I very rarely use this skill, because it doesn't seem very good, but it occurred to me that I might have been misunderstanding how the explosion works. Does it matter if the target dies from bleed damage, or will they explode even if I put Exploding Palm on them and then punch them to death? I've generally been Palming one and then punching another, as it seems more efficient, but if this is the case should I focus on one (presumably the highest HP) monster?
The monster does not have to die from the bleed damage. If they are under the effects of Exploding Palm's Bleeding, they will explode when killed by any means.