How do you track practice financial performance? Part 3
This is the third and final article in our series on tracking practice financial performance. Today’s focus is on key metrics for provider performance.
Provider scorecards can give physicians a clear picture of their performance relative to expectations. They can also focus physician attention on key areas of importance to the practice. Provider performance metrics suggested by the Practice Management Committee are below. Think about your practice priorities when selecting which metrics to use.
- Work RVUs – Work Relative Value Units (wRVUs) measure physician productivity by assigning a value to each visit or procedure. Track each provider’s wRVUs by year and compare to the MGMA benchmark. The 2015 Medical Group Management Association median wRVU for allergy/immunology was 4,666. The 75th percentile wRVU for A/I was 6,011.
- Gross charges
- Medical revenue (collections)
- Total patient visits
- New patient visits
- Patient satisfaction score
- On time completion of medical record documentation
- Average days to submit charges
- MIPS quality measures
“We monitor provider production using an average collection by CPT code. We also monitor total patient and new patient numbers,” advises Stanley Fineman, MD, MBA, FACAAI, chair of the Practice Management Committee. “Although we monitor patient satisfaction scores, we haven’t included this in our compensation formula yet.”
Over the past three weeks we’ve discussed a number of possible financial metrics to track - but don’t be overwhelmed. Start by selecting just a few measures that are easy for your practice to report and build from there. Remember the old adage: “you can’t manage what you don’t measure”. Take charge of your practice financial performance and let the measuring begin!