• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • About Us
  • Medical Billing Process
  • Insurance Contacts & Addresses
    • with Alphabet A to E
      • Insurance Companies with Alphabet A
      • Insurance Companies with Alphabet B
      • Insurance Companies with Alphabet C
      • Insurance Companies with Alphabet D
      • Insurance Companies with Alphabet E
    • With Alphabet F to J
      • Insurance Companies with Alphabet F
      • Insurance Companies with Alphabet G
      • Insurance Companies with Alphabet H
      • Insurance Companies with Alphabet I
      • Insurance Companies with Alphabet J
    • With Alphabet K to O
      • Insurance Companies with Alphabet K
      • Insurance Companies with Alphabet L
      • Insurance Companies with Alphabet M
      • Insurance Companies with Alphabet N
      • Insurance Companies with Alphabet O
    • With Alphabet P to T
      • Insurance Companies with Alphabet P
      • Insurance Companies with Alphabet Q and R
      • Insurance Companies with Alphabet S
      • Insurance Companies with Alphabet T
    • With Alphabet U to Z
      • Insurance Companies with Alphabet U
      • Insurance Companies with Alphabet V
      • Insurance Companies with Alphabet W to Z
  • BCBS Prefix
    • BCBS Alpha Prefix
      • Prefix with Alphabet A to E
        • Prefix List (AAA to AZZ)
        • Prefix List (BAA to BZZ)
        • Prefix List (CAA To CZZ)
        • Prefix List (DAA To DZZ)
        • Prefix List (EAA to EZZ)
      • Prefix with Alphabet F to J
        • Prefix List (FAA to FZZ)
        • Prefix List (GAA to GZZ)
        • Prefix List (HAA to HZZ)
        • Prefix List (IAA to IZZ)
        • Prefix List (JAA to JZZ)
      • Prefix with Alphabet K to O
        • Prefix List (KAA to KZZ)
        • Prefix List (LAA to LZZ)
        • Prefix List (MAA to MZZ)
        • Prefix List (NAA to NZZ)
        • Prefix List (OAA to OZZ)
      • Prefix with Alphabet P to T
        • Prefix List (PAA to PZZ)
        • Prefix List (QAA to QZZ)
        • Prefix List (RAA to RZZ)
        • Prefix List (SAA to SZZ)
        • Prefix List (TAA to TZZ)
      • Prefix with Alphabet U to Z
        • Prefix List (UAA to UZZ)
        • Prefix List (VAA to VZZ)
        • Prefix List (WAA to WZZ)
        • Prefix List (XAA to XZZ)
        • Prefix List (YAA to YZZ)
        • Prefix List (ZAA to ZZZ)
    • BCBS Alpha Numeric Prefix
      • Prefix with Alphabet A to E
        • Prefix List (A2A To A9Z)
        • Prefix List (B2A To B9Z)
        • Prefix List (C2A To C9Z)
        • Prefix List (D2A To D9Z)
        • Prefix List (E2A to E9Z)
      • Prefix with Alphabet F to J
        • Prefix List (F2A to F9Z)
        • Prefix List (G2A to G9Z)
        • Prefix List (H2A to H9Z)
        • Prefix List (I2A to I9Z)
        • Prefix List (J2A To J9Z)
      • Prefix with Alphabet K to O
        • Prefix List (K2A To K9Z)
        • Prefix List (L2A To L9Z)
        • Prefix List (M2A To M9Z)
        • Prefix List (N2A To N9Z)
        • Prefix List (O2A To O9Z)
      • Prefix with Alphabet P to T
        • Prefix List (P2A To P9Z)
        • Prefix List (Q2A To Q9Z)
        • Prefix List (R2A To R9Z)
        • Prefix List (S2A To S9Z)
        • Prefix List (T2A To T9Z)
      • Prefix with Alphabet U to Z
        • Prefix List (U2A To U9Z)
        • Prefix List (V2A To V9Z)
        • Prefix List (W2A To W9Z)
        • Prefix List (X2A To X9Z)
        • Prefix List (Y2A To Y9Z)
        • Prefix List (Z2A To Z9Z)
  • CPT Codes
  • Modifiers
Billing Executive

