7 Financial KPI's every hospital CFO must track - BillingParadise

Recent changes in the healthcare industry have made CFOs and practice managers of healthcare organizations review their practice's revenue cycle efficiency.

In order to help CFOs evaluate their organization's performance, financial KPIs are used. Key Performance Indicators or KPIs help CFOs compare their healthcare organization's

performance to other organizations like theirs. So instead of just trying to fix something internally, looking at fellow organizations can help remove major flaws (if any) in the system.

'To effectively track healthcare revenue cycle performance, provider organizations should develop key performance indicators (KPIs)', advises Sandra Wolfskill,

Director of Healthcare Finance Policy and Revenue Cycle MAP at the Healthcare Financial Management Association (HFMA).

KPIs are usually used to measure an organization's performance across different areas like operations, finance, etc.

But financial KPIs are used to evaluate an organization's efficiency from a financial standpoint.

7 Financial KPIs every CFO must track:

1. Days Cash on Hand

2. Operating margin

3. Projections

4. Days in Accounts Receivable

5. Gross Collections Ratio

6. Claim denial rate

7. Bad Debts

To Read More Details, Visit this page: Financial KPIs every CFO must track