Top 5 KPIs Healthcare CFOs Need To Measure
Key performance indicators are metrics that help leaders and decision makers of the healthcare industry evaluate their organization's performance and financial health. There are many metrics to look at for analyzing various departments of a healthcare organization but there are some key metrics or performance indicators that industry leaders use for evaluation.
This blog aims to look at five such KPIs.Key financial indicators help CFOs to compare their healthcare organization's performance to other such organizations. 'To effectively track healthcare revenue cycle performance, healthcare organizations should develop key performance indicators (KPIs)', advises Sandra Wolf skill, Director of Healthcare Finance Policy and Revenue Cycle MAP at the Healthcare Financial Management Association (HFMA).She mentions in her article that some of the high-performing organizations have net days in AR between 28 and 36 days, whereas net days in A/R of 50 was considered a great number.
1. Days Cash On Hand
2. Operating margin or operating profit margin percentage
3. Net days in Accounts Receivable
4. Cash Collection as a percentage of net patient services revenue
5. Claims denial rate
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