KPIs and Metrics for Your Medical Practice (Med Practice Made Perfect - Episode 03)
Manage episode 358476313 series 3450578
Thông tin tác giả Practicefirst được phát hiện bởi Player FM và cộng đồng của chúng tôi - bản quyền thuộc sở hữu của nhà sản xuất (publisher), không thuộc về Player FM, và audio được phát trực tiếp từ máy chủ của họ. Bạn chỉ cần nhấn nút Theo dõi (Subscribe) để nhận thông tin cập nhật từ Player FM, hoặc dán URL feed vào các ứng dụng podcast khác.
Key Performance Indicators (KPIs) are essential metrics used by successful medical practices to monitor their financial health and boost profitability. By establishing KPIs, practices can track important numbers such as revenue, expenses, and cash flow trends. KPIs help identify potential issues in the revenue cycle before they become major problems for the practice's finances.
KPIs should be tracked regularly, at least yearly, but ideally even more frequently such as month-over-month, to ensure that the practice is on the right track. These metrics can also be compared against national averages and other practices in the area to determine how the practice is performing compared to its competition.
In this episode of Med Practice Made Perfect, host Tom Maher explains how to calculate and track some of the most important KPIs for medical practices, including the average charge per encounter, average receipt per encounter, and collection ratio. By regularly monitoring these metrics, medical practices can stay on top of their financial health and make adjustments to improve their profitability.
To learn more, listen and subscribe to Med Practice Made Perfect.
Practicefirst is an industry leader in revenue cycle management, providing medical billing, coding, credentialing, and full-service practice management solutions to healthcare organizations.
4 tập
Chia sẻ
))
