Managing Your Practice by the Numbers – by Kimberly Baldwin
You know Team Destinations Consulting can problem-solve your Compulink workflow issues by creating magical SQL worklists, customizing screens, or creating buttons to eliminate clicks. You may also know that we can assist you in reviewing MIPS performance and developing a plan to improve your score, but did you also know that Team Destinations Consulting can also assist you with other practice management related tasks?
Whether you know what areas you need help in or just know that you’re not profiting as much as you could be, consulting with our team will help you achieve your goal. We use national benchmarks in addition to reviewing past years data for change to establish a baseline. Once in place, we can assist you each year with reviewing and analyzing the data to set new financial goals for your practice. Key Performance Indicators (KPIs) are a valuable tool for tracking the growth and performance of a practice so that you can make smarter decisions. We have found that the following KPIs are universally important amongst our clients:
- Collected Revenue
- Medical Revenue Collected
- Revenue Collected for Visits/Exams
- Visits/Exams per Year (or Evaluation Period)
- Revenue per Patient Visit/Exam
- Third Party Payor Revenue
Each final report you receive from us will include steps you can take to increase revenue, such as restructuring exam schedules, renegotiating or discontinuing contracts with insurance carriers, increasing per patient revenue through increasing special testing rates or capture rate, or restructuring staff schedules and tasks. Comparing metrics against benchmarks identified by professional associations is helpful in measuring how your professionals stack up against their peers as well as within your practice. The practices we work with have seen drastic growth year over year in profitability, with some of our practices seeing as much as a 40% increase in revenue over four years of working with Destinations Consulting. We all know how valuable your time as a manager or practice owner is; why not let someone else do the heavy lifting for you?