3 Medical Billing Reports to Make Your Medical Practice More Profitable

It’s essential for medical practitioners to regularly run certain billing reports in order to diagnose the health of their practice and track key performance indicators like revenue cycle numbers or whether claims are being paid on time. In turn, this helps practices to run more efficiently and save valuable time and money in the process.

Software Advice, a medical software reviews website, published an overview of three medical billing reports that practices should frequently run to be more productive and profitable.

The Key Performance Indicators Report tracks 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.

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 90 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.

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.

What processes and reports do you recommend to help practices run more efficiently?

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