Building a culture that stays focused on key business metrics is an essential ingredient of high performing Revenue Cycles. That said, the sheer volume of data and number of KPI’s can be overwhelming [HFMA has dozens as part of the MapKeys program] see:
Here’s an easy step towards building an information- driven Revenue Cycle:
Consider building a simple dashboard of the most important KPI’s, in a simple Green/Yellow/Red color-coded format. Start every meeting with a quick review of the numbers, focusing on the RED categories, especially Cash. Watch each category over time, build and update a plan to move them all into Green.
Here’s an example of a simple KPI dashboard that should be easy to pull together every week [CFO’s especially appreciate this easy-to-read format!] You can pick your own Baselines, whether an average of past results or a goal you’ve established for future performance.
Your dashboard will probably evolve to include KPI’s for areas you’re focusing on such as POS Cash Collections, Denials, Financial Clearance, etc.
Over time you’ll see a change in your organizations behaviors- there will be shared goals and constant dialog centered on ‘getting to Green’. Your staff will appreciate knowing what ‘a good job’ is, and how they stack up.
Give it a try!