![]() A higher ratio means faster payments and lower cost in collecting your revenue. Clean Claims Ratio-monitors the number of claims that are paid on the first submission.If calculating based on your gross charges, divide your total payments in a period by the total correlating charges. The RRR can be calculated based on gross charges or expected Net Revenue if you have analyzed your contracted fee schedules and payer mix. Revenue Realization Rate (RRR)-demonstrates what percentage of every dollar billed is actually collected over a period of time.Divide your total outstanding receivables by your average daily charges to calculate your DAR. Some use a six-month period for determining this number, dividing the total charges by the number of days in that period. Calculate the DAR by first determining your average daily charges. A lower DAR means that it takes fewer average days to collect your accounts receivable. Days in Accounts Receivable (DAR)-demonstrates overall revenue cycle efficiency.There are several KPIs commonly tracked in the revenue cycle arena including: Continued tracking of specific KPIs will help you assess progress toward meeting those goals throughout the year. Identifying both strengths and weaknesses for your practice can help in establishing practice goals for the year. As you review the prior year, you may identify positive operational trends that you want to continue in 2018. Now is an opportune time to assess for specific areas of concern from 2017. This Timely Topic covers a few measurements that may be useful for your practice.Įvery part of your practice can be measured, so how do you determine which KPIs are most meaningful? First, examine the current state of your practice. ![]() It is just as important to measure the financial health of your anesthesiology and pain practice through benchmarking and certain key performance indicators (KPIs). There has been a lot of focus on clinical measurements and benchmarking lately, especially with the introduction the Quality Payment Program (QPP) within the Medicare Access and CHIP Reauthorization Act (MACRA). ![]()
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