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.
- 'Mega Boards' Could be Rural Healthcare Disruptor
- 1 in 5 Eligible Hospitals Penalized for HACs
- 12 Hires to Keep Your Hospital Out of Trouble
- Meaningful Use Payment Adjustments Begin
- HL20: Lee Aase—Who's Behind @MayoClinic
- No Boost to NFP Hospital Bond Ratings from Medicaid Expansion
- Ratcheting Up Patient Experience Has a Downside
- HL20: Peter Semczuk, DDS, MPH—Taking on the Big Challenges
- HL20: Rebecca Katz—Cooking Up Sustainable Nourishment
- Top 3 Nursing Lessons of 2014