Evaluate how you track your metrics and adjust the Key Performance Indicators (KPIs) you need to monitor to determine your practice´s areas of improvement and optimize revenue.
The way you should evaluate the main Key Performance Indicators (KPIs) in your practice is changing due to healthcare industry changes and the ongoing COVID-19 pandemic.
To improve your practice´s management, it is important to consider which metrics are you monitoring and how that is 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 October 8th, 2021, and had 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 past traditional charges, payments, and adjustments data will help you look more proactively at your whole revenue cycle process. Check appointments and scheduling. Consider looking for reports that track future appointment availability, unfilled appointment slots or the percentage of new patient appointments that can lead to surgeries or procedures.
If you want to learn more about Health Prime´s scheduling appointments service and how you can optimize your time to see more patients, read our blog One More Patient per Day and the Benefits for your medical practice – Health Prime (hpiinc.com)
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. Know more 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 in your reporting to reduce the number of reports you have to run. Cut, paste, and assemble makes it easier to send reports more frequently. Time saved preparing reports leads to time available to determine move forward strategies based on data analysis.
Optimize your time and learn new reporting tools and drill deeper into your practice KPI´s. Start from the beginning of your revenue cycle to determine areas of improvement.
Rethink your metrics, the analysis and reporting tools you use, and your whole approach to your revenue cycle analytics will allow you to act rather than react to financial opportunities for you and your practice.
Could I benefit from an intelligent, automated analytics dashboard?
Health Prime Datalytics is our analysis platform that will let you get an insight of your medical practice and gain transparency into your medical billing collections process.
Our platform focuses on insights that other medical billing business intelligence solutions neglect. You will be able to see your Key Performance Indicators (KPI´s) to track how you are doing, determine if your targets are being met and compare your practice´s performance to previous years.
Datalytics Raises the Bar for Medical Billing Analysis. With its predictive modeling, Datalytics provides awareness of what your medical practice future holds. By drilling down into details, you can understand the story behind your numbers and have that decision support from data to make process improvement modifications in your medical practice.
For more information on how you can improve the way you are tracking your practices´ metrics and reporting, 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!
Subscribe to our Datalytics blog for future articles and find out how to monitor the metrics on your medical practice, learn about our software updates and new features, and see how our analytics platform has had a tremendous impact on physician practice revenue cycle management.