Billing Executive

Medical Billing Knowledge Base

  • Medical Billing
  • Medical Coding
  • CMS
  • Private Payers
  • Billing Errors
  • Resources
  • Buy Books & Courses

Most Important Key Performance Indicators (KPIs)

June 2, 2022 by Aamir247 Leave a Comment

Introduction:

A healthcare key performance indicator (KPI) or metric is a well-defined measurement of performance to monitor, evaluate, and optimize all essential healthcare operations to maximize patient satisfaction. Many of these measurements are hospital-specific key performance indicators.

Most Important Key Performance Indicators (KPIs)

Care institutions typically utilize these indicators to compare their performance to other care facilities for their improvement.
Healthcare professionals must not only be scientifically and patient-driven. Still, they should also focus on managing a wide range of data to deliver the best possible treatment, guarantee sustainable hospital performance, and efficiently control costs. As a result, developing a professional healthcare dashboard will assist managers in optimizing these procedures and delivering significant value to both hospitals and patients. To succeed, professionals must have the necessary tools, including healthcare analytics tools and, most crucially, the right metrics to measure. When these elements have been aggregated and arranged, the final stage of boosting efficiency is to provide comprehensive healthcare reports.

Important Healthcare KPIs

Performance indicators are critical in the administration and transformation of a hospital or laboratory. Every healthcare provider must have the correct key performance indicator (KPI) information to provide quality services and achieve goals by improving their standards.
Following is a comprehensive list of the most significant healthcare KPIs that healthcare administrators and professionals should be aware of:

Average Hospital Stay:

Average length of time patients stay in the hospital is monitored by this healthcare KPI. While this statistic is quite useful, it is also extensive. Patients should be categorized by therapy type to provide a more detailed picture of what is going on at the facility.
e.g. Recovery after heart surgery will always need a more extended stay than healing an injured wrist or ankle. An average hospital stay by treatment type will allow hospital staff to spot outliers that unanticipated problems might cause.

Rate Of Bed Occupancy:

keep an eye on the availability of the hospital beds because list of critical performance metrics in healthcare would be incomplete without it.
It’s an essential part of analytics since it immediately indicates the percentage of beds filled in a specific timeframe. Higher occupancies might show various things, including a pandemic, but the objective is to keep the occupancy under control; otherwise, there is a risk of excessive facility pressure and increased infection rates.

Utilization Of Medical Equipment:

Track equipment utilization to discover opportunities for improvement, such as reallocating equipment to other locations where it is most required. More medical equipment is available, and more treatment options for patients have been suggested due to technological developments. That might result in higher maintenance expenses, poor purchase selections, or decreased patient care quality. As a result, necessary performance measures for hospitals, such as the equipment usage rate, are crucial in building improved asset management strategies. Keep track of how your medical equipment is being used.

Average Patient Wait Time:

Healthcare facilities are frequently overcrowded, with long wait times. As the name suggests, this measure records the average time a patient must wait between checking in and seeing a physician. That is a critical indicator for staffing, scheduling, and gaining insight into patient satisfaction.

Patient Wait Time = Total Wait Time / No. of Patients

Net Profit Margin:

Maintain the profitability of your facility. Net profit margin is another financial measure to consider. It effectively informs you how much money the organization has after deducting all expenses from total income, and it is computed using the formula:

Net Profit Margin = (Net Income / Revenue) * 100

Higher net profit margin states that you are growing financially. In contrast, a decrease in the margin or negative value of the net profit margin shows the loss your organization is suffering.

Average Treatment Charge:

This performance indicator displays the average price charged by a hospital for treatment. That evaluates the effectiveness and efficiency of your facility’s treatments. This measure may be divided into treatment types and even treatment categories. The average treatment fee is a great metric to employ to control hospital expenditures when attempting to lower hospital expenditures. But patients should be given quality facilities.

