PE For Healthcare Complementary KPI Medical Practice Evaluation

private practice firm

KPI’s for Medical Practice Management

PE for healthcare’s complementary practice evaluation will give you access to accurate metrics using KPI’s. Think of the practice evaluation as an annual checkup for your business.

Engaging PE For Healthcare to review your business operations is as important for your medical practice as the annual checkup is for your patients. Let us give you accurate metrics to measure all Key Performance Indicators (KPIs) of your business, providing you with the tools to make informed decisions.

Analyze Practice Profit and Loss Performance

  • Changes in charges/collections
  • Changes in patient/client volume
  • Changes in payor mix
  • Changes in expenses
  • Income review for the past three fiscal years

Annual Operating Budget and Budgeting Practices

Review Managed Care Contracts

Analyze Medical Billing and Collections

  • Coding and billing analysis
  • Patient charge entry protocols
  • Review timeliness of initial billing
  • Define priorities
  • Delinquent account strategies
  • Patient fee schedules
  • Evaluate accounts receivable aging trends
  • Study of billing frequency and follow-up protocols
  • Payment posting
  • Disposition of payroll credit balances

Analyze Accounts Payable

  • Vendor agreements
  • Payment classifications
  • Expense trends
  • Petty cash fund management
  • Accounts payable aging and cash management
  • Inventory control and supply ordering systems

Banking

  • Types of accounts
  • Check signature policies
  • Deposit protocols
  • Lockbox utilization
  • Bank account reconciliation practices

Financial Reporting

  • Income and expense
  • Balance sheet
  • Accounts receivable aging
  • Prior period comparisons
  • Chart of accounts review
  • Review internal and external practice benchmarks

Effectiveness of Patient Appointment System

  • Appointment scheduling practice
  • Verification of insurance information
  • Patient authorizations

Patient Check-in Processes

  • Collection of co-pay amounts
  • Patient “no-show” protocols
  • Patient check-out processes
  • Review patient care areas
  • Medical history forms
  • Medical documentation
  • Universal precautions
  • Medication storage and administration
  • Prescription pad security
  • Prescription refill protocols

Review Medical Records

  • EHR vs. EMR vs. paper system
  • Storage of patient records
  • Loose paperwork filing
  • Timely documentation
  • Medical transcription
  • Medical record destruction protocols
  • Release of records protocols

Office Automation

  • IT system hardware
  • Practice management system
  • EHR/EMR
  • Office phone system
  • Paging
  • Email, SMS, other
  • IT system security practices

Human Resources Deployment, Practices, and Benefits

  • Personnel policies and procedures
  • Job descriptions
  • Training
  • Payroll analysis
  • Personnel file audit
  • Turnover issues
  • Interview practices
  • Benefits package
  • Performance metrics and evaluation

Risk Management

  • Insurance coverage
  • OSHA

Physical Plant

  • Signage
  • Equipment
  • Repair
  • Exam rooms
  • Space requirements
  • Traffic flow
  • Office environment and ambiance

Referral Development

  • Referral source audit
  • Patient satisfaction

HIPAA and Compliance

  • Privacy and security rules
  • Medical documentation audit
  • Compliance policies, procedures, and practices

Internal Control

  • Handling of cash, credit cards, etc.
  • Task-specific plans
  • Physician Practice A ssessment – Strategic Options
  • Identified areas new volume/income generation
  • SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats