(Key Performance Indicators)
Vein and vascular practices are emerging from a period of massive disruption with the challenge of adapting to shifting consumer and payor demands. Meanwhile, future challenges already await. Succeeding during this period of rapid, continuous change will require clinical, administrative and operational insights that measure performance against prior benchmarks.
With MDmanagement, our Partners can gain access to data analytics, consulting and data management solutions that can help accelerate transformation and optimize performance as they face the challenges of today – as well as those that lie around the corner. With automated data reporting coming from EHRs, practice management systems, accounting reports, telecommunications devices, patient surveys and more, your practice is flooded with data but lacking true business intelligence.
By identifying and monitoring the metrics that are relevant to the success of their organizations, executives can devote their time to managing and not reading reports.
A KPI (Key Performance Indicator) for your medical practice is a type of performance measurement that helps you understand how your medical practice is performing. A KPI should be well defined, quantifiable, thoroughly communicated, and crucial to achieving your strategic goals. Below are examples of KPIs that MDmanagement may track for you.
It's tempting to put the business operations of your medical practice on the back burner to concentrate on patient care. While patient care should always be the first priority, you can't ignore key performance indicators that tell you how your practice is performing comparably financially. Knowing how to measure your practice is only one component in running a successful practice, however it is a large one.
Front Desk Operations
How many new patients are you getting a month? Which marketing campaigns (or referral sources) are your new patients coming from? How many cancelled or no showed? Are the proper copay amounts being collected from all appointments? Running the following reports will help you know where your patients are coming from and how many might have cancelled or been no-shows.
- New patient appointments
- New patients as a percentage of total visits
- Cancellations / No Shows
- Physician Referrals
Running the clinical side of your medical practice takes time. Unfortunately, this means that the time you have left to put into analyzing your marketing efforts is limited, which can leave you frustrated and confused about what works. How do you know whether what you’re doing is worth the cost, energy and resources you put into it? Practices that want to see patient growth from their marketing efforts must focus on the key performance indicators (KPIs) that best predict new appointments and revenue growth.
- Patient inquiries by type. It’s not enough to understand how many patient inquiries you receive each month. Every medical practice should understand how many inquiries they receive by type (phone calls, emails, Contact Us form submissions, physician referrals, print or digital campaigns, etc.).
- Website visitor to “Contact Us” conversion. What percentage of your website traffic do you convert into leads (e.g., someone calling, scheduling an appointment, filling out a Contact Us form, etc.)?
- Conversion percentage of patient inquiries to consultations
- Conversion percentage of patient consultations to procedures
- Overall patient acquisition cost
How long is it taking you to be paid? Are your bank deposits matching amounts collected at time of service? How much is being adjusted off for contractual adjustments and how much is just plain being written off?
Understanding what is happening exactly to your claims that are NOT getting paid, and more importantly, how can we get them paid. Tracking the most common rejection and denial reasons could also help prevent these from reoccurring in the future. Recommended reports to run:
- Cash collected as a percentage of billed charges
- Average charge per patient
- Average revenue per patient
- Co-Pay Deficit report
- Days in receivables outstanding
- Receivables outstanding over 120 days
- Denial rate – percentage of denied claims
- Denial rate per payor
- Days in accounts receivable by payor
- Charges / Revenue per CPT code