Much of the value delivered by healthcare today is dependent on record keeping. With complex procedures evolving both for providing care and billing for services offered, medical practices are relying heavily on daily, weekly and monthly medical review reports. Most medical practices derive value from their medical practitioners providing care to patients. But at the same time, in order to deliver value, physicians are expected to be expert billers, perform immaculate coding and do a series of administrative jobs. Review reports allow a physician to keep track of functioning of a practice at a more micro level, without actually wasting time in administrative activities of the practice.
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However, it is very important to streamline your medical billing process with your reporting and review structure in order to ensure that only value adding information is generated at the time of reporting. On an average, a medical practice accumulates a lot of data regarding patient information, procedures performed, services delivered, claims filed, claims settled, claims rejected, payer mix, referrer mix, etc. Screening and compiling useful reports out of this much information can prove to be a tedious task especially when in-house staff is engaged in generation of data as well as reports. Some useful reports that can make your monthly reviews fruitful are –
- Accounts receivables aging report – Aging of accounts receivables is a key indicator of where your medical practice is losing money and where it can squeeze out some extra profit. Older accounts receivables are generally written off as bad debts, but receivables with relatively less age can be followed up and effectively closed with correct documentation and requirements.
- Claim settlement and denial report – Claim settlement ratio is a clear indicator of efficiency of your medical billing practices. Medical practices lose 30% of their annual revenue due to claim denials and mostly the reason is insufficient documents, incorrect coding and incorrect billing. But claim rejection reasons can’t be effectively addressed until constant monitoring of reports can happen.
- Billing and coding report – This report helps you monitor the adoption of all CPT and ICD-10 billing changes that happen month on month. Additionally, capturing all the procedures coded and billed in a revenue cycle helps you track any anomalies or discrepancies in the coding process.
- Revenue and Adjustments report for the month – Whatever adjustments are made in every billing cycle need to be recorded and reported in order to monitor any financial discrepancies in the system. At the time of medical audits, these adjustments not only justify your revenue cycle management but also help you keep a track of revenue streams. In addition, this report can help maintain a check on your referrer ratio, wherein profitability of patients being referred by your referrer practitioners can be tracked.
As a physician and medical practitioner, it is of utmost importance to align medical practice goals with the kind of reports generated day on day and medicalbillersandcoders.com can be your billing partner for that. Medicalbillersandcoders.com is a Medical billing service provider that not only streamlines your medical billing process but also makes your decision making process smooth with relevant review reports. With effective reporting pertaining to your medical practice, you can grow financially both in short term and long term.