If you’re like most providers and practice managers, you’re already busy enough keeping up with the day-to-day operations. But monitoring your practice’s financial performance remains vital to your medical group’s success as a business. It’s not only worth investing your time, it’s critical that you do it.
One of the top reasons practices lose money is failing to track key performance indicators (KPIs) consistently.
Reasons can include:
* Staff members don’t know how or which financial metrics to track.
* Your practice management software doesn’t provide a reporting capability that makes this easy.
* Even if you can look at KPIs, some practices don’t really know what those KPIs need to be, or what it means to their bottom line if they are not in line with benchmarks.
* If you outsource your medical billing, not every company provides these essential metrics so that you truly know how well your practice is performing.
So where should you start?
Begin by focusing on the most important KPIs: