With ever changing healthcare regulations and evolving high tech healthcare industry, the profitability of your practice can vary dramatically based on how attentive you are to your medical billing reports.
Medical billing involves payment for your services by the patient or reimbursement by claim carriers like insurance companies, Medicare, Medicaid, etc. The entire process of medical coding, billing and filing claims involve constant scrutiny and technical knowledge at every step. Most physicians attempt to maintain in-house billing and coding, in order to keep losses and costs on a tighter leash. However, simple outsourcing and simpler analysis of regular medical billing reports can work wonders for your profitability.
Medical billing reports take into consideration-
- The entire billing and coding system of medical services, thereby focusing on details and trends exhibited by your practice
- In addition to facilitating management of revenue streams and curtailment of losses; medical billing reports also point out the gaps in your profitability
This in turn can make you aware of new avenues for increasing your profitability as well as enhancing the efficiency of your practice.
Advantages of daily reports – Daily medical billing reports keep a track of patient receipts, insurance receipts, write offs, etc. Therefore, you can pay close attention to the cash flow of your practice. Any revenue that is lost due to coding errors can also be effectively monitored by keeping daily tabs on medical billing reports. As a physician you may be swamped with other aspects of practice such as patient care, medical equipments, referral management and patient records; maintaining daily reports can slip from your list of priorities and you may lose out on a lot of details.
Advantages of weekly reports – An important revenue stream for a medical practice is claim settlement by insurance carriers and health benefit providers like Medicare and Medicaid. However, they follow stringent guidelines when it comes to claim filing and share medical benefits only if the patient suits their profile. Therefore, medical billing and coding becomes of absolute essence at the time of filing claims. Weekly reports assist you in tracking claim reimbursement ratio and work on improving chances of the same. With enhanced scrutiny of patient records at the time of check in, increased awareness and comprehensive handling of claims, you can increase your profitability manifold.
Advantages of monthly reports – Monthly reports can help you establish micro trends of revenue generation, address claim denials, file secondary claims and appeals on an ongoing basis. With regular maintenance of medical billing reports on a daily basis, month end reports can be less confusing and more productive.
We, at medicalbillersandcoders.com, can help you establish smooth billing practices while conforming to HIPAA regulations of patient data security. Our team of billing and coding experts can streamline your revenue channels. Also our aggressive claim denial and appeal experts can transform many of your write offs into conversions. We produce customized and easy-to-understand medical billing reports regularly at every step of the medical billing process for you; which can give better direction to your practice acting as an indispensable profitability tool.