Looking at GI Practice Management Differently: Fortify the Business of Healthcare in the GI Practice | November 2021-05-Practice Operational Metrics

05-Practice Operational Metrics_Chaudhry

Pdf Summary

In this presentation, Sufiyan H. Chaudhry discusses the practice operational metrics that have changed, stayed the same, or only changed slightly. They continue to monitor productivity, cancellation rates, and all the revenue cycle management (RCM) components, such as discount percentages, collections, and days in accounts receivable (DSOs). Chaudhry emphasizes the importance of establishing key performance indicators (KPIs) that are specific to each practice and align with its strategic and financial goals. These KPIs should be measurable and regularly reviewed and adjusted as needed. <br /><br />Chaudhry distinguishes between lagging KPIs, which measure the outcomes of changes and are easy to measure but hard to change, and leading KPIs, which guide the change process and are hard to measure but easy to change. He provides examples of various KPIs, such as call roll over, new patient numbers, cancellation and no-show rates, and productivity measures like work relative value units (wRVUs) and production. <br /><br />Other practice metrics highlighted include schedule utilization, patient wait times, transaction times, phone response times, staffing metrics like full-time equivalents (FTEs) per provider and staff turnover rate, financial metrics like accounts receivable (A/R) days and collections, and patient satisfaction and referrals as well as compliance with quality reporting programs like PQRS, MIPS, and MACRA. Chaudhry also discusses the importance of benchmarking to understand a practice's performance compared to industry standards, although he acknowledges the challenges of comparing "apples to apples."<br /><br />Lastly, Chaudhry addresses the changes brought about by COVID-19, emphasizing the need to monitor metrics more frequently, incorporate cost information in dashboards, review payor mix, reassess workflows, and retool old metrics and baselines to adapt to the new normal. Overall, the presentation provides valuable insights into the importance of monitoring and adapting operational metrics to drive practice performance and success.

Keywords

operational metrics

productivity

cancellation rates

revenue cycle management

key performance indicators

lagging KPIs

leading KPIs

work relative value units

patient satisfaction

COVID-19