What To Measure & How
What is not measured does not improve!
Operational Assistance
You should be measuring the following key performance indicators related to the operational performance of your practice and monitoring them for improvement on an ongoing basis:
- Patient satisfaction as measured via survey for the following categories:
- Overall patient experience
- Satisfaction with ability to make appointments at convenient times and within a reasonable time from the point of request
- Satisfaction with the courtesy and professionalism of practice staff
- Satisfaction with the care provided
- Satisfaction with being seen timely at time of appointment
- Satisfaction with communication of instruction & follow-up
- Patient satisfaction measured via return visit rates
- Staff turnover
- Staff absenteeism rate
- Patients seen on time (percentage)
- Patient appointment no-shows
- Patient Cancellation rate
- Percentage of back office hours (non-patient visible costs)
- Patient file organization (instances of missing information)
You should be measuring these key indicators against targets and over time and working on improvement plans. You should consider a one-time operational analysis to identify areas of improvement need and opportunity.
Financial Performance
You should be measuring the following key performance indicators related to the financial performance of your practice and monitoring them for improvement on an ongoing basis:
- Average age of Receivables
- Revenue per Employee
- Revenue per Physician
- Claims Reimbursement Rejection Rate
- Net Collections Rate
- Write-Off percentage to Billing
- Administrative Staff per Provider
- Average Revenue per Patient
- Debt Service Coverage
- Debt to Capitalization
- Current ratio
- Days Cash balance
You should be measuring these key indicators against targets and over time for two key factors; financial stability and improvement opportunity and working on improvement plans. You should consider a one-time financial analysis to identify areas of improvement need and opportunity.