Healthcare Practice Consultation
High-performing medical practices reach success with more than just best practices
— they measure key performance indicators (KPIs) and benchmark against other organizations to understand where they can improve and sustain that excellence.
GSR utilizes KPIs from national industry standards to assess your practice and identify the areas of weakness. Whether there is not sufficient staff, long delays in billing and collections, or patient access, measuring the practice via KPIs will resolve those issues.
More than 8 in 10 healthcare leaders report using benchmarking data to address issues in their businesses, as it allows administrators and other medical group leaders to transform data into action.
These benchmarks really can help you make decisions … on where you really need to focus your attention for making improvements for the future.
More than 8 in 10 healthcare leaders report using benchmarking data to address issues in their businesses, as it allows administrators and other medical group leaders to transform data into action.
Focusing on revenue cycle optimization amid rising costs and reimbursement challenges is a top priority for most medical groups in 2023, and using data to make operational decisions in this domain is another important piece of your benchmarking and KPI tactics.
Some benchmarking criteria include
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Total medical revenue after operating costs
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Gross revenues
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Net fee-for-service (FFS) or other net revenues
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Collection ratios/average reimbursement rate
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Claims denial rates and denial write-offs
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Bad debt
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Payer mix
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A/R days and A/R aging comparisons (by bucket: 0-30, 31-60, 61-90, 91-120, 120+ days)
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A/R days and A/R aging comparisons (by bucket: 0-30, 31-60, 61-90, 91-120, 120+ days)
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Charge posting and billing lag time
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Copay collections
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Patient-due collections
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CPT® codes (E/M comparison to CMS/MGMA Procedural Profile and procedures)
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Physician/APP wRVU productivity
Successful medical practices thrive by implementing more than just industry best practices — they track key performance indicators (KPIs) and benchmark against similar organizations to identify areas for improvement and sustain long-term success.
At GSR, we use KPIs aligned with national industry standards to thoroughly assess your practice and pinpoint weaknesses. Whether it’s insufficient staffing, delays in billing and collections, or patient access issues, measuring performance through KPIs allows us to address and resolve these concerns effectively.
Over 80% of healthcare leaders leverage benchmarking data to identify business challenges, enabling administrators and medical group leaders to turn insights into actionable strategies. These benchmarks empower you to make informed decisions, guiding your focus on critical areas for future improvements.
Auditing Accounts Receivable (A/R)
Effective management of accounts receivable (A/R) is crucial for the financial health of any medical practice. The A/R is the lifeblood of a practice, and poor management can mean the difference between financial success and struggling to cover payroll.
One of GSR’s key services is auditing your A/R to ensure that proper checks and balances are in place across the front desk and billing departments. In some cases, a lack of oversight can lead to embezzlement by staff. By auditing A/R, GSR can identify potential risks to your practice’s cash flow and help safeguard against fraud.
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