Understanding Hospital KPIs: The Role of Technology in Improving Performance
Providingexcellentpatientserviceistheprimarygoalofanyhealthcare organization.Tothisend,keyperformanceindicators(KPIs)measurewelldefined,quantifiablegoalsthathealthcareproviderscanstrivefor.According totheInstituteforHealthcareImprovement,vitalKPIsmeasuretheTriple Aim:
• Improvingtheoverallpatientexperienceofcare–withafocuson qualityandpatientsatisfaction
• Improvingthehealthofpopulations
• Reducinghealthcarecostspercapita
Key Performance Indicators
Thereareavarietyofmetricsthatcanbeusedtoassesstheperformanceof healthcareorganizations.ClearlydefinedKPIshelporganizationsmore quicklyimproveperformancebecausetheyallowforbetterfocus.Some primaryKPIsthatorganizationsshouldfocusontoimproverevenuecycle performanceinclude:
• Case Mix Index (CMI) - CMIistheaveragevalueassignedtoagroupof peoplewiththesamediagnosisbasedontheirpersonaldetailsand treatment.Thisenableshealthcareorganizationstoallocatespecific resourcestopatientcarebasedontheseconsiderations.
• Average Length of Stay (LOS) - TheaverageLOScalculationquantifies thetimepatientsspendinhealthcarefacilitiesafteradmission,aswell asestablishesoptimaltimingmanagementforspecificproceduresand groups.
• Claim Denial Rate - Insurancecompaniesrejectclaimstheydeemnot payableduetobillingerrors,missinginformation,orpatientcoverage policies.Healthcareorganizationscangaininsightintotheeffectiveness oftheirrevenuecyclebykeepingtrackofclaimdenialrates.
• Patient Satisfaction & Safety - AnothersignificanthealthcareKPIis holisticpatientsatisfactionandsafety,whichallhealthcareproviders shouldprioritize.Thisincludestrackingincidents,minimizingrisk exposure,andgatheringpatientfeedback.
• Medical Costs by Payer - Organizationsestimaterevenuebracketsfor theirfacilitiesbydeterminingwhatkindofhealthinsurancepolicies(or lackthereof)patientshave.
• Treatment Costs - Toestablishproperfinancialmanagement, healthcareorganizationscalculatetreatmentcostsbasedondifferent categoriesoveraperiodoftime.
• Patient to Staff Ratio - Thenumberofstaffperpatienttodetermine whetherafacilityisunderstaffedoroverstaffed.
• Patient Wait Time - Thetimeittakesforapatienttoarriveatthe facilityandbeseenbyadoctor,whichhelpsorganizationsunderstand andplanforbusytimesandadjustresourcesaccordingly.
• Clinical Documentation Improvement (CDI)- Improvethequalityof healthcarerecordstodeliverbettercareandstrongerreimbursement forservices.Organizationscanestablishbenchmarksforwheretheir documentationstandsnow,howmuchtimeittakestocodepatient data,andidentifygapstobefilledproductivity.