A medical practice key performance indicator (KPI) dashboard provides quick, accurate assessment of a practice’s value within private equity firms’ portfolios and aids estimates of prospective acquisitions.
Complicating factors include fragmented business units, complex policies or legislation, multiple locations and faulty reporting processes. Healthcare KPI dashboards shine a comprehensive, multi-layered light into practices’ business health.
Data Silos, Solo practices & practice suites
Data silos – Separate databases of information outside an organization’s data management system complicate reports. Electronic Health Records (EHRs), payroll systems, and scheduling software may silo vital information away from easy assessment.
Solo practices: KPI dashboards can automatically pull such data from silos into a comprehensive look at individual practice’s operations.
Practice suites: Dashboards dig through data across multiple practices, integrating systems among several practices into a single dashboard or set of dashboards.
Essential Medical Practice KPIs
- Visits over time: Knowing how many patients visit a practice – and when.
- Services rendered: Knowing services’ cost and reimbursement trends.
- Provider hours: Track high demand, under-staffing and burnout/turnover risk.
- Quality reimbursements: How does quality affect reimbursements and penalties.
- Denied claims: Track types of claims denied and denial trends through the year.
- Charging and payment timing: Know the typical wait between charges and payment.
- Charges and payments by insurer: Which insurers are most likely to bargain on reimbursements.
Deciding on the data
Best bets: Practices currently performing well with a trend of future growth.
Positioned Potential: Unflattering metrics – if analysis shows ability to capitalize on trends – may signal a bargain growth opportunity.
Paramount point: Metrics demonstrating quality are good for patients, practices and portfolios. Transition to Value Based Care means quality provides healthier people, better reimbursement and less use of services.
Medical Advantage expanded its services to include practice marketing through the acquisition of iHealthSpot – a digital marketing firm serving medical practices of all kinds. We offer an all-in-one practice marketing package that attracts and engages new patients every month!