KPI & Report Building
What are KPI's?
Key Performance Indicators (KPIs) are the pivotal indicators of progress toward an intended result. KPIs provide direction for strategic and operational improvement, create a basis for decision-making according to analytics, and help companies focus efforts on what matters most.
In order to manage your KPIs, targets need to be set so your company can measure performance. The analytics for your Revenue Cycle KPIs will allow you to track progress against your targets.
Healthcare companies want to work to improve leading indicators that will later drive benefits. Leading indicators are precursors of future success in medical billing services.
Why are KPI's Important?
To detect company health.
Just a few critical KPIs should give you a good idea of the health of the company. Healthcare companies should put a lot of focus on processes and their revenue cycle solutions. When tracking KPIs like these, you'll be able to adjust your strategy so your company can achieve its goals.
To measure progress.
Tracking indicators such as revenue and set targets so your reports will give you an idea if you are forecasted to hit your targets. The reports will give you a forecast for weekly, monthly, quarterly, and yearly tracking so you can measure progress over time. It's important to select the right KPIs so you can measure the long-term success of the company.
To make adjustments and solve problems.
The revenue cycle process can be very complex. Without tracking and measuring results, you may not know where a problem exists, or where to make adjustments. Using a combination of KPIs in a dashboard so that you have the right information is crucial to solving problems.
RCM Report Building
Revenue Cycle Management involves tracking claims, confirming payments are received and following up on unpaid claims to increase company revenue. Without analytics and reports easily accessible for your staff to run, it would be nearly impossible to make your RCM process more profitable and efficient. The Hamill Group provides built-out reports so you know which KPIs are best to track and measure, along with what red flags you need to be looking for so the healthcare company can continue to improve its medical billing process.