physician productivity metrics

1. 5 Revenue Performance KPIs for Orthopedic Practices 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 they’re not financially and technologically equipped to offer value based care. Here are 5 metrics you should track to identify incremental revenue opportunities

2. 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

3. 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

4. 2.Claims Turnaround Time • Are you waiting for months on end to get paid? Don’t 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

5. 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

6. 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.

7. 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.

8. 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

9. Call toll free no 1-888-571-9069 Read More https://www.billingparadise.com/blog/2016/12/21/top-5-revenue-performance-kpis-orthopedic-group-practices-should-track-in-2017//