Establishing KPIs for Your HME Business
We all have goals. (How are those New Year’s resolutions coming along, by the way?) And your business is no different. One way to make sure you understand how well your company is achieving its short- and long-term objectives is through Key Performance Indicators, or KPIs. KPIs provide the data you need to evaluate your success against those goals so you can pinpoint areas of strength and weakness.
Yes, developing your company's KPIs can take some careful thought and time, but the benefits are far reaching. Not only do KPIs help you measure and monitor performance, they also identify problems early so you can shift your strategy, if necessary.
If you've never thought about your KPIs before, we can help you get started. It's important to focus on collecting the data that matters to your specific business and industry. We recently put together some ideas for KPI statements to help you rate the success of your Revenue Cycle Management process. Read the full article here for ideas on goals you may want to consider for your team in the following areas:
- Patient Intake
- Collections
- Reimbursements
- Denials
- Claims on hold
- Write-offs
Leading HME providers rely on KPIs to manage their business, developing action plans when one or more KPIs become a "red flag." The reporting feature in TIMS Software can help you gather the data you need to keep tabs on your KPIs for bench marking and trend analysis. Ready to learn more?
This article was originally written by Patty Harrison of Computers Unlimited. Published 2018-06-20. Modified 2018-09-17.
