Exemplary patient service is the primary goal of any healthcare organization. To this end, key performance indicators (KPIs) offer well-defined and quantifiable goals that healthcare providers can aim for. According to the Institute for Healthcare Improvement, the best way to identify vital KPIs is to focus on the Triple Aim model. The three dimensions highlighted in this model provide a good look at the areas prospective KPIs should be designed for positive health outcomes. They are:
- A focus on improving the patient’s overall care experience (inclusive of quality and satisfaction).
- A focus on improving the health of groups and/or populations.
- A focus on reducing the per capita cost of health care.
The KPI metrics
There are various metrics that provide a comprehensive understanding of the performance of healthcare organizations. Knowing the focus KPIs will help build a streamlined framework through which organizational performance can be improved. Some primary KPIs that organizations can focus on include the following –
Case Mix Index (CMI)
Case mix index is the average value that is ascribed to a diagnosis-related group based on their personal details and treatment. This helps healthcare bodies allocate specific resources to care for patients based on these considerations.
Average Length of Stay (LOS)
The average length of stay is used to evaluate the amount of time that patients spend in healthcare facilities after admission, and can be used by organizations to established optimal timing management for specific procedures and groups.
Claim Denial Rate
A denied claim is the one that an insurance company has deemed to be unpayable, often caused by billing errors, missing information or patient coverage policies. By keeping a track on claim denial rates, healthcare organizations can gain insight into their revenue cycle’s effectiveness.
Patient Satisfaction & Safety
Another primary healthcare KPI, holistic patient satisfaction and safety should be at the top of the list for all healthcare providers to consider. This includes incident tracking, minimizing risk exposure, as well as getting patient-interaction feedback.
Costs by Payer
By ascertaining what kind of health insurance policies (or lack thereof) patients have at their disposal, organizations can gauge the revenue brackets for their facilities.
It is important for healthcare organizations to calculate treatment costs based on different categories over the course of a fixed period to establish proper financial management.
Patient to Staff Ratio
A good way to ascertain whether a facility is understaffed or overstaffed, this KPI takes into account the number of staff members per patient.
Patient Wait Time
Measuring the time from the arrival of a patient at the facility to the time when they are seen by a doctor, this KPI can help organizations understand important aspects such as rush hour windows for specific or busy days for the week – and adjust resources accordingly.
Clinical Documentation Improvement (CDI)
Clinical Documentation Improvement is the process by which healthcare records are improved to create growth. Organizations can set benchmarks for where their documentation currently stands, how much time is required to code patient data, and what gaps need to be addressed to improve productivity levels.
Improving Organizational Performance with ezInsights
With technology being such an integral part of medicine, the need for a unifying platform that can help healthcare organizations gain a better idea of their KPIs is paramount. The holistic view provides the organizations a better perspective on real-time performance and metrics. Advanced analytics can highlight key trends and generate actionable insights in assisting organizations to achieve their efficiency, quality, and financial goals.
To this end, the ezInsights service can simplify the process and provides your organization with an advantage in improving overall organizational performance.
With ezInsights, healthcare organizations can perform in-depth analysis of the organizations KPIs – narrowing in on primary metrics that are directly tied to the specific healthcare organization’s main growth areas. This data-first analysis approach helps enhance the quality of patient care, as well as financial management through the use of actionable insights that are addressed in a targeted manner.
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To learn more about ezDI’s AI-based mid-revenue cycle management solutions visit www.ezDI.com and to see the live product demo of our Clinical Documentation, Coding, Compliance/Auditing, Quality Measures, Encoder, and Enterprise Analytics request a live demo.