KPIs and Metrics for Your Medical Practice (Med Practice Made Perfect - Episode 03)
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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.
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