Practice performance and financial analysis (with meaning).
This is essential stuff, starting with identifying the strengths and deficiencies of each client’s revenue cycle. This may involve brief interviews with physicians, office management and billing/coding staff; a review of the practice’s standing accounts receivable, capitation reports and/or eligibility summaries.
1: Set goals. 2: Reach them.
Benchmarking allows us to assess how well the practice is performing compared to internal peer groups or external metrics. Once an internal baseline is established and performance is measured, we use this data to continuously evaluate and improve your practice’s financial performance.
Reports can routinely be generated for any timeframe. Our standard process is to provide the practice with monthly, quarterly, and other periodic reports, depending on the data being reported. These reports use data analytics to:
- Demonstrate overall financial and operational performance
- Address strategic initiatives
- Target growth opportunities
Key Performance Indicators
Key practice performance indicators analyzed and reported by Zymeda include:
- Charges, payments, and contractual adjustments (in total, by payor, and by provider as appropriate)
- Denial rate in total, by payor, and reason code
- Overall payor processing time
- E&M code utilization
- Physician performance (measured by Total Work RVUs)
We know that’s a lot of info. And there’s even more to tell you about this Zymeda core service. But it’s been a long, long page, and the rest can wait until you’re ready to learn more.