Key Performance Indicators are measurements of how successful you are at meeting your business objectives. Each business has a few high level performance indicators that can either reassure you that you are on track or prompt you to dig a little deeper if you’re not quite meeting your goals. These are called Key Performance Indicators.
In healthcare there are a few standard things that you need to watch. Since KPI’s are intended to be a “quick glance” – data should be readily available and only detailed enough to prompt you to look for answers if you are not on the track.
Revenue cycle management is typically thought of as the route between the physician work, billing and collecting timely payments. At ProCare Pain Solutions, we see this as much longer and more complex process. To us, an effective revenue cycle management system needs to have measurements in place for every touch point within the process, beginning with patient registration and appointment scheduling all the way through to the collection of that final payment.
All practices should subscribe to a vision and mission as well as committing to strategic planning. It’s important for every medical practice/business to know where they are going (vision) how they plan to get there (mission) and know if they are moving in the right direction (strategy). Unfortunately many medical practice abandon the thought of a vision and mission let alone take the time to strategize. For a medical practice to experience sustainability, effectiveness and efficiently they need a vision and mission.