As a healthcare provider, it’s important to have the right knowledge and tools on hand to increase your overall revenue and productivity. That’s why it’s so important to regularly track medical billing KPIs (key performance indicators) that measure how effectively you’re doing your job and how your practice compares to others in the industry. You can also use medical billing KPIs to help focus on areas that need improvement. Here are KPIs that are important to be tracking in your practice.
Spend per User
A key metric for any medical billing company is its spend per user. This number tells you how much, on average, each of your customers is spending with your company. The higher your numbers are in comparison to this figure, the more opportunity there is for improvement and optimization!
Average Revenue Per User
With the right medical billing software, you can track a number of key performance indicators (KPIs) to help you assess the health of your practice.
Patient Retention Rate
One of the most important medical billing KPIs your practice should be tracking is your patient retention rate. This metric tells you how many of your patients are continuing to see you for their care. A high patient retention rate means that patients are happy with the care they're receiving and are less likely to switch to another provider.
Profit Margin
Revenue Yield, also known as Profit Margin, is one of the most important medical billing KPIs for your practice. This metric tells you what percentage of your total revenue is profit. To calculate it, simply divide your net income by your total revenue.
Number of Billed Patients
The first metric any medical billing department should be tracking is the number of billed patients. This number shows you how many patients you’re able to generate invoices for. You should also track the percentage of patients with a positive balance.
Read more: What is the future of medical billing?
Conclusion
By monitoring these KPIs, you can get a clear picture of how your billing process is performing and identify areas that may need improvement.
