Financial KPIs: What are They, and Why do They Matter?
Posted Oct 10, 2021 from emds.com
KPIs is short for Key Performance Indicators. Financial KPIs measure the financial health of your practice. They play a crucial role in identifying and reducing inefficiencies.
Common financial KPIs for healthcare organizations include accounts receivable performance, insurance vs. patient balances, days in AR, denial rates, and claim and bill submission rates, to name a few.
By defining, adhering to, and tracking financial KPIs, you can improve the overall financial health of your practice. Let’s review some of the most common financial healthcare KPIs that practices should be tracking and why they are essential to your business.