Productivity is the pivotal measure to mark the success of a medical practice. What gets measured, gets managed, and what gets managed, gets improved. For targeting, modifying, or improving your efforts, you need to track data.
You cannot determine the proficiency of your work, if you cannot measure the efforts. Your physical therapy software should collect all the data and present it to you in easy-to-read reports, so you can control your data in a way that improves your productivity and financial standing.
Productivity of your clinic includes patient flow throughout the practice, examining workflow efficiencies, empowering employees to make informed decisions, and ensuring that your clinic has the appropriate staff strength to manage your patients.
The real potential of a physical therapy software is to track information with minimal effort by the employees, and use that information to analyze the achievement of employees and as well as the practice as a whole. Today, PT billing software can provide adequate support that shapes PT practice success and patient care from a highly informed perspective.
Productivity metrics for your PT practice
How many patients visit your clinic every month? Where are they coming from? Before you plan your marketing budget, it will help to know which avenue your patients are using to find your practice. Physical therapy software lets you review patient status with a few clicks and get a better idea to manage patient workflow. It lets you learn about:
- Total number of patients by clinic location
- Total number of patients seen per therapist
- Monitor patient inflow in a particular period to pinpoint new visits to determine whether they align with any precise marketing campaign
- Monitor your patient arrival rates to determine the effectiveness of your patient reminder efforts
- Follow average visits per patient to gain insight about the patient treatment procedure
- Examine new patients per therapist to analyze the efficiency of a particular therapist
- Time spent by each therapist on a patient to ensure your staff are completing necessary tasks in a timely fashion
- Monitor no-show/cancellation rates
Billing metrics provide a crucial insight into the very first stage of the revenue cycle, to gain a better understanding of your revenue model before the bills are charged and visits are completed.
- Total chargeable bills per period to have a better grasp over the next period forecast
- Average charges per visit to provide key insight to revenue structure
- Track how fast you can process the claims
- Monitor unpaid claims and billable amounts to knowing the approval rate of claims filed
- Know payment durables for each patient and locate payment records with patient balances
- Track unpaid claims, billable amounts, and receivables to gain understanding about the insurance process
- Track the submission of your claims, and also investigate and appeal denials from insurance companies
Employee metric helps empower your staff and enables you to have the right staff number for each physician, to enhance your clinic’s productivity. It helps you measure the level of patient and employee satisfaction and make appropriate adjustments based on the data crunched.
- Ideas to rightsize a medical practice’s staff strength to determine the number of employees needed to meet medical practice goals
- Track appointments to keep an eye on the waiting list
- Monitor appointments to dramatically increase productivity per employee
- Track what is happening during each phase of treatment, how long each part takes, and who is doing what
- Track the staff number and function allocated to each staff member and physicians
- With day at a glance feature, track time of each employee to better schedule medical procedures
With the right Physical Therapy Software in place, you have all the needed data in hand. By identifying the metrics you want to monitor, studying all the reporting tools, and taking advantage of present data, you can make better decisions, improve productivity, and achieve success.