One of the most important aspect of your practice is that, it needs to be working smoothly in the billing process. Medical billing reports comes handy for the practice as it gives them vital information regarding the claims, payments and a variety of other aspects of the practice.
On initial basis there is a wide range of reports and among them there are five most important medical billing reports that a practice should check on a frequent basis:
It can be a tricky scenario when you have to make sure that your patients pay the bill on time especially when the bill is high. You should be tracking your patient’s payment history for the profit you seek. The US often faces bankruptcy due to medical billing which leads many people to fall into debt, so the chance of skipping a payment for someone is high.
The Insurance Analysis Report
This report shares the information about the insurers, which can help along in the process of making important choices about revenue. The report shows the top 10 payers and insurance companies which contributes to the important portion of the business of a practice.
Besides showing the top 10 carriers, the report also keeps tracks of collections, CPT codes, units and payments. Using this report, a practice can highlight the carrier which is paying less than other commercial carriers saving up to $50,000 a year by allowing it to drop that carrier, but instead of dropping the practice can renegotiate a better deal. There are varying number of options for the practice to choose but the point is that this report helps it to make some wise decisions.
The Accounts Receivable Aging Report
With the help of this report an experienced biller can figure out the efficiency of the Practice’s billing department. The A/R aging report could also be generated by hand, but it would be impractical to invest so much time. Thankfully, most medical billing software programs are furnished to produce these reports, along with the Insurance Payment Trend reports and Insurance Collection reports. One of the significant aspect of A/R reports are that, it not just shows which claims have yet to be paid but also which have been unpaid for long.
On an average basis it mostly takes one month for a claim to be paid and further the practice can track the claims which have been open for more than a month with the help of A/R aging report. If an unpaid claim has been there for more than 45 days, it should be noted and that is why A/R reports are to be frequently checked.
The Key Performance Indicators Report
From a financial point of view these reports show the practice which procedures are most profitable. With the help of these reports they are able to point out the number of times they have performed each procedure, the sum of their charges, the sum of their collections, outstanding A/R and total adjustments. These Key Performance Indicator Reports provides indicators which the billers use to
analyze about the trends which are negative and positive, so that the practices can differentiate between what cannot be continued and what can be continued.
Any practice should run this report every week while comparing the results from the previous week so one can get an exact idea about the problem as soon as it appears. Now, if the practice sees a sudden change in the collections, it is considered to be a problem and it’s advisable to look deeper into the specific issue to know what is wrong and how to fix it. Also, analyzing other reports can be an effective way to identify the problem.
Payment Trend and Collection Report
Any Medical Practice needs to look at these collection reports to track the billing and collection data also; to compare what the insurance allows. By scrutinizing the report one can figure out that how much is to be extracted from the patients to pay their claims. Claims that have been over a specified span of time and have not been paid can be seen in the Insurance Collection Report. One can use these reports further to analyze the problem and fix the issue.
Medical practices need not be anxious about these reports but rather be aware and always prepared to look up to it for their own benefit and reputation.