DEFINING METRICS FOR SUCCESS
Thursday, we hosted a webinar on the 10 Key Home Health & Hospice Metrics to Track in 2018 with BlackTree Healthcare Consulting.
As a Senior Account Manager on the Forcura team, I really enjoyed sharing how Forcura and BlackTree support home health and hospice agencies to optimize productivity.
I’m passionate about helping our customers have a strategic view of their business so that they can provide the best patient care possible while running a successful and financially sound organization.
The metrics we reviewed in this webinar (and referenced below) are just some of the areas that we help our customers define and drive success. However, before reporting and analysis can begin, I always advise our customers to review their current processes and establish the right standardized workflows. These workflows cannot be tracked and reported on until they are adopted across the organization.
Assessing and documenting your organization’s workflows creates a roadmap to start your journey to success. Once the baseline of your operations is established and understood by everyone involved, you can begin to effectively leverage tools that provide insights into how effective these current processes are operating. This is where the fun and the “Aha” moments begin.
When you understand your processes and you have the tools to effectively monitor them, you can easily see where bottlenecks exist and where true efficiency is delivered.
Establish, Review, Revise
Being able to track your organization's activity is square one for doing business in the modern economy. Once you’ve developed your processes and workflows it is time to establish benchmarks, goals, and a plan to reach those goals.
Many of our customers ask “Which metric should I focus on tracking and improving first?”. There is not necessarily a “right” answer to this question, as it is different based on each organization’s needs and objectives.
However, one metric that is a key indicator of overall productivity is Average Document Turnaround Time as it relates to physician orders and intake documents. This directly affects your organization’s ability to bill in a timely manner and provide cash-flow to the business. While this focuses on the time it takes to send out an order (F2F, Plan of Care, etc.) and check-in the signed order for billing, there are factors prior to and within this metric that will drive efficiency. Insight into the time it takes to process an order will guide you as you drill into your process further and determine what parts of the workflow can be optimized.
Another common question when it comes performance tracking and improvement is “How do I define my goal for improving certain metrics?”. While there are best practices and standards for many data points in the home health and hospice industry, they might not be achievable goals in the short term.
The best way to define your goals is to first set the larger goal you want to achieve over a 12 month period. This could be an industry benchmark or one that is developed internally. Then, build a plan with incremental steps that will allow you to achieve that goal over the 12 months.
10 Key Home Health and Hospice Metrics to Track in 2018
- Number of Referrals Received
- Percent of Referrals Accepted
- Average time to process a new Admission
- Average Document Turnaround time
- Number of Outstanding Orders
- Average Time to Check-in an Order
- Number of Orders Checked-in per month
- Staffing Ratio
- Days to Bill
- A/R over 90 Days
I hope this information is helpful and spurs you and your organization to look at your operational reporting a little differently. If you weren’t able to attend the webinar, you can access it here If you want to talk more about the webinar and/or how Forcura drives efficiency through workflow and document management please connect with us at email@example.com. Thank you!
Ty King is the Senior Account Manager at Forcura. He is passionate about helping healthcare organizations optimize their processes so they can focus on patients, not paperwork. Connect with Ty on LinkedIn.