This week, get tips for KPI benchmarking, choosing the right EHR, and more.
Happy June! Kick off this month with a wealth of free resources in this week’s newsletter:
- 🗓️ June healthcare observances calendar
- 💲 Important upcoming 2024 MIPS deadlines
- ✅ Increase efficiency and profitability with practice automation
- 🧓 Improve patient outcomes with social determinants of health
- 💻 Choose the right EHR for your practice
- 📈 Revenue cycle management news you need
Plus, we want to hear from you! Please complete our quick survey to let us know what you’d like to read about in future issues of The Intake. We appreciate your input.
THIS WEEK’S INSIGHT
Are you unlocking your practice’s full potential? Free benchmark worksheet
As an independent healthcare provider, balancing multiple responsibilities — from patient care to billing and marketing — can be overwhelming. One effective way to manage and optimize your practice is by benchmarking your key performance indicators (KPIs). Understanding and measuring these KPIs can help you identify areas for improvement and make informed business decisions.
Why does benchmarking matter?
Benchmarking KPIs gives you a quantifiable way to evaluate your performance. For independent healthcare practices, this process is crucial for maintaining efficiency and competitiveness. To provide you with accurate benchmarks, Tebra surveyed over 200 independent practices nationwide.
How to get started with benchmarking in 3 easy steps:
- Measure your current efficiency
- Track the hours your practice spends weekly on activities like patient acquisition, reputation management, scheduling, patient communications, care administration, and manual billing.
- Compare your results
- Enter your KPI results into the worksheet to compare them against industry averages. Strive to meet and exceed these benchmarks to join the ranks of top performers.
Key benchmarks to consider:
- Patient no-show rate: Aim to reduce missed appointments without prior notice to below 3%.
- Accounts receivable > 120 days: Keep outstanding claims under 10%.
- Insurance payment rate: Ensure 90-100% of claims are paid within 45 days.
- Manual billing hours: Reduce manual billing hours per provider to 0-4.
- Manual scheduling touches: Limit interactions per appointment to 1.
- Time in EHR: Minimize documentation time per patient to under 5 minutes.
- Active business listings: Maintain accurate information on over 40 listings like Yelp, Google, and Healthgrades.
Take the next step
If your practice is already meeting or exceeding these benchmarks, celebrate your success! If you’re falling short, it’s time to strategize on improvements.
Consider automating processes, streamlining operations, or reducing redundancies. Focus on one area at a time and set achievable goals to see lasting improvements. Download our Ultimate Guide to Practice Automation to get started and meet your benchmark goals
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That's it for this week!
Thank you for reading The Intake. As always, if you have questions or suggestions for future topics, please don't hesitate to drop a line at [email protected].
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