By Chandresh J. Shah
Growing a practice can take a lot of work and having goals can help. That is why it is important to have KPIs(Key Performance Indicators) that can be used to determine how well practice goals are being met.
Let me share to you KPIs that will help your practice on 4 main areas:
- Front Desk
- Clinical
- Billing and Revenue Cycle Management
- Reputation Management
Let me begin with KPI’s for Billing and Revenue Cycle Management as they are the first point of contact and impression your practice makes with existing and new patients. These KPIs are:
14. Net Collections Rate
15. Total Operating Margin
16. Average Insurance Claim Processing time & cost
17. Average cost per patient
18. Claims Rejection rate
19. Average insurance claim processing time and cost
20. Average Treatment Charge
21. Percentage of Patients without Medical Insurance
22. Time Gap between Date of Service and Date Billed
23. Percentage of Claims Denied overall, and by Payer
24. Percentage of Claims Denied due to Front-end errors vs Coding oversights
25. Percentage of Patients with Public vs Private Insurance
26. Percentage of No-Response claims overall, by Payer
In the video below, I went through and explained what each KPI meant for the Billing and RCM. You can also download the guide through this link (Click Here):
