Reference no: EM133828534

Question

Measurement of performance is an elemental principle of management. It is important to measure performance, as it identifies gaps between current performance and desired performance. It also provides fundamental indication of progress towards closing the gaps. Key performance indicators, when carefully selected, identifies precisely where action should be taken to improve performance (Weber, 2005). The sustainability of the service is critical and will be evaluated three months, while revenue growth through reimbursements and payments from patients will be examined for profit or loss. Data collected will be analyzed with the assistance from electronic spreadsheets and chart projection to identify profit or loss. This KPI will be used to identify gaps in the way claims process, with 100% of claims that are paid for each beneficiary and the length of time it takes for the service to receive payment. The results of the data analysis will be essential to guide future decision to improve the process and thus improve revenue for the service. As the service is generating a loss of revenue, a critical decision is necessary, and improvement strategies must be implemented to sustain the service. Some of the strategies that may be employ are revisiting and modifying the process for making claims, verifying that beneficiaries meets criteria for the service, and following up with insurance companies and patients to ensure timely payments for service.