Performance Visibility: The Key to Unlocking Greater Medical Practice Revenue

Performance Visibility Drives Improved Revenue Outcomes

It has been said often “If you can’t measure it, you can't manage it.” This rings very true when looking at how to manage issues with revenue management. But measurement and performance visibility has become increasingly difficult for medical practice groups as consolidation continues. Systems and data that don’t connect cause blind spots into metrics and key performance indicators (KPIs) that are crucial to improve overall business outcomes.

It has been said often “If you can’t measure it, you can't manage it.” This rings very true when looking at how to manage issues with revenue management.

By looking across all your practices and analyzing key metrics you can gain a better understanding of revenue risks and opportunities. Some examples of how this can help include:

• Analyzing days in accounts receivable can help identify bottlenecks in the billing and collections process and allow you to implement strategies to reduce the time to receive payment and identify areas to increase efficiency
• Examining billing issues can help organizations identify common reasons for denials or decreased reimbursement and implement processes to prevent them
• Tracking patient satisfaction scores can help identify opportunities to improve the patient experience and increase the likelihood of successful collections

Properly done, KPI dashboards can provide visibility to identify downward trends that will affect revenue, such as:

• Cost-to-collect
• Length in A/R
• Resolution rate
• Clean claim rate
• Rate of claim rejection