Are you feeling overwhelmed prioritizing daily tasks at your physical therapy practice?Â Building a dream practice requires clear goals and an effective way to balance Key Performance Indicators (KPI) without having to dig through multiple reports. KPI are agreed on, quantifiable measurements that reflect critical success factors of your practice. But you also need to understand how each KPI affects the other areas of your practice performance. So, in short, you need to be able to see the big picture at a glance and look up the necessary, detailed practice stats to solve any existing problems.
Practice growth is necessary for long-term profitability. But you cannot improve your practice performance or profitability if you don’t measure and track each KPI. On the same side of this coin, you cannot predict how your practice will perform tomorrow without knowing how it is doing today. This kind of unpredictability will rob you of much needed peace of mind.
Granted, as busy PT you don’t have time to search for or analyze multiple reports, let alone keep track of stats. To make matters worse, looking at multiple reports can prevent you from being decisive about allocating resources due to sheer information overload. The key to successful practice management consists of choosing the right KPIs and learning to effectively balance them. This will help you make progress in chosen areas simultaneously or focus only on one KPI when necessary while keeping an eye on your overall practice performance.
Without the right tools this is easier said than done, however. That’s why bestPT Physical Therapy Software provides a tool called ‘Radar’ on its home page to give you quick overview of your practice performance every time you log on. The Radar displays selected vital stats on a single chart across two time points to show you where you are right now and help you discover any trends before they turn into huge problems. You can then drill down into a particular KPI for a comprehensive sense of practice performance. If you want to get to the root of a problem, you can look up any details down to the lowest claim detail and action taken for the appropriate KPI in a detailed, interactive report. For example, you might notice that your amount for ‘Insurance Collected’ is much lower than ‘Insurance Billed,’ which might indicate a problem with the physical therapy billing claims cycle. You can then discover what is causing the payment delay by looking at the ‘Claim Status’ report.
You can access your practice Radar on your bestPT Physical Therapy Software home page and click on a specific KPI to open a single graph. For more details on this particular area of practice performance go to ‘Reports’ in the top menu and select the appropriate one from the drop down menu. Drill down into the desired details by specifying the date, provider or location.
bestPT reports also include:
- Context Search
- Department-wide Saved Queries for Repeat Usage
- Configurable, Sortable, and Drillable Report Layout by Arbitrarily Customizable Criteria
- Reconciled Error Reporting Within Standard HCFA form
- Export to Excel
- Reporting Across Multiple Departments/Sites
Contact your Profitability Manager to configure your practice Radar with the right KPI’s to help you achieve your goals and build your dream practice.