Benchmarking and Reporting - HFMA Tennessee

Benchmarking and ReportingJackie P. Boswell, MBA, FACMPES enior Medical Practice ConsultantWhat is Benchmarking ? Benchmarking is a process of measuring key performance indicators and comparing with national averages and better performers Better performers: Benchmark routinely Automate processes Why Benchmark?Better performing practices use Benchmarking to answer the question: How are we doing? Typical Physician Are we collecting what we should collect? (Why are my collections lower than his/hers???) How many employees should we have per physician (provider)? (Do we really need all these people????) Are my expenses too high? (Where can we cut costs???) One accurate measurement is worth a thousand expert opinions. Admiral Grace HopperKey Performance IndicatorsKPIB etter PerformersExample Practice Data% of A/R>120 gross FFS charges in FFS collection % accounting support staff/FTE medical revenue per FTE physician$1,242, $1,073, claims submitted electronically95%83%%of claims denied on first submission4%15%MGMA 2011 Better PerformersAR BenchmarksPRACTICEMGMA% OF AR 0-30 DAYS73%57%% OF AR 31-60 DAYS18%12%% OF AR 61-90 DAYS4%7%% OF AR 91-120 DAYS3%5%% OF AR OVER 120 DAYS2%19% CREDIT BALANCE % OF AR2%<5%DAYS IN AR5338 MedianGROSS COLLECTION RATE43%54%ACCOUNTS RECEIVABLE BENCHMARKSA ccounts Receivable Indicator Percentage of A/R ov

What is Benchmarking? • Benchmarking is a process of measuring key performance indicators and comparing with national averages and better performers

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