Any healthcare organization worth its salt will have exceptional patient service as one of its primary goals. In order for it to achieve that goal, it’s important to use certain tools and metrics at its disposal, such as key performance indicators (KPIs) that provide well-defined and quantifiable goals to work toward.
The Institute for Healthcare Improvement promotes its Triple Aim Initiative as an effective way to identify important KPIs. It highlights three dimensions that offer a useful look at the areas that prospective KPIs could be designed to obtain positive health outcomes. These include:
1. Improving patients’ overall experience (inclusive of quality of care and their satisfaction)
2. Improving the health of groups or populations
3. Reducing the per capita cost of healthcare
Understanding KPI Metrics
There are a variety of metrics that offer a comprehensive understanding of the performance of healthcare institutions. By knowing what they are and what their focus is, helps healthcare facilities build a more streamlined framework through which they can improve organizational performance.
Here’s a look at some important KPIs healthcare organizations should focus on:
Case Mix Index
The average value that’s ascribed to a diagnosis-related group based on personal details and treatment is called the case mix index. It helps healthcare organizations in allocating specific resources when it comes to caring for patients based on these considerations.
Average Length of Stay
This metric is the duration that patients spend in the healthcare facility after being admitted. It can be utilized by healthcare facilities to establish optimal time management measures for certain patient groups and procedures.
Claim Denial Rate
Denied claims are those that insurance companies have deemed unpayable, which are often caused by missing information, patient coverage policies, or billing errors. By tracking claim denial rates, healthcare facilities gain insights into the effectiveness of their revenue cycle.
How Technological Solutions Can Improve Organizational Performance
Technology is inextricably tied to medicine and healthcare practices. This is why there’s an increasing need to leverage a platform that unifies various KPIs and does the work for them. They need a platform that measures, analyzes, and quantifies metrics in real-time, so that its performance is evaluated in the most effective ways possible. By leveraging advanced analytics, healthcare facilities can highlight important trends and generate actionable insights in order to meet their financial, quality, and efficiency goals.
Get in touch with us at M3-Systems to learn about more AI solutions for healthcare. We are a trusted healthcare management service provider that offers state-of-the-art AI solutions for healthcare organizations in Pittsburgh. Our company also provides a wide range of healthcare management solutions such as ERP personnel, Amazon Web Services consulting, and more.