How you should evaluate your practice’s main Key Performance Indicators (KPIs) is changing due to changes in the healthcare industry and the ongoing COVID-19 pandemic.
To improve your practice’s management, you must consider which metrics you are monitoring and how they are helping you increase revenue and optimize your processes.
On their latest member polling, the MGMA asked medical practices what they use for revenue cycle analytics. More than half (52%) reported they use a pre-built report from their EHR, whereas:
The poll was conducted on October 8th, 2021, with 573 applicable responses.
According to MGMA research, one in three healthcare leaders changed their practices’ KPIs and metrics due to the pandemic.
More than a year later, ask yourself:
Am I reviewing and responding to the right KPIs?
Thinking about past traditional charges, payments, and adjustments data will help you look more proactively at your revenue cycle process. Check appointments and scheduling. Consider looking for reports that track:
- Future appointment availability
- Unfilled appointment slots
- Percentage of new patient appointments that can lead to surgeries or procedures
Learn more about Health Prime’s scheduling appointments service and how to optimize your time to see more patients on our blog One More Patient per Day and the Benefits for your medical practice.
Also, at the end of your revenue cycle, look at claim denials for revenue opportunities. Collect more money and ensure you are getting paid for your work. Read about how to reduce your denial rate on our blog What are some simple steps to get your denials under control?
Can I automate our reports?
Implement processes within your medical practice and reporting to reduce the number of reports you must run. Cut, paste, and assemble make it easier to send reports more frequently. Time saved by preparing reports leads to time available to determine moving forward strategies based on data analysis.
Optimize your time, learn new reporting tools, and drill deeper into your practice KPIs. Start from the beginning of your revenue cycle to determine areas of improvement.
Rethinking your metrics, analysis, reporting tools, and revenue cycle analytics approach will allow you to act rather than react to financial opportunities for your practice.
Could I benefit from an intelligent, automated analytics dashboard?
Health Prime Datalytics is our analysis platform, which will give you insight into your medical practice and transparency into your medical billing collections process.
Our platform focuses on insights that other medical billing business intelligence solutions neglect. You can see your Key Performance Indicators (KPI’s) to:
- Track how you are doing
- Determine if your targets are being met
- Compare your practice’s performance to previous years
Datalytics Raises the Bar for Medical Billing Analysis. With its predictive modeling, Datalytics provides awareness of your medical practice’s future. By drilling down into details, you can understand the story behind your numbers and have that decision supported by data to make process improvement modifications in your medical practice.
For more information on improving your practice’s metrics tracking and reporting, 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!
Subscribe to our Datalytics blog for future articles and learn how to monitor your medical practice’s metrics. Learn about our software updates and new features to see how our analytics platform has tremendously impacted physician practice revenue cycle management.
