Kpi webinar deck 11 2016 final
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In the race to get paid on time and stay ahead of a growing pile of denied claims, it’s easy to lose sight of how important it is to track key clinic KPIs. Every medical clinic is unique, but many clinics share the same operational problems, like working to reduce the number of days that invoices spend in Accounts Receivable. HealthCo helps our clients in clinics determine which KPIs are essential to track and how best to track them. Once you establish or improve your in-clinic KPI tracking routines, you’ll be on your way to improved financial performance.
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Kpi webinar deck 11 2016 final
- 1. 2016 Webinar Series: 5 KPI’s for Financial Success To listen to the audio on this webinar, please click on the link below: https://healthcois.webex.com/healthcois/lsr.php?RCID=73fb0eec478d4ac1b75ede603e353351
- 4. Panelists Kelly McAvoy Implementation Consultant HealthCo Information Systems Andrea Cunningham Director of Services HealthCo Information Systems Larry Jurgens Director, Healthcare Consulting Jurgens & Associates
- 6. Measurement = Success Setting KPI’s Select KPI’s that have a clear tie to strategic business initiatives Ensure your team has control over the KPI’s selected Use simple, easy to understand KPI’s that will make sense to your team Make sure your KPI’s cannot be manipulated by the team…they need to be credible Guidelines
- 7. Measurement = Success Days In AR AR by Day Adjusted Collection Rate Schedule Maximization Claim Denial Rate KPI Categories
- 8. Measurement = Success KPI •Days In AR Definition • Average number of days it takes • your clinic to get paid Target* • 38 Days Measure • Divide your current receivables, net of credits, • by your average daily charge amount *MGMA National Best Practice Standard
- 10. How Do We Improve? Set your goal and measure! Monitor claim submission timing; daily is the best practice Identify problem carriers that take more time than your average to pay • Provide action list to staff with narrow group of high impact payers Utilize your billing system to monitor unbilled or missing charges; visit status is one way to monitor this Prioritize staff activity and workplans • Centricity Task Management provides a tool for this
- 11. Days In AR Measurement = Success KPI •AR By Day Definition • The amount of receivables viewed by days • outstanding (0-30, 31-60, etc.) Target* • 0-30: 57% 31-60: 12% • 61-90: 7% 90+: 24% Measure • Divide your current receivables in each aging • bucket by total receivables and multiply by 100 *MGMA National Best Practice Standard
- 12. Poll Question
- 13. How Do We Improve? Set your goal and measure! Set payment plans with patients if you are unable to collect in full up front Break out of the “statement habit” by suggesting credit card payment Focus on carrier response to claims and if they fall outside 30 day response window Prioritize staff work by dollar amount and aging bucket to target highest impact claims first; focus your time on your best return
- 14. Days In AR Measurement = Success KPI •Adjusted Collection Rate Definition • % total available reimbursement collected Target • 95%+ Measure • Divide payments, net of credits, by allowable • charges submitted, multiply by 100
- 15. Poll Question
- 16. How Do We Improve? Set Goals and Measure! Know your allowable amounts! Challenge your payors if you see reimbursement below cost; if you don’t manage this you are at the payors mercy Monitor your payments through reporting to show the variance between contract rates and receivables Empower your billers to challenge a payment amount
- 17. Days In AR Measurement = Success KPI •Schedule Maximization Definition • % of available schedule slots filled with billable • visits Target • Internal target required Measure • Divide filled visit slots on schedule by total • available for review period (day, week, month) *MGMA National Best Practice Standard
- 18. Poll Question
- 19. How Do We Improve? Set Goals and Measure! Utilize a “recall feature” to get patients back in for services that are overdue Establish a protocol in your clinic on offering first available appointments Use a wait list to fill in for cancelled visits Track no-show rates and re-offenders in your clinic Consider a cancellation/no-show policy
- 20. Days In AR Measurement = Success KPI •Denied Claim Rate Definition • % of claims submitted that have been denied by • payers Target • 5% or less Measure • Divide denied claims amount by total • receivables, multiply by 100 *MGMA National Best Practice Standard
- 21. Poll Question
- 22. How Do We Improve? Set Goals and Measure! Understand the reasons for your denials Track denial reasons with product like Denials IQ Utilize claim scrubber to claims out the door clean the first time Use the data on denials to train staff and keep from repeating the same mistakes Enable communication between teams working denials and front end billing
- 23. KPI Tracking Poster To request a free clinic KPI poster: http://www.healthcosystems.com/go/kpi-poster/
Notes de l'éditeur
- The payment cycle for clinics has expanded dramatically with the advent of ACA, broader insurance coverage, high deductible programs and as the insurance claim process becomes more and more complex. The goal for today’s session is to provide you with valuable best practices that you can take away and use in your clinic to improve the speed of this process. As more steps come into play, the likelihood of your process slowing is tremendous.
- Create an initiative / if you don’t focus and communicate you won’t see improvement long term. To be effective, KPI’s should be: In alignment with org goals and objectives Clearly communicated and displayed in your clinic Simple and easy to understand Impactful on your business
- There are plenty of KPI’s out there and many of you are already measuring some, if not all of these. We wanted to bring you a starter set. Our team of experts worked together to build a list of meaningful financial KPI’s that if measured and improved will bring your clinic stronger financial results and stronger business process.
- Pick one…focus….build an initiative….knock one down to goal and then move on to another. It’s important to track and keep your KPI’s front of mind for you and your team. In that spirit, HealthCo has developed a compact KPI poster for your clinics. These will be available to everyone that has attended today’s webinar. Look for our follow up email with the slides from today’s session along with a link to request your poster. We will mail these out to each of you to use in your practices. We hope you embrace a KPI culture and drive better results in the process!