EHR Software Metrics For Profitability In Clinical Management
8/16/2016 3:19 PM
Sometimes, in our healthcare system, providers do not conduct proper analysis and measurements. However, this process is essential for a proper clinical management. The rapid evolution of the world of health in all areas comes to be truly amazing and relevant, especially regarding measurements. Unfortunately, it is more common than desired that a large sum of significant metric data is lost, which are interspersed with many irrelevant statistics.
Clinical management of all activities of a patient that take place before, during and after attending the medical examination, directly affects medical professionals at the time of receiving payment. For proper clinical management, it is essential to optimize revenues and expenses to get a good return. Nowadays, with the development of technology, a good software solution is necessary in clinical management.
Here are some key metrics for better profitability in medical practice.
The first indicator is a clear reflection of the effective management of collections. This fee shall be equal to or greater than 90%. In order to charge properly, it is very important to do things right from the start. The collection rate can be calculated as follows:
Total fees charged / Total number of charges claimed
The above collection can be easily calculated and charged using medical billing software.
Days Required to Collect
This second indicator focuses on the average number of days that are required to collect, so the lower the number, the faster the payment will be achieved. The way to calculate this indicator is as follows:
(Charged money - money owed) * Room / Media of money collected
Take into account that the figure obtained through this equation should be less than 50 days, although it is advisable that the figure is between 30 and 40 days. This measure can provide an idea about proper clinical management, as well as those factors that can harm economic level. If the result is above 50 days, you should find the cause.
Percentage of Payments Receivable
The percentage of fees receivable is in indicative figures purporting to show efficacy in income payments. If the number of days exceeds 120 days, the chances of the collection will be reduced.
In other words, if the result is a high number, it should be noted that it is a warning signal for improper management of clinic revenue, and perhaps clinic staff is not performing the required actions quickly enough.
Average Reimbursement for medical act
This is an average amount of refunds that is performed on the total operations. You cannot specify a suitable reference figure for this indicator as with the above, due to the wide variety of medical specialties.