Million Dollar Metrics: KPI That Builds the Bottom-line
There were other bonuses. The organization found that this personal approach improved the patient satisfaction. Centra Health also used data-driven KPI to constantly monitor the eligibility program's performance, for areas such as bad debt as a percent of gross revenue, the amount of charity care provided as a percent of gross revenue, and the percentage of shift from bad debt onto the system's charity care program.
The KPI dashboard also served to motivate internal staff, Koons notes. "When you start to measure things, it brings a greater state of awareness to the people who are being measured, and they're more likely to be in compliance and accountable," he says.
Centra Health used the eligibility and enrollment data to implement a staff incentive program for some departments, such as registration, to further encourage the successful collection of data and dollars. People are incentivized on productivity, accuracy of information gathered, and point of service collections. Since the ultimate goal is to get accurate information, the team must meet accuracy goals in order to trigger their bonus.
"The primary reason we tackled this area was to drive down uncompensated care, grow revenue, and increase our cash flow, but we also found making the added effort to help the patients really improved their—and our—levels of satisfaction," says Koons.
Karen Minich-Pourshadi is a Senior Editor with HealthLeaders Media.
- CEO Exchange: Preparing for Population Health
- EHR Systems 'Immature, Costly,' AMA Says
- Advocate, NorthShore Deal Would Create 16-Hospital System
- Better HCAHPS Scores Protect Revenue
- Narrow Networks Cut Costs, Not Quality, Economists Say
- 3 Strategies for Retaining Millennial Employees
- 'Early Offer' Malpractice Programs May Spur Reform
- Interstate Medical Licensure Effort Advances
- Power of price: In South FL and the nation, healthcare costs often are shrouded in secrecy
- Two NY hospitals to offer free hip and knee replacement surgeries for qualifying patients in December