MicroMD, DashboardMD, and Managing RVUs
In partnership with MicroMD, dashboardMD integrates with MicroMD Practice Management software to extract key financial and claims data to do your number crunching behind the scenes. One area in which dashboardMD may be of assistance to your practice is with RVUs (Relative Value Units). For more information on what RVUs mean to you and how dashboardMD can help, continue reading the article below, written by MicroMD eSERVICES partner, dashboardMD.
Better tools. Better results. Best practices.
Better performing practices use RVUs for analysis and benchmarking across multiple areas of the revenue cycle such as:
- Cost and Profitability
- Contract Reimbursement
- E&M Coding Compliance
However, working with RVUs can be a tedious, error prone and laborious process that involves compiling lots of data and managing many formulas.
dashboardMD’s RVU analytics module delivers a turnkey environment with daily interactive RVU monitoring dashboards, numerous pre-built RVU Analysis Reports and easy to use Ad Hoc tools for on-the-fly reporting.
Powerful RVU Analytics and Key Performance Indicators that are off the beaten path…
One of the most common uses of RVU values is to compare physicians, peer-to-peer by specialty, either within the practice or by using external industry benchmark data from reputable sources such as MGMA. In a simple sense, more RVUs equal more productivity and this simple comparison may highlight providers that are top performers versus those that may have room for improvement.
Let’s dive a little deeper and explore some powerful RVU Ratios that can be obtained by combining RVU results with other practice variables such as Cost which can produce an average Cost per RVU ratio or Payments to produce average Payments per RVU. We’ve identified a list of powerful RVU Ratios and noted the formulas below. Let’s discuss how these might help provide some valuable insights into Productivity, Compensation, Contract Reimbursement, E&M Coding Compliance, Cost and Profitability.