Follow Key Metrics with StrongBox Solutions
A recent article in Becker’s Hospital Review highlighted what is already known in certain medical and dental healthcare circles — successful healthcare leaders track performance. The topics highlight the importance of one key feature of StrongBox eSolutions, our interactive Dashboard that tracks average production per patient, collections, aids in accelerating accounts receivable, and reduces bad debt expense, among other key performance drivers and indicators that provide an assessment of a healthcare providers financial health. These innovations bring healthcare patient financing to the next level.
The article queried several executives who oversee large hospitals and physician networks to find what they track and why.
Michael Hulefeld, VP and COO of Ochsner Health System, said monitoring metrics is “incredibly important.” His team receives and reviews numbers daily. Some topics they review include financial metrics as well as patient wait times for hospital beds, ER volume, overall patients volume, and discharge numbers.
The efforts are intended to improve patient service by accommodating patient needs.
With more than 1,300 doctors to manage, it’s easy to get lost in the numbers. Hulefeld said his team always works to maintain an awareness of the patient’s experience. To meet that goal, his staff have the stated goal of responding to 95 percent of patient messages within 24 hours.
StrongBox Solutions shares many of these same goals. Here’s how we deliver critical patient data in a timely and organized manner from our patient and provider communicative platform.
A Look at StrongBox’s Interactive Dashboard
StrongBox Dashboard tracks Key Performance Indicators (KPIs) on a daily, weekly, monthly, and annual basis. We offer a 12-month revenue snapshot that can be used to compare profitability with prior years.
If the following types of reports are not built-in, you can often use your software’s custom reporting tools to create them. Commonly tracked KPIs include:
- Total encounters
- Total charges
- Total collections
- Number of procedures
- Total adjustments
- Outstanding accounts receivable (AR)
Benefits for businesses.
- Online security: Our cyber-secure data vault stores patient information in the cloud, adding an extra layer of defense over traditional server-based storage.
- Ease of access: Our Dashboard provides users with a snapshot of patient activity, including revenue per patient.
- Regular notifications: Our software automatically notifies patients when their recurring payments are due or past due.
- Awareness of trends: Our Dashboard allows you to track positive trends in your KPIs. A drop in collections, for example, would be worth investigating to ensure that revenues continue to grow.
- Track net collection ratio: This data tells you whether you are collecting everything you are owed. Your goal for this ratio should be 95 percent or more.
- Track aging accounts receivable (AR): Do you know how many of your AR have been unpaid for more than 120 days? You should. By running a weekly report on aging AR, you can break down which accounts have been unpaid for 30, 60, 90, or more days.
Benefits of Metrics Analysis
Understanding KPIs and other metrics allow your business to have a renewed focus on profitability. Having a full lineup of patients doesn’t ensure that a business is being run efficiently or that patient needs are being met.
As an example, a practice that sees 30 patients per day and averages only $150 of production per patient ($4,500) is not nearly as profitable as a practice that sees 20 patients a day but averages $350 of production per patient ($7,000). Over the course of a year, those numbers add up. The difference, in fact, can mean an addition half $1 million in earnings per year.
The key takeaway from the recent Becker’s Hospital Review is that successful healthcare leaders follow metrics daily. They see the task not as an onerous daily chore but as a critical part of a successful business strategy. We provide the data, but each business needs to decide which data points are the most important to them.
StrongBox Solutions’ Dashboard empowers you with insight. How and when you use it is up to you. To learn more about healthcare patient financing, or any of our other services, contact our team online or call our Boca Raton, FL office at (855) 468-7876.