Thanks to everyone who attended our webinar, ICD-10: Last Minute Tips for October 1st, on September 22nd. During the webinar, Practice Management Institute ICD-10 expert Pam Joslin, MM, CMC, CMIS, CMOM, discussed the final ICD-10 preparation steps healthcare organizations should take to mitigate delays in reimbursement following the October 1, 2015, ICD-10 implementation date.
To learn more, click here to download a recording of this webinar. After you’ve listened, let us know if you have any questions or comments.
Just as doctors monitor body temperature, pulse and blood sugar index to diagnose patient health and develop care plans, physician practice leaders can monitor key performance indicators (KPIs) to determine their organization’s financial health and create an action plan for realizing improvements.
Recent health leadership surveys have identified analytics as an important priority. According to PriceWaterhouseCoopers, 64 percent of healthcare leaders have changed the way they make decisions to rely more on metrics and data. Many practices, however, aren’t regularly using metrics. This could be due to budget restrictions or competing priorities such as ICD-10 readiness. If it’s the former, there’s good news: several KPIs are accessible without an analytics tool for anyone willing to put in some extra time and effort: Read more
How facts and figures play a key role in a practice’s financial health
There’s something to be said about a really great statistic or fact. For example, did you know our world has roughly 6,500 different languages, yet almost 2,000 of these languages have as few as 1,000 speakers*? What about how many licks it takes to get to the center of a Tootsie Roll Pop (the answer is about 1,000** )?
People tend to love statistics and metrics not only because they’re fodder for compelling dinner party conversation, but they also enable us to speculate, analyze and develop new insights. As you strive to keep your practice financially healthy, key revenue cycle metrics can help you benchmark success, expose areas in need of improvement and guide critical decisions. Read more