Is your practice monitoring physician productivity?
Peter Drucker, father of management thinking, made it simple, “If you can’t measure it, you can’t improve it.” Medical practices can’t make the decisions needed to manage or grow the practice without scrutinizing pertinent data. One of the areas that impacts the practice revenue cycle is physician productivity and the practice management system contains valuable data needed to support the financial, business, and operational decisions of the medical practice. Monitoring and measuring physician productivity helps a practice determine policies for budgeting, staffing, and more.
Are the physicians meeting short- and long-term goals for accuracy in coding and billing, patient retention, and patient referrals? Some information can be obtained by analyzing relative value units (RVUs), number of procedures, and patient visits. The information can be compared to other physicians in the practice or expanded to include other physicians in the same specialty. InfoDive, a business intelligence and healthcare analytics tool, helps medical practices to monitor hundreds of data points quickly and easily.
The recent public health emergency (PHE) and changes to the types of physician visits (telehealth versus in-person visits) make it imperative to compare pre-PHE productivity to post-PHE data.
Practice administrators use InfoDive to create New Physician Data packets. When a new physician comes on board to a practice, administrators can look at specific metrics in their specialty to see how the physician productivity compares to others within the practice and peers around the country. The packet gives the new physician a goal and the practice administrators can monitor trending over each quarter.
Practices can use productivity benchmarks from the more seasoned physicians to give those newer physicians a long-term goal. Data can be consolidated and show trendlines that the newer physicians can review to see how they are doing quarter to quarter.
The solution provides analytics and benchmarking for Advanced Practice Providers (APPs).
To see how InfoDive can help your practice with measuring physician productivity, request a demo by calling 877.570.8721, ext. 2, or email email@example.com.