Medical billing reports might assist you in figuring out how well your medical organization/institution is doing. Some essential medical billing reports will help you understand how your medical practice functions based on various revenue cycle measures and determine whether claims are paid on time and how insurance carriers reimburse your practice for crucial procedures. The following are some of the most critical reports to consider while analysing your practice’s performance.
The medical billing reports will provide you with accurate information about the health of your practice, saving you money and allowing you to free up your clinical staff and resources to serve your patients better. They will also help you increase your reimbursement average, reduce insurance company denials of payment, take care of unpaid accounts, and reduce denied claims.
The Accounts Receivable Aging Report
This report is used to determine the practice’s health and whether or not the billing department is performing appropriately. This report could be prepared by hand, but doing so would take too much time, making hand-made accounts receivable aging reports unfeasible. That is why for efficient and accurate medical billing, the Accounts Receivable Aging Report should be prepared using the appropriate software. In addition, we can divide the Account Receivable Aging Report by insurance and CPT codes to gain more detailed information.
The average time it takes for claims to be paid is one month. The report identifies which suits have yet to be paid. When reviewing the accounts receivable aging report, the payments are hoped to be paid before the 45-day mark. If the claim takes more than 45 days to be processed, it should be checked to see if it has been rejected or is unpaid. If a claim has not been paid for 90 days, it requires immediate attention. It’s important to realize that the figures above are averages; if a medical organization sees many insurance carriers from other states or who have been in car accidents, the norms will be higher.
Key Performance Indicators Report
This report will provide a high-level view of the critical areas in the practice’s revenue cycle management process, assisting medical billers in identifying patterns and pointing out potential issue areas. The study will also help you comprehend the CPT codes and encounters that are profitable for your medical billing.
The number of interactions, procedures, total collections, total charges, outstanding A/R, and the total number of adjustments is all tracked in the Key Performance Indicators report. The report assists medical billers in comparing many indicators from various months to identify negative and positive patterns.
Insurance Analysis Report
The Insurance Analysis Report provides information about insurers that might aid in making crucial revenue decisions. The report lists the top ten payers and insurance companies, each contributing to a significant amount of a practice’s revenue.
The report lists the top 10 carriers and tracks collections, CPT codes, units, and payments. A clinic can use this data to identify the carrier paying less than other commercial carriers, potentially saving $50,000 per year by allowing it to eliminate that carrier. Still, instead of dropping, the practice can renegotiate a better contract. The practice has a variety of possibilities from which to pick. Still, the point is that this report assists it in making informed decisions.
Payment Trend and Collection Report
Payment Trend and Collection Reports might assist you in figuring out what’s going on if you spot red lights in your Accounts Receivable Aging Report. They display data on how much you’ve billed and collected. This number is shown in the Insurance Payment Trend Report compared to what the insurance allows. This report will inform you how much you should charge your patients to cover their claims.
Like the Accounts Receivable Aging Report, the Insurance Collection Report reveals how long a claim has been unpaid.
Patient payments are another essential set of reports that your firm should review regularly. It can be challenging to ask for immediate payments from patients to pay their medical costs, especially if the bill is significant. Tracking patient payments is a crucial element of maintaining a profitable practice. It’s difficult for the front office to persuade a patient unaware of his benefits. The most challenging assignment is paying them once they leave the office. Out-of-pocket expenses are rising due to the Affordable Care Act and employer-sponsored plans, and keeping track of patient collections has become necessary. As a result, a company must maintain a way of the money it receives from patients. A business intelligence product that works with your EMR could be beneficial.
Info Hub Consultancy Services (ICS) is one of the leading medical billing service providers that can help you in optimizing your reimbursements and boosting your revenue. Our services include medical billing, medical coding, credentialing, and revenue cycle management consultation. Medical billing reports are available from Info Hub Consultancy Services to help you save money and time. It delivers collecting pieces, impacts analysis, income analytics, and key indicators, allowing a practice to better serve patients by freeing up resources and clinical staff. Info Hub enables practices to reduce insurance denials, enhance average reimbursement, and maintain financial stability.
Get in touch with Info Hub Consultancy Services today for expert medical billing services.