As a physician, you need a reliable and efficient business intelligence system that provides automated revenue reports of your practice. These reports will provide you with accurate information regarding the health of your practice saving you from lost revenue, keeping your practice financially sound while allowing you to free up your clinical staff and resources to better serve your patients, increasing your reimbursement average, reducing insurance company denials of payment, taking care of unpaid accounts, and decreasing denied claims. Use the wrong software for the job, and you will have to bear the burden of the opposite results.
#1: The Accounts Receivable Aging Report (and Follow-Up Reports)
The Accounts Receivable Aging Report records claims in detail to uncover payment issues and enables billers to determine if the practice’s accounting department is doing an adequate job.
- The report red flags all claims aged more than specified days, at which time they must be resolved so as to not hinder insurance companies’ filing deadlines.
- It breaks down claims based on how long they’ve been outstanding, with the objective of all claims to be reimbursed within 45 days.
#2: The Key Performance Indicators Report
The Key Performance Indicators Report tracks the total number of collections, procedures, and charges, to pinpoint a practice’s most profitable appointments and CPT codes.
- The report identifies the total number of procedures, encounters, collections, charges, outstanding Accounts Receivables, and adjustments.
- It offers billers a month-to-month comparison to locate trends so practices can continue doing what’s working well, and change what isn’t.
It provides a high-level view of key areas in your practice’s revenue cycle management process, allowing billers to identify changes and trends and spot potential problem areas.
This report is extremely valuable, as it can help you identify which encounters and CPT codes are the most profitable for your practice.
#3: The Top Carrier/Insurance Analysis Report
The Top Carrier/Insurance Analysis Report records the payments, collections and CPT codes of a practice’s top insurance carriers to identify trends so pricing with them can be negotiated.
- A practice can save up to $50,000 per year by removing a carrier that isn’t paying as much as other top commercial carriers for the same procedures.
- This data can allow you to revise a contract to obtain a better rate.
#4: Patient Payments
Another vital set of reports that your practice needs to consistently analyze are patient payments. Getting patients to pay their medical bills can be difficult, especially if the bill is high.
- Tracking patient payments is a necessary part of ensuring that your practice is profitable.
- Medical bills are the leading cause of bankruptcy in the United States and lead many people to fall into debt, so the chances of someone delaying or trying to skip a payment are high.
It’s challenging for the front office to convince a patient who doesn’t know his benefits and to get the patients to pay, once they step out of the office is the most challenging task. Due to the Affordable Care Act and employers plan enrollment, out-f-pocket expenses are on a high and keeping a track of patient’s collection has become the need of the hour.