M3 will help you analyze various aspects of your business and create new, key practice measures. M3 will quickly crystallize the successes and challenges for your business. For example, tracking new patient visits and cross referencing those with referral sources will identify contributing physicians and best avenues for generating new patients. Further, triggered alerts for a drop in patient visits can alert a practice to front desk issues that might have been otherwise undetected.
M3 will present you with a Balanced Scorecard each month (an application exclusive to M3) – a quick monthly picture of the status of your business showing revenue, expenses and performance. The balanced scorecard doesn’t lie. By using statistical analysis, M3 allows your practice to get ahead, making important business decisions based on hard data not just hope or fear.
You will also be able to directly determine the effects of using M3 for your business. We stand by the Scorecard as a method to track our performance and the performance of your business. The Scorecard will highlight how M3 contributes to your revenue growth by charting revenue stream before and after hiring M3 for your medical management. Your visible return on investment (ROI) will help prove to your partners the wisdom of outsourcing your business responsibilities to M3.
Below is just a snapshot of some of the matrix offered in the Balanced Scorecard. All reports will be customized for your practice.
NEW PATIENTS: The ability to track new patients is a valuable tool. It allows you to analyze the type of traffic to your practice. If the flow of patients shows a variance, it may indicate the need for corrective action. This kind of measure can also help determine the success of a promotion campaign geared toward new patient volume.
ESTABLISHED SICK PATIENT VISITS – This type of view helps add a new dimension to your practice. It allows you to track the activity of existing patients. If there is a drastic month over month change it may indicate patients are leaving the practice. Knowing this information will allow you to target the problem and may suggest the need to create additional methods of communication with existing patients.
FOLLOW UPS: This indicator allows you to gauge follow-up appointments. If this number drops off several months in a row, this aspect could help an internal medicine practice determine the cause. It might indicate front desk staff is failing to remind patients when to schedule a follow-up appointment, in which case retraining may be necessary. In addition, it could suggest follow-up reminder cards should be sent out on a timelier basis.
TOTAL APPOINTMENTS: This is a basic and useful practice indicator of total traffic to the practice. Year over year it helps determine if your practice is growing; month to month it allows you to determine the busiest months and seasonality and might suggest staffing up during certain times of the year.
TOTAL REVENUE: This valuable tool helps monitor and adjust your practice’s strategies and goals on an ongoing basis. It also allows you to see the direct result of hiring M3 as you increase the revenue to your practice.