Using analytics for a more engaged workforce
Analytics are a crucial ingredient for improving revenue cycle KPIs, as we discussed in this post. But analytics have another superpower: they can be used to align your staff’s daily tasks with your larger organizational goals and drive employee engagement.
We’ll explain how to leverage data to replace typical annual performance reviews with consistent, constructive feedback for a more motivated workforce.
Benefits of data-based performance scorecards
The conventional “performance review” method of giving employees an avalanche of feedback once a year is broken. Employees are often left wondering what impact, if any, their work has had, not to mention a sense of overwhelm from receiving a blanket assessment for months of work all at once.
When you use data to create performance-based scorecards, it’s easy for any employee to see how their daily work impacts departmental and organizational goals, in real time. Scorecards make it ultra clear whether goals are being met, which promotes ownership and accountability at all levels while facilitating instant, ongoing coaching.
Data-based scorecards create a sense of shared goals (“we’re all working toward X, Y, and Z”), which reinforces the mutual commitment between the employee and the organization. When staff can visually see their results on a day-to-day basis, they become more invested in influencing business outcomes in a positive way.
Defining individual performance metrics
The great thing about data-based performance metrics is the level of customization they facilitate. Assessment points can be tailored to whatever is relevant for an employee’s role – tracking first pass yield for billing staffers, for example, or A/R aging for A/R team members.
Performance metrics should also be tied to business goals. These can be categorized by goal type – budget, collections, compliance, and so on. Here are a few examples of goals that align to different business objectives.
Business objective: budget
- Getting more done with less
- Exceeding production standards
- Improving processes
- Automating routine or time-consuming tasks
- Reducing the expense of denials, appeals and rework
- Good time management and use of resources
Business objective: gross days revenue outstanding (GDRO)
- Reducing denials
- Improving first pass yield
- Improving discharge to bill time
- Reducing risk of untimely write-offs
- Speeding up payment turnaround
- Regularly completing aged trial balance review or follow up work queues
- Maintaining high resolution rates
- Tracking aging of A/R by responsible party
Business objective: quality/compliance
- Claim change audits
- Quality audits
- Write off and adjustment audits
- Audit of unresolved accounts
- Appeal success rate
- Call recording quality audit
For each of these bullet points, you can define the KPIs that measure success and set parameters for exceeding, meeting, or failing to meet the necessary benchmarks.
Productivity scorecard features
RCM Intelligence from Inovalon makes it easy to set up visual, user-friendly scorecards to track your most important KPIs by employee, department and more.
Red, yellow and green color coding gives employees and managers an at-a-glance view of whether goals are being met. Well-defined KPIs set clear performance expectations, empowering employees to take ownership of their work.
Nimble customization capabilities let users view data in different ways, like drilling down by coder, biller, physician or payer. Data is easy to access from anywhere and can be easily exported or printed for other uses.
Because KPIs are tied to organizational goals, scorecards reflect how the team’s performance – and that of every individual employee – affects the company as a whole.
Incorporate core values into performance measurements
We’ve covered why performance scorecard criteria should be connected to business objectives, like reducing denials. But they can also be used to measure adherence to an organization’s core values – those non-technical but essential qualities that set the organization apart.
This might include values like keeping the patient at the heart of our work, embracing change, striving for innovation or rejecting mediocrity. Whatever is valuable to the organization, it can be defined and measured using scorecards to further increase staff’s involvement in promoting these values.
Employees thrive when they’re working for more than just a paycheck. Analytics-based scorecards are an effective and easy-to-implement tool that can boost employees’ emotional connection with their employer, which leads to stronger engagement, higher productivity and successful business outcomes.
Learn more about RCM Intelligence and performance scorecards here.