how to improve Revenue by Monitoring these 3 Key Performance Indicators

Healthcare practice is an expensive proposition

Payroll, insurance, rent, utilities, equipment, and other elements are significant cost factors. It can feel like there is no end to the list of items requiring cash.

Many practices already have a close eye on days in A/R for payers, and that is undoubtedly a crucial metric to be watching!  To watching payer A/R and ensuring most receivables (at least 75%) resolution before the 60-day mark,

Patient-slots-occupied ratios will reveal revenue opportunities

the ratio of appointment slots available to appointments filled. The goal is to be running at 100% capacity, which means you are maximizing revenue opportunities. Offices with variable appointment slots may want to consider creating ratios for each type of appointment offered.

Scrutinizing the ratios will give you clues about the patient population flowing through your office.

DOS collections are more important than ever

The Healthcare Financial Management Association’s (HFMA) 2018 MAP Winner for Physician Practices had a POS collection rate of 50.6%.

the simple explanation is that it is the ratio of patient payments made over total self-pay accounts receivable. Based on the patient schedule, which shows outstanding balances. If this is the case, administrators must review all accounts at the end-of-day to confirm entry of payments received in the day.

Charge lag days confirm front-end operations are running smoothly

This metric, which measures the time between the patient visit and the corresponding claim submission to the clearinghouse. The 2018 HFMA Physician’s Practice MAP Winner in this category had an average charge lag of 2.7 days. 

how to improve Revenue by Monitoring these 3 Key Performance Indicators
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