decisionhealth Newsletters, Part B News - 2012 Issue 5 (May)
Improve profits by calculating, benchmarking key practice measurements
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Article Overview
This article covers how practices can use a benchmark dashboard to track core revenue cycle management metrics and evaluate operational performance over time. It is aimed at practice administrators, billers, and other revenue cycle stakeholders who want a high-level framework for measuring collections, receivables, and workflow efficiency using consistently gathered internal data. The article discusses the general categories of dashboard measures, why accurate benchmarking matters, and why regular updates on a consistent schedule are important for comparison purposes.
Why This Topic Matters
Knowing which practice measurements to track can help organizations spot inefficiencies, compare performance with specialty peers, and monitor revenue cycle health. The article is relevant for groups looking to improve financial visibility and establish a repeatable reporting process.
Article Sections
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Revenue cycle management
Introduces the use of a benchmark dashboard for practice performance monitoring and comparison. Covers the overall context for revenue cycle measurement and operational improvement.
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Create your dashboard
Describes how to organize a practice dashboard and the broad financial measurement categories it may include. Focuses on establishing accurate internal reporting for comparison and review.
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How to monitor your dashboard
Explains the importance of updating dashboard data on a regular, consistent schedule. Addresses timing and repeatability considerations for ongoing performance tracking.
What You Will Learn
- How benchmark dashboards support practice performance monitoring
- What broad types of financial metrics may be included in a dashboard
- Why accurate internal data is important for comparing performance
- How consistent reporting intervals support meaningful trend review
- What operational areas revenue cycle dashboards are meant to observe
Who Should Read This
- Practice administrators
- Revenue cycle managers
- Medical billers
- Physician group leadership
- Healthcare practice consultants
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