You can’t go wrong with Business Intelligence (BI). But if you are new to the game, knowing which Key Performance Indicators (KPIs) are more useful to seasoned LTPAC BI Pros, those who were early adopters, may be useful. From start-ups to well-established providers, executives and managers have selected what they consider to be the most important KPIs for their operations. Let’s look.
Frontline Management’s Dean Kiklis, CFO, knows the importance of BI to multi-facility operations. In the beginning, the management team skipped the step of manually creating reports and moved right to BI to meet its aggressive information and scalability requirements for this rapidly growing company. Kiklis says, “By doing it right the first time, we won’t have to face a disruptive economic and operational challenge later on.” Focusing on census, labor and Days Sales Outstanding every Monday with daily updates throughout the week, Frontline Management is able to observe quickly the daily status of these key areas of its operation. For example, since employing primeVIEW, Days Sales Outstanding have dropped by 10 days.
Southeast-based American Healthcare, LLC operates multiple SNFS in Virginia. To remain competitive in a rapidly-evolving, quality-driven reimbursement environment, Robbie Dalton, CFO, reports that controlling costs are critical. Because labor consumes over 65%-75% of total spend, having a firm hand on labor is mission critical. In primeVIEW, the current daily census and labor are automatically tied, affording management a precise view each day of staffing to budget and actual census. This insight gives AHC’s management team opportunities to train Administrators and DONS to more effectively oversee staffing during each shift. Routinely, management uses PCT’s primeVIEW BI dashboard during its weekly census calls and goal setting.
Revenue is also important to AHC and BI has helped its facilities to increase the average daily census of skilled patients by 7% and private pay by 9% over a 12-month period, resulting in revenue increases of $2.6 million and $980,000 respectively.
Jackson, Mississippi-based Health Care Management, Inc. (HCM), reports Greg Seeger, COO, is able to track what is going on at each of its facilities. “We train our team to use primeVIEW as their go-to KPI information source to track census, labor, 5-star, length of stay, clinical quality, receivables, cash flow, and more. It’s a tremendous resource.” Utilizing the dashboard enables the team to identify discharge types and forecast trends. In addition, decision makers from the facility to the corporate office can access the current census levels by total as well as by payer type which enables the facility to forecast their labor and cash projections with ease.
Health Services Management’s Ray Tyler, COO, reports, “One of the biggest advantages to primeVIEW is our ability to view labor from a consolidated corporate, as well as a facility and even department and employee level…not only today, but we can trend and report on past performance as well.” Take overtime for example. PrimeVIEW’s facility, regional, and corporate reporting enables administrators and their department heads to view not only their performance, but they can also observe how they are doing compared to the other facilities within the company. Information in the dashboard helped HSM facilities reduce OT by an average of three percentage points in the nursing department alone.
Because BI generates current and relevant views of critical LTPAC-related and configurable KPIs, executives and managers are able to monitor and effectively manage those KPIs which are critical to achieving strategic goals. Take it from the pros, they literally know what they are doing and the impact their decisions can have on facility performance.