Average Treatment Charge= Total Treatment Charges / No. of Treatments

Insurance Claim Processing Time:

This parameter monitors the time taken to process insurance claims. Everyone wants to be paid timely. Time associated with insurance claims varies from insurer to insurer and the nature of the claim processed. It is important to track for better cash flow and AR management.

Claims Denial Rate:

Insurance companies primarily pay healthcare bills. In some cases, healthcare providers refuse to pay, which affects the claim denial rate. Organizations should keep denial rates less than 5%. The low denial rate shows the effectiveness of medical facilities and the focus of organizations on patients.

Claims denial rate= (No. of denied claims/ Total no. of claims) * 100

Cancellation Rate:

This KPI is for both outpatient clinics and hospitals as well. If a patient misses a scheduled appointment, the result is a wasted resource and a negative effect on the patient’s relationship with the physician or specialist. You can address the issues and improve the attendance via reminders or additional calls to patients by measure this value.

Cancellation Rate (%) = (Number of Missed Appointments / Total No. of Appointments) * 100

About us

Billing Executive – a Medical Billing and Coding Knowledge Base for Physicians, Office staff, Medical Billers and Coders, including resources pertaining to HCPCS Codes, CPT Codes, ICD-10 billing codes, Modifiers, POS Codes, Revenue Codes, Billing Errors, Denials and Rejections.

We have more than 10 years experience in US Medical Billing and hand-on experience in Web Management, SEO, Content Marketing & Business Development with Research as a special forte.

Learn More

Guidelines Regarding Telemedicine Billing, Payment, and Reimbursement

Insurance Guidelines About Medicare

Imaging Services – Updated MRI CPT Codes 2021

Tips For Best Practice to Improve Back-end Revenue Cycle Functions

Post Views: 8

Filed Under: Medical Billing, Medical Billing Process, Medicare & Medicaid, Posts Tagged With: indicators, Key Performance, KPI, medical billing

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Medical Billing & Coding Books

1 Stop Medical Billing Solutions

Save Time & Money by choosing “ONE STOP“ Solutions!

Revenue Cycle Management
Online Reputation
Virtual Staffing (RPO)

Free Standing Emergency Rooms, Micro Hospitals

www.rcmxpertz.com

Books for HCPCS & CPT Codes 2023

E-mail Newsletter

  • Facebook
  • GitHub
  • Instagram
  • Pinterest
  • Twitter
  • YouTube

Medical Jobs & Projects

  • Integrated Medical Services (IMS)

    Certified Medical Coder

    • Phoenix, AZ
    • Integrated Medical Services (IMS)
    • Full Time
  • Yeo & Yeo

    Medical Biller

    • Saginaw, Michigan
    • Yeo & Yeo
    • Full Time
  • UnitedHealth Group

    (OP) Medical Coder

    • HARTFORD, CONNECTICUT
    • UnitedHealth Group
    • Full Time
  • Aston Carter

    Medical Biller

    • Atlanta - Fulton County - GA Georgia - USA
    • Aston Carter
    • Full Time
  • Yeo & Yeo Affiliated Medical Billing

    Medical Biller

    • Saginaw, Michigan
    • Yeo & Yeo Affiliated Medical Billing
    • Full Time

Footer

Billing Executive – a “Medical Billing and Coding Knowledge Base” for Physicians, Office staff, Medical Billers and Coders, including resources pertaining to HCPCS Codes, CPT Codes, ICD-10 billing codes, Modifiers, POS Codes, Revenue Codes, Billing Errors, Denials and Rejections. Learn more about us!

Quick Links

  • Expert Advice for Medical Billing & Coding
  • Medical Billing and Coding Courses
  • List a Medical Billing Job or a Project
  • Medical Billing and Coding Jobs
  • Contact Us

Subscribe via Email

  • Privacy Policy

Proudly created by AJ Graphics

DISCLAIMER: Billing Executive does not claim ownership of all the informational content published or shared on this website, including any content shared by third parties. The content published or shared on this website, including any content shared by third parties is for informational/educational purposes.