Medbridge Transport whitepaper, on average, no-shows cost a single-physician medical practice $150,000 annually.
For doctors, time is money. If your practice is receiving an execrable amount of no shows, analyze if you have a no-show policy in place. Having a good policy for this can help you reduce this rate and secure your appointments. Also, consider charging patients for cancelling appointments or no showing up to them to reduce this metric.
In Datalytics, the No Show Rate is available if the Appointment Scheduler is used in the Practice Management (PM) system. Our Business Intelligence (BI) platform, offers a breakdown by appointment type. This can help you get a better understanding of where the No Shows are coming from. You will also have access to a trending graph that provides the percent and dollar amount for No Show appointments.
Learn more about other metrics you might want to monitor in your practice on our blog Three Key Practice Performance Indicators to Track Monthly
At Health Prime, we can help!
For more information on how you can improve the way you are managing your medical practice, contact our team of billing experts at Home – Health Prime (hpiinc.com) or email us at [email protected]. Our team will set up a meeting to discuss how Health Prime can maximize your revenue by cutting costs, saving you time, and collecting more!
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