There is a very common phrase in the business world that says, you can’t improve what you don’t measure.
As with any business, there are many different things one can measure at our pediatric practices. So how does one know where to begin?
Some things are easy to identify. For example, we tend to measure accounts receivables, productivity by provider, expenses, maybe even accounts receivables by insurance company. I also like to document and measure patient seen by month, days worked by provider, gross billings, and net receivables. I also have graphs that compare all those numbers to our goals.
But are there other metrics we ought to look at that will help us improve our practice?
Chip Hart, practice management extraordinaire (I’m not saying that sarcastically) had some thoughts on this issue that I think should be shared. Not only will these suggestions helps us find ways to improve our practice’s bottom line, some of these actually helps us provider better healthcare by taking a proactive approach in the health of our little patients.
Here is what Chip had to say:
- A/R by insurer and time-to-payment by insurer should be strongly correlated if you are making any helpful A/R calculations (i.e., a simple $$ figure for the former doesn’t do much). So, pick the easier one.
- How about RVU-based measurements? I like RVU/visit/provider and RVU/visit/payor.
- Look for tallies of “weak spot” coding efforts like burn treatment, nursemaid’s elbow, etc. Our friends have given us a starting list: http://coding.aap.org/content.aspx?aid=10834
- Where is Revenue/Visit on your list?
- How about Revenue / Visits by visit type?
- Sick to well visit ratios
- Percentage of kids up to date with vaccines?
- Asthmatics with recent flu shots?
- Kids overdue for physicals?
- Kids with BMI above X
Thanks Chip… that should keep us busy for a while.
Do you have any other benchmark that you’d like to share? If you do, don’t be shy. Leave a comment in the comment section below.