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Are you wondering how well your practice is running? Learn how benchmarks can help provide answers.
A: KPIs are profitability and productivity benchmarks that enable medical practices to monitor their overall performance efficiently from a financial standpoint and otherwise. Using KPIs as performance benchmarks truly can help boost your practice's operational performance and increase its efficiency.
No two practices will have the same set of KPIs. Determining which factors to track is based on the aspects of your practice you want to improve. Examine your practice's strengths and weaknesses, then decide which are your most critical challenges and what your goals and desired outcomes are. Such numbers as accounts receivables, net collection ratios, revenue, and operating costs tend to be the most frequently monitored KPIs in many practices. Review KPIs twice a year to make sure you are tracking all of the data necessary for obtaining useful management information.
From this dashboard, you can view all of your crucial benchmarking data at a glance, receive alerts if something appears to be awry, and even generate detailed reports, all from a single interface. This simple consolidation of information will help you determine your practice's strengths and weaknesses and help move you further along the road to quality improvement.
Answers to our readers' questions were provided by Thomas J. Ferkovic, RPh, MS, managing director, SS&G Healthcare Services LLC, Akron, Ohio. Send your practice management questions to email@example.com Also engage at http://www.twitter.com/MedEconomics and http://www.facebook.com/MedicalEconomics.