Daily Scorecard can transform Medical Practices
Published on Dec 04, 2015
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PRESENTATION OUTLINE
How a “Daily Scorecard” can transform any Medical Practice?
We all know that in sports, a scorecard is a sheet, or a book in which scores are entered.
In business terms scorecard means a statistical record used to measure an achievement or progress towards a particular goal.
We have often heard about “Balanced Scorecard” in the corporate world.
The balanced scorecard is a strategic planning and management process that is used extensively in business and industry, government, and nonprofit organizations worldwide.
The purpose of Scorecard is to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organizational performance against strategic goals.
Taking the concept of a scorecard and introducing it to the Medical Practice under “Daily Scorecard” can bind all the team members of a practice into one common string.
Daily Number of appointments scheduled and seen which provides a complete analysis of NO SHOW ratio.
So if a provider complains that he/she was very slow, the scheduling team knows what to do.
It also helps in forward thinking for practice’s workflow planning.
Daily number of patients’ who paid their outstanding balances from the total balance!
This provides an indirect audit on the financial counselor within a practice or front desk team member.
No one likes to have bad looking numbers on the scorecard, so it brings a sense of accountability among the team members to outperform day-by-day.
Daily number of patients’ scheduled and eligibility checked.
Photo by kazuletokyoite
Eligibility Verification is such a crucial part in workflow planning for Medical Practices.
This scorecard serves as a quick tally between patients’ scheduled and eligibility checked
Any performance less than 100% shouldn't be acceptable unless a known factor exists.
A known factor could be patients' who have been seen regularly in practice for their risk management.
Daily number of patients’ seen by providers with ratio of number-of-patients to work-hours.
It is often observed that patient flow is a big problem in a busy practice.
Patient wait time is a big topic for discussion in workflow planning and patient satisfaction survey.
We have seen an increased number of technology initiatives to calculate patients’ wait time.
A simple scorecard can provide an accurate insight into providers’ performance and keep them focused on their core objective.
Daily number of claims billed.
It is necessary to have insurance claims billed out in timely manner.
This scorecard can provide a pace of billing.
So, if claims are billed timely, it won't create a disruptive cash flow!
And, if claims are not billed timely, than, it would create a disruptive cash flow.
Payment posting is one of the most neglected functions in a Medical Practice.
It is very important that payment posting is kept in pace with daily cash flow.
If money is not posted in a timely manner, you can’t balance bill secondary or patients. It creates a work queue for AR follow up / Denials Team.
Daily number of denials worked on (or) outstanding claims followed up.
Photo by marvin_michels
Healthcare is the only services industry where you are paid after services are rendered.
It is essential in a Medical Practice Workflow planning that Denied or Outstanding Claims are followed up periodically or promptly.
This is a time consuming process and each claim can take up to 30 minutes or more.
Photo by mrlins
