In today’s ever-changing healthcare environment, operating a physician practice can be challenging. Many practices face difficulties effectively and efficiently managing operations, oftentimes due to overlooked inefficiencies based on a lack of in-place solutions. Undiscovered risk areas can result in a loss of revenue for both provider and practice. If caught early, however, necessary steps can be taken to improve practice operations, resulting in increased revenue.
Many different factors can drive patient demand. Typically, factors average out, but the remaining variability involved can present a risk concerning revenue opportunity. Missed patient appointments, for example, can have a substantial impact on physician practices.
Understanding provider performance is a valuable way to measure individual and overall practice profitability. Variability of providers on a given component or metric often spans a wide range, with complicating factors like patient acuity clouding the picture.
Revenue variability takes into consideration patient demand, provider performance and other reportable factors to measure overall practice performance, which allows for targeted optimization in specific areas.