billing performance metrics

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5 Revenue Performance KPIs for Orthopedic Practice
s and Medical Groups
Orthopedic group practices are continually
looking to cut costs and improve throughput.
According to a 2016 survey by Black Book, 9 out
of 10 medical practices cited that theyre not
financially and technologically equipped to offer
value based care.
Here are 5 metrics you should track to identify
incremental revenue opportunities
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5 Metrics
5.Medical coding review report
3.Physician productivity metrics report
1.Denial analysis report
4.Complete AR analysis template
2.Claims turnaround time
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1. Denial Analysis Report

• Denials are expensive

• Following up on denials is becoming increasingly
  complex and costly

• According to a recent study the percentage of
  revenue written off by medical practices has
  increased by 5.9 over the last one year

• Monitoring and categorizing denials will help
  your group practice to identify and work on
  preventable denials, reduce hard denials and
  monitor key denial management metrics.

Free Download Now Denial Management
Template
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2.Claims Turnaround Time

• Are you waiting for months on end to get paid?
  Dont blame your insurer.

• Blame it on a slow claims cycle.

• The number of days it takes for your claims to
  get reimbursed indicates the accuracy of your
  claims, the average payment TAT of insurers and
  monitor claim submission delays.

Free Download Now Claims TAT Template
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3. Physician Productivity Metrics Report

• The biggest bottleneck orthopedic group practices
  face today is apportioning payments to physicians.

• The growing popularity of bundled payment
  programs makes the tracking of physician
  productivity scores essential.

• A report that tracks and details the productivity
  metrics of physicians can prove to be
  indispensable.

Free Download Now physician productivity
Report Template
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4.Complete AR Analysis Template

• Developing a baseline assessment of your AR will
  enable you to ascertain the health of your
  underlying cash-flows.

• Generating AR analysis and aging reports is
  important because the older the AR gets the more
  difficult it is to collect.

• High deductible health plans in the consumer
  driven healthcare marketplace of today has
  further compounded this problem. Analysing AR
  reports will result in lesser money left on the
  table.

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5. Medical Coding Review Report

• Orthopedic coding is complex. It requires
  in-depth knowledge of key anatomy parts and LCD
  guidelines.

• So it is little wonder that the most common
  denials encountered by orthopedic group practices
  is coding related denials.

• A through coding review report is important to
  reduce coding errors and compliance risks.

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Conclusion

• Claims data forms the backbone of your revenue
  cycle.

• Monitoring, analysing and interpreting it will
  light the way for a consistently productive and
  profitable healthcare organizations

• Utilizing dashboards and scorecards to view
  pertinent productivity and revenue performance
  metrics is essential to stay financially
  successful in the current volatile healthcare
  space

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