Tag: Skye Banegas
Metrics: Change the course of dissatisfaction
December 12, 2023Skye Banegas
Q. Are your five stakeholders satisfied?
A. We started this series of articles stating that you cannot manage what you don’t measure, and this includes patient satisfaction metrics. But satisfaction does not stop at the patient. In our industry, there are five stakeholders to satisfy: referral sources, patients, payers, employees and vendors.
The HME industry usually relies on lagging indicators of satisfaction. Lagging indicators tell us what has already happened. This...
Metrics: Specialize & simplify
November 8, 2023Skye Banegas
Q. How can I supercharge productivity without hiring any more employees?
A. In 1920, Henry Ford took an economic principle from the economist Adam Smith and created the assembly line. The assembly line emphasized specialization of labor. Ford proved out the theory that an employee’s highest productivity is achieved with mastery over a set specific task.
Today, we see the most efficient companies employing specialization of labor to streamline order processing from...
Metrics: Live by the numbers
October 10, 2023Skye Banegas
Q. What financial metrics guarantee business health?
A. Although there are hundreds of financial metrics to consider for business health, we will focus on five: revenue, accounts receivable, cash deposits, denials and profit.
Revenue is the total of all booked sales for a given period. To know your revenue, your fee schedules must be up to date. You can then trend your revenue and track growth.
We must acknowledge that there is a delay between the booked sale and the...
Metrics: Start with correct setup
September 13, 2023Skye Banegas
Q. How can you manage what you don't measure?
A. Metrics. A lot of times we're frozen by inability to even know where to start. But start you must, because you cannot fly blind. In this industry with tight margins, crippling staffing shortages, ever changing fees and payer requirements, you must know and track what is going on.
Thankfully, the EMRs we use have the data. We must harness this data, refine it, and translate it into actionable insights. Only then...