A Look at Important KPIs for your Practice
We talk a lot about managing your practice’s revenue cycle effectively and that Key Performance Indicators, or KPIs are needed to do so quite a bit. In this post, we’ll take a closer look at which specific KPIs our experts and software helps you to track so that you can take the necessary steps to improve them.
Laying the Groundwork
Before you can monitor and improve KPIs, you first need a method to track them. There are different software options available for your practice, but Main Street Medical has selected and partnered with dashboardMD. Our experts have researched and tested many different software tools and feel most confident in our client’s’ ability to utilize and gain insight through dashboardMD.
How to Track KPIs
This sounds simple, and it is fairly simple, but before you start tracking your KPIs you need to decide how you are going to to do so, beyond the software. This means, are you going to track them over four month or six month periods? Or would it make more sense to track them year over year?
The experts at Main Street Medical track them a few different ways:
- 6 month increments
- Year over Year
- Averages for the 6 month increments and year over year numbers
- Variances from the averages
Top 3 KPIs to Track
Days in Accounts Receivable – The average number of days items wait in accounts receivable until they are paid.
Percentage of Accounts Receivable over 90 Days – of the items in accounts receivable, what percentage still have not been paid after 90 days.
Net Collection Rate (NCR) – measures how effective your practice is at collecting reimbursements. This is sometimes called the adjusted collection rate.
- POS Cash Collection
- Contractual Adjustments
- Non-contractual Adjustments
- Accounts Receivable
- Credit Balances
- Reimbursement Rate
- Payments Per Patient
- Payments Per Visit
- Payments Per wRVU
Tracking these key performance indicators will give you important insights into your practice’s revenue cycle management. While profitability might not be the reason you started a career in medicine, it does help you provide the very best care for your patients, getting them to wellness and keeping them there. Partner with Main Street Medical Consulting, and let us take care of tracking the numbers, while you take care of your patients. Give Matt Phillips a call to learn more about how our experts can help you, today: 412-428-7700 x309