KPIs Worth Considering ASCs can track different KPIs, all with varied importance depending on the state of your revenue cycle, Overton- Geise says. The following might be worth prioritizing.

Outstanding accounts receivable (AR)—High on the list of must-track KPIs for Daniel Brazell, Nashville, Tennessee-based Surgery Partners' senior vice president of operations for the California region, is outstanding AR trended by month. “ASCs should know their estimated revenues for any given month. As you look from month to month, with a rolling target of esti- mated revenue, how does that target relate to your actual outstanding AR?” Consider this example: Your ASC is expecting $1 million in monthly estimated revenue. For January and February, this would translate to $2 million in anticipated collections. “On January 1, if your outstand-

Track KPIs to Manage Revenue

Cycle Success Analyze trends over time, make adjustments BY ROBERT KURTZ


chieving ASC revenue cycle suc- cess is largely about timing, says

Jenny Mishler, director of revenue cycle and payer relations for the Ortho- paedic & Spine Center of the Rockies in Fort Collins, Colorado. From get- ting claims out the door to submitting denials before deadlines, timing, she says, is often the difference between receiving payment and leaving money on the table.

Key performance indicators (KPI) can be that difference maker. “If you are not paying attention to your KPIs, you are going to lose revenue sim-

14 ASC FOCUS MAY 2021 |

ply because you are not getting things turned or identifying problems fast enough,” Mishler says.

KPIs also play a pivotal role in

aligning an ASC’s team and revenue cycle processes around critical finan- cial goals, says Rebecca Overton- Geise, president of NSN Revenue Resources in Tampa, Florida. “KPIs allow you to analyze trends and pat- terns over time so that adjustments can be made to attain the best pos- sible results. All of this goes a long way in building a culture of success within your ASC.”

ing AR was $500,000 but it jumps to $750,000 in February, this tells me that collections in February declined because the total AR increased and the actual cash collections that came in decreased,” Brazell says. “Now we have a better idea whether claims went out correctly and if there are enough collectors

working accounts. Out-

standing AR can also be a leading indi- cator showing that overall volume and performance is declining if the metric continues to decrease.”

Clean claim submission rate—This is one of several KPIs Mishler believes must be tracked monthly. “It shows us how fast we are getting claims out the door and hopefully initiating the pay- ment process. Some of our commer- cial payers are now paying as fast as 14 days—a turnaround time that used to only be associated with Medicare. Getting payments that fast is depen- dent upon submitting a clean claim.”

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