Track essential performance metrics like Days in Accounts Receivable (AR), Net Collection Rate, and Claim Denial Rate to ensure maximum financial outcomes. With industry standards guiding KPIs, Pena4 strives for high collection rates and patient satisfaction, while keeping denial rates and write-offs low.
| S.No. | Key Performance Indicator | Description | Industry Standard |
|---|---|---|---|
| 01. | Days in Accounts Receivable (AR) | Average number of days it takes to collect payments after a service is rendered | Low |
| 02. | Net Collection Rate | The percentage of collectible revenue that is collected | High |
| 03. | Claim Denial Rate | The percentage of claims denied by payers compared to total claims submitted | Low |
| 04. | First Pass Resolution Rate | The percentage of claims that are paid upon the first submission without denial | High |
| 05. | Revenue Per FTE (Full-Time Equivalent) | The revenue generated per full-time staff member involved in billing and collections | High |
| 06. | Patient Payment Collection Rate | The percentage of patient balances collected compared to the total patient bills | High |
| 07. | Cost to Collect | The total costs associated with collecting payments divided by the total amount collected | High |
| 08. | Average Days to Bill | The average time taken to submit a bill after service delivery | Low |
| 09. | Write-Off Rate | The percentage of revenue that is written off as uncollectible compared to total revenue | Low |
| 10. | Patient Satisfaction Score | Patient satisfaction with the billing process, often collected through surveys | High |