TrendLens October 4, 2018: Monitoring Performance and Profitability
Welcome to TrendLens…trends bending the curve in home health and post-acute care. In this issue of TrendLens, we discuss four key performance metrics and benchmarks to monitor your organization's profitability and performance.
Lisa Remington, President, Remington Health Strategy Group
Successful Metrics Improve Your Organization’s Profitability and Performance
Changes have spurred home health agencies to review and look into new organizational metrics and key performance indicators (KPIs) to meet new standards and monitor the growth of their organizations.
At the eye of the healthcare storm is the pressure to control costs, generate revenue, and remain fiscally sound. Monitoring the health of your organization supported by real-time data can help to de-risk the future.
Track and Monitor Your Profitability and Performance
Key performance indicators (KPIs) are well-defined measurements of activity (often referred to as a metric) to monitor and analyze how your organization is performing. The use of KPIs and benchmarks can track performance, monitor the fiscal health of your agency, and analyze your strategic performance. Benchmarking against your peers is another way to keep your financials on track to what you forecasted.
Internally used by your organization, KPIs are useful for identifying opportunities, trends, and improvements and weaknesses in your business processes. Actionable data can impact faster change to ensure financial growth and stability.
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