Best-in-Class Physician Revenue Cycle Dashboards

Topics: Finance, Physician Revenue Cycle, Revenue Cycle, Dashboards and Reports, Management Tools, Performance Improvement, Hospital-Physician Alignment, Physician Issues

By reading this study, members will learn:

• How a lack of transparency affects the physician revenue cycle
• How to track performance at three levels: overall enterprise, practice sites, and individual physicians
• How best-in-class dashboards with key metrics can improve physician revenue cycle operations

Executive Summary

During our research on improving physician revenue cycle practices, revenue cycle leaders frequently stressed the lack of visibility into financial performance of employed physician practices.

Senior finance executives often report limited knowledge of the performance of their professional fee collection activities. Likewise, practice managers and physicians rarely have clear insight into how their efforts contribute to the medical group’s broader financial performance.

Critical to track performance at three levels

Top performing physician revenue cycle operations track performance at three levels:

• Across the enterprise in aggregate
• At the practice or clinic level
• By individual physician

Senior leaders should track the performance of the entire medical group, identifying and responding to key trends. Dashboards for each site of care allow practice managers to measure their own performance, and can identify sites that are lagging the broader enterprise.

Finally, individual physician dashboards—especially those that show comparisons to peers—show physicians how their practices contribute to the group’s financial health.

Examples from top revenue cycle operations

We collected sample dashboards from top performers across the country with key distinguishing features, as well as metrics for an employed physician group. Access the research note for three sample dashboards, one at each key level of analysis.