We’re in the middle of “transparency month” here at NEMT because each January, we compile and publish statistics about our performance over the last year. Some of these statistics are easy: how many new people did we hire? How many implementations did we do? What is our current client retention rate?
And then some take a little more work to find: What is the average number of years of transcription experience for our workforce? What about for the transcriptionists only? How about the account managers only? As long as were at it, let’s calculate the years of experience for our bookkeeping staff, too …
This is a big undertaking for everyone. We want to know how many lines of transcription we delivered last year, how many individual doctors we served, how many accuracy audits we did and how many times we helped clients avoid HIPAA violations.
Once we get all of that together, we publish the statistics on our website, in our blog and in our collateral.
When we first started doing this a few years ago, we had some initial fears. We started with our quarterly turnaround time and accuracy rates and the recurring question was “what are we going to do if they go down from one quarter to the next????”
The answer turned out to be simple: sometimes they go down and we publish them anyway.
This started out as an ethical decision: we thought it was important to be transparent and honest about who we are and how we’re doing as a company – we tell the truth even when it’s hard because our clients have a right to know how we measure up.
It also gives our staff an extra incentive to continually improve; sure each MT and each account have to meet our 98% guarantee anyway, but last quarter, our turnaround time rate was 99.83 percent.
Everyone works just a little harder to make sure that this quarter, the number we broadcast will be 99.84, not 99.82.
This ended up being a good business decision for us. While good statistics help us to market our company to clients, our for-better-or-for-worse transparency has been the real selling point. While our clients care that our accuracy average for the quarter is 99.22 percent, they care even more that we’ll report it next quarter even if it’s 99.21. The openness and honesty matter a lot in an industry built on dependability.
In the next few weeks, we’ll start updating our materials to reflect our 2012 numbers, including our new KLAS rating. In the meantime, you can still check out our 2011 stats at www.nemtinc.com. (Our turnaround time and accuracy statistics are updated quarterly and are charted over time at www.nemtinc.com/why-nemt-turn-around-time.htm)
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