What type of Reports does your Medical Billing Company provide you to be aware of the revenue status?

It is essential for physician facilities to track monetary performance metrics, as every dollar that falls through the cracks can create an adverse and irredeemable impact on the practice. So, the moot question that arises here is, have you set the Medical billing department goals this year? Do you know the importance of medical billing reports benchmark in your organization? If the answer is no, we suggest you to get all the reports from your designated medical billing and coding company to get an idea of your Revenue management.

Creating medical billing reports can help you analyze the strength of your practice. Reports can demonstrate to you how your practice is performing on imperative income cycle metrics, regardless of whether claims are being paid in a convenient manner and how well insurance providers are paying you for key procedures in addition to other things. But, how will you as a practitioner determine which are the best reports to run?

#1: The Accounts Receivable Aging Report (and Follow-Up Reports)

By divulging this report, an accomplished biller can tell whether or not the practices billing department is doing the perfect job. We additionally suggest you to look some other reports as well, namely: the Insurance Payment Trend Report and the Insurance Collection Report.

The A/R Aging Report segregates claims information based on the number of days they’ve been in receivables (meaning the number of days they’ve been unpaid). Most claims, take an average period of about one month to get paid. This report permits you to recognize potential issues from a high level view, while the follow-up reports give you a close-up look at where the issues might be stemming from.

#2: The Key Performance Indicators Report

Key Performance Indicators Report is one of the best reports to get an idea of a medical facilities Revenue cycle. This report is the most helpful, in light of the fact that it provides a step-by-step breakdown of key areas in your practice’s revenue cycle management process, permitting medical billers to distinguish changes and patterns and spot potential issues. Clinicians also agree that this report stands of great importance, as it can help you recognize which encounters and CPT codes are the most productive for your practice.

While this specific report is exclusive, the information it reflects could be accumulated utilizing a variety of accounting and billing reports found in most of the medical billing software programs.

#3: Insurance Analysis Report

Insurance Analysis Report is the most valuable report for helping practices save time and money. This report additionally tracks revenue cycle metrics, providing medical facilities with snapshots of how the general business is getting along.

Insurance Analysis Report tracks the billing, payment and collections of your practice’s top ten insurance providers, which in other words mean the payers and insurance agencies that make up the most part of your practice’s business. The report additionally tracks payments, along with collections and CPT codes and units, permitting the practice to drill down in the Revenue Cycle Management and look for specific CPT codes. This report also provides important information practices can use to negotiate better pricing with payers and insurance companies.

Do remember that if you want to meet operational and financial goals and create a road map for your medical practice in a shifting medical landscape, start tracking these medical practice revenue KPIs.