KPIs

My team knows one of my favorite sayings is "That which we do not measure will kick us in the a@#."  Usually followed by eye rolls from my team. As cheesy as it sounds  I believe it. Data shows us our successes and failures. It illuminates our biggest opportunities and threats. It squashes our magical thinking and replaces it with visible levers we can pull on in an attempt to control outcomes. Data greatly lowers the need for luck, trial and error, and crossed fingers.

Key Performance Indicators help to facilitate our journey for personal and professional growth. They give us insight into how we are doing - whether we are performing well. Not only do they help us find our growth areas but also our blind spots.

Administration KPI's are still in the process of being developed and are not in the place to start measuring yet. This is something you should expect to come in the near future.

Data will be posted regularly for your viewing pleasure. 

Administrative Specialists KPIs

1. Conversions 

Conversions is our Golden KPI for admin, it is the most important part of the job. It directly impacts out bottom line and business sustainability. 

Conversions are measured by the amount of new leads or potential clients you are able to convert to scheduled intakes.

50% conversion ratio (over extended periods of time) on potential client phone calls is the minimum to stay employed.

65% makes you a valuable addition to our team who is contributing to diverging lines.

80%+ makes you an absolute rockstar that I will bend over backwards to celebrate, promote, and reward.

2. Getting Back to New Leads (FAST)

Picking up when clients call and getting back to new leads fast is our edge. It's our leg up on the competition. Our biggest competition are practitioners in private practice- our edge is that we are able to answer calls and get back to people while they are in sessions. 

A new lead typically calls a few places at once and schedules with the first place to get back to them. 

3. Filling Cancelations 

Filling cancellations impacts our bottom line. If we are missing the opportunity to try and fill a cancellation with another client, we are not maximizing our profit. 

4. Charging Cancellation

 Charging cancelations also directly impacts our bottom line- it helps keep the lights on and clinicians as well as other staff paid when client don't show up and no income is coming in for those sessions. We help buffer our clinicians from this tasks. 

5. Out of This World Customer Service 

We do our best to respect the vulnerable state individuals come to us in. We try to make the start up process as easeful as possible. 

• Client-Therapist Matchmaking: Finding the Right Fit- a clinician that specializes in the reasons a client is coming in.

• Ease of Scheduling - online without human interaction

• How Much with this Cost? verifying insurance benefits prior to their first appointment so that they are not stuck with an unexpected bill. 

• Customer Service Motto: The customer is not always right, but it's our job to make them feel as good as possible about being wrong. 

Salespeople in Disguise 

(feeder KPI to conversions)

DON'T assume that everyone is capable of scheduling clients and it is simply a matter of getting someone at your practice to call them back. 

The best schedulers are salespeople in disguise who can quickly build rapport, stick to a script, overcome potential objectives and concerns, and flawlessly collect needed information. 

All in 10-15 minutes per call, max. 

If the people you have scheduling in your practice (including yourself) don't meet those criteria or are returning less than a 50% conversion ratio, then you're going to need to dish the heart of your client funnel off to someone who is a better fit. 

Otherwise, as our inquiry volume grows, so will your headaches and wasted time.

Billing Specialists KPIs

1. Golden KPI: Days in Accounts Receivable (A/R) 

Indicates how many payments have not yet been collected, whether for insurance reimbursements or out-of-pocket services. 

The average time a bill spends in A/R should be about 30-40 days. The goal here is to streamline operations to get your practice paid faster, which could involve eliminating billing and coding errors or doing a better job of following up on claims. Tracking the amount of time claims spent in A/R can help practices identify which payers are behind and understand why.

2. Percentage of A/R Over 90 Days

After 90 days, outstanding bills and claims become much more difficult to collect, and anything over 120 days is likely never going to be collected. If more than 15% of claims are spending over 90 days in A/R, there are likely some serious inefficiencies in your processes that need to be addressed. 

3. Net Collection Ratio

Net collection ratio is an indication of how much potential revenue you collect after insurance adjustments have been applied. The average practice collects around 95% of potential revenue for services, either by collecting from patients themselves or by submitting successful insurance claims. An outstanding practice with the right systems in place typically has a net collection ratio of 98% or greater. Tracking this KPI helps you to measure the overall health of your billing and collections process. If it ever falls below 90% over a period of time, you’ll know that something is out of alignment and should be addressed immediately.  

3. Clean Claims 

Rejected -Goal < 2% 

 Denied - Goal <5% - under 1% is achievable. The industry standard for clean claim percentage is around 98%.