Medical record is a systematic documentation of a patient’s medical history during the time he/she has been under a particular doctor’s care. This is extremely crucial in determining the appropriate course of medication and for offering a quality health care.
On the other hand, medical billing reports are important to understand the performance of a practice. They highlight the performance at the time of important revenue cycles, ensures timely payments etc. Over time, introduction of new reports results in either the assimilation of two or three reports or the discard of some older reports. One of the biggest obstacles is the frequent denial causing a redirection and rebilling, leading to increasing AR days.
Following are the effective reports to aid a practice:
- Accounts Receivable Aging Report: Proven as a good barometer, determining the health of the practice, without the use of electronic software, there are high chances that the practice is losing out on bulk of its revenue.
- Key Performance Indicators Reports: The most simplifying report renders the most useful in key areas of the revenue cycle management process. This in turn permits the billers to focus on potential problem areas and other changes. It identifies the encounters and CPT codes that prove to be profitable for the practice.
- Insurance Analysis Report: This is one of the most important reports, giving an overall view of the business that helps save time and money.
There are few reports that need to be maintained on a daily, monthly and an annual basis.
Daily
- Rolling AR by days – A brief view of the number of days, you will be able to determine whether the billing department is posting older AR and if they are following up on denials.
- Rolling AR by Clinic/Provider/Payer – In case you have more than one clinic, it is better to observe each facility by each provider. If there is a stop payment, it is easier to identify.
- Medicare Payments – The exact date of a payment that Medicare has stopped paying is critical so as to ensure previous payments. The knowledge of exact date can likely release all payments.
- Payments summary – This ensures that the front office staff is effectively doing their jobs of following up with insurance payments.
- Your billed claims – It is of high importance to know if the claims are being billed on time since some software may crop up issues and in the bargain some claims may never get sent.
Monthly
- Adjustments Reports – This identifies clinic errors and the subsequent adjustments made and if they are adhered to.
- Days sales outstanding (DSO) – A general idea of the duration a payment takes, right from seeing a patient to the receiving of payment.
- Clinic key metrics – This includes the patient visits, new patients, charges for each, adjustments, percent collections, charges per visit etc.
Annually
- A year-end systematic review of all reports – A review can help analyze the growth of the practice and thereby make any modifications accordingly if required.
This will ensure timely payments from the payers and less of a hassle in the long run. This list of handy reports can help you keep a track of your finances and make sure there no losses incurred.
FAQs:
1. What is a medical record?
A medical record is a systematic documentation of a patient’s medical history and treatments while under a doctor’s care, essential for guiding effective healthcare.
2. Why are medical billing reports important?
Medical billing reports help practices evaluate performance, ensure timely payments, and manage revenue cycles effectively, identifying potential issues.
3. What is an Accounts Receivable Aging Report?
This report tracks outstanding payments over time, helping assess the financial health of the practice and identify areas needing attention.
4. What are Key Performance Indicators (KPIs) Reports?
KPI reports simplify monitoring crucial aspects of revenue cycle management, allowing billers to focus on profitable encounters and identify problem areas.
5. What daily reports should be maintained for effective billing management?
Daily reports should include rolling A/R by days, Medicare payments, and a summary of billed claims to track timely payments and follow-up on denials.
