Gain Insight Into the Performance of Your Practice With These Healthcare Benchmarking Tips
There are so many things that are part of the day-to-day of any medical practice. Scheduling, appointment reminders, credentialing providers, patient intake, managing electronic health records, billing, claims processing, appealing rejected claims, ordering PPE and other supplies, disposing of hazardous waste, patient follow up. It can often feel like a hamster wheel, with everyone balancing as many balls in the air as possible.
While it’s crucial for all of these operations to occur like a well-oiled machine, it’s also crucial to keep track of practice benchmarks. Doing so, known as healthcare benchmarking, will provide you with insights as to what is working well and what may need a modification in processes.
What is Benchmarking in Healthcare?
Healthcare benchmarking refers to measuring the performance of your medical practice against how it compares to other successful providers. Doing so helps you gauge trends and effective practices — as well as what keeps patients coming back.
When you benchmark the performance of different components within a healthcare, it helps you better define goals and to develop roadmaps to help you reach them.
The Importance of Healthcare Benchmarking
Paying close attention to performance metrics enables you to identify a lot more than simply whether your business is in the green. Yes, that is your north star; but it’s not the only component for sustainability and longevity. Additional benefits of healthcare benchmarking include:
- Productivity
- Containment of costs
- Relative value units (RVUs)
- Fair compensation
- Quality of care
- Patient experience
Taking such a comprehensive look at all the elements of your practice helps you strengthen the foundation of your business, as you can better plan for the future — and to ensure that every single step is data-driven.
Types of Holistic Practice Benchmarks
So how do you get started with healthcare benchmarking? Which metrics should you be tracking, and how can you keep it all organized? The most efficient way to do so is by grouping them by categories:
Quality of Care
The medical profession is a calling. People come to you because they trust you to diagnose, treat, and/or cure their ailments. This is a tall order, and sometimes you need the assistance of specialists; or a patient may require hospitalization. It can also pose additional challenges to receive accurate data.
Operational
In order to streamline this process, it’s essential to standardize information systems. Use the same software platforms, tools, nomenclature, and training across the board. Then pay attention to factors such as patient waiting time, ease of communication (phone, text, patient portal); their comfort while in the waiting room, their answers in patient satisfaction surveys, patient retention, employee retention.
Financial
As for financial aspects, make a list of every single element that affects your bottom line. Healthcare claims management, value-based reimbursements, healthcare payers’ claims processing, billing, supplies, compensation, and all accounts receivable and payable. How long does everything take? What’s the return on investment? Are there more beneficial players’ contracts?
Compliance
Complying with healthcare regulations such as the Health Insurance Portability and Accountability Act (HIPAA), the Health Information Technology for Economic and Clinical Health (HITECH) Act, the Patient Safety and Quality Improvement Act (PSQIA), the Emergency Medical Treatment and Labor Act (EMTALA), and myriad other regulations require lengthy processes to comply with their terms. Some of them require daily monitoring, going through a continuum, and audits. Using software that keeps track of everything and automates alerts is the most effective way to stay on top of everything.
Marketing
Having a marketing strategy is an important part of any medical practice. It’s how you spread the word about your services and attract your intended audience. And as with everything else, you should be looking at key performance indicators for healthcare benchmarking to ensure that you’re getting a return on your investment. Elements you want to track include conversion rates, cost per lead, and patient acquisition costs.
Streamline Your Practice’s Medical Coding & Billing Processes with Holistic Billing Services!
At Holistic Billing Services, we’ve been assisting chiropractic, acupuncture, and massage therapy practices for over two decades. We are the nation’s largest billing provider for holistic healthcare, serving more than 2,500 practices across the United States.
By partnering with an experienced medical billing team, you can spend less time thinking about managing CPT coding and insurance claims, and more time scaling your practice and delivering high-quality care to your patients.
Contact us so that we can create a custom solution that aligns best with your practice’s needs.
