Daily Scorecard Can Transform Medical Practices/Clinics

Written by on January 30, 2015 in Practice tips - No comments

KeyboardWEBIn this article, I would like to highlight how a “Daily Scorecard” can transform any Medical Practice. We all know that in sports, a scorecard is a sheet, or a book in which scores are entered. In business terms scorecard means a statistical record used to measure an achievement or progress towards a particular goal.

We have often heard about “Balanced Scorecard” in the corporate world. The balanced scorecard is a strategic planning and management process that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organizational performance against strategic goals.

Taking the concept of a scorecard and introducing it in Medical Practice under “Daily Scorecard” can bind all the team members of a practice into one common string. Let’s look at some of the possible daily scorecard items for a practice.

Daily Number of appointments scheduled and seen.

This provides a complete analysis of NO SHOW ratio. So if a provider complains that he/she was very slow, the scheduling team knows what to do. It also helps in forward thinking for practice’s workflow planning.

Daily number of patients’ who paid their outstanding balances from the total, who have some kind of balance towards co-insurance/deductible or non-covered charges.

This provides an indirect audit on the financial counselor within a practice or front desk team member. No one likes to have bad looking numbers on the scorecard, so it brings a sense of accountability among the team members to outperform day-by-day.

Daily number of patients’ scheduled and eligibility checked.

Affordable Care Act has created thousands of insurance patients’ in the past several years; it has also given a way to increased patients’ responsibility. Eligibility Verification is such a crucial part in workflow planning for Medical Practices. This scorecard serves as a quick tally between patients’ scheduled and eligibility checked. Any performance less than 100% shouldn’t be acceptable unless a known factor exists. A known factor could be patients’ who have been seen regularly in practice for their risk management.

Daily number of patients’ seen by providers with ratio of number-of-patients to work-hours.

It is often observed that patient flow is a big problem in a busy practice. Patient wait time is a big topic for discussion in workflow planning and patient satisfaction survey. We have seen an increased number of technology initiatives to calculate patients’ wait time in reception, exam room, triage and face-to-face time with physicians. A simple scorecard can provide an accurate insight into providers’ performance and keep them focused on their core objective.

Daily number of claims billed.

It is necessary to have insurance claims billed out in timely manner. This scorecard can provide a pace of billing. Practice sees 150 patients daily however claims going out daily are not keeping up with this pace or claims billed out are sporadic, it would obviously create a disruptive cash flow for the practice. This serves as an immediate audit on the billing team members and provides possible statistical cash flow predictions for the accounting team based on procedure/payer mix.

Daily $$ amount posted.

Payment posting is one of the most neglected functions in a Medical Practice. It is very important that payment posting is kept in pace with daily cash flow. It is a first and fundamental step in wholesome Revenue Cycle Management and Planning.  If money is not posted in a timely manner, you can’t balance bill secondary or patients. It creates a work queue for AR follow up / Denials Team.

Daily number of denials worked on (or) outstanding claims followed up.

Healthcare is the only services industry where you are paid after services are rendered. Most service industries in the country charges their fees upfront. It is essential in a Medical Practice Workflow planning that Denied or Outstanding Claims are followed up periodically or promptly. This is a time consuming process and each claim can take up to 30 minutes or more. The scorecard helps a practice to establish a bench mark and dig into reasons for denials proactively.

We all agree that Numbers have power. A series of numbers put together convey a whole story about any business or organization. Daily Scorecard turns out to be a simple but powerful tool in building an effective accountability into the practice. It keeps everyone connected towards one common goal “Recognition, Recommendation and Revenue”.

By Vishal Gandhi, BSEE, MBA
Founder and CEO

Source: https://www.linkedin.com/pulse/daily-scorecard-can-transform-medical-practices-vishal-gandhi

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