The Most Important Medical Billing Reports That Your Practice Should Check Frequently

1. If You Can Fill and Track These Reports, Your Practice Will Never Face Losses Medical Billers and Coders

2. Creating medical billing reports can help you diagnose the health of your practice. Reports can show you how your practice is performing on important revenue cycle metrics, whether claims are being paid in a timely fashion and how well insurance carriers are paying you for key procedures, among other things. 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.

3. Following are 07 of the most important medical billing reports that your practice should check frequently: • The Accounts Receivable Aging Report/ AR Report • Payment Trend and Collection Reports • The Key Performance Indicators Report • Insurance Analysis Report • Patient Payments • Clearing House Rejections • Denials Report

4. The Accounts Receivable Aging Report/ AR Report This report serves as a gauge for the health of the practice and indicates if the billing department is doing its job properly. One could generate this report by hand but too much time would be involved in doing so rendering the notion of hand-generated accounts receivable aging reports impractical. To get more deep insights, you can divide the Account Receivable Aging Report based on insurance and CPT codes.

5. Payment Trend and Collection Reports If you see red flags in your Accounts Receivable Aging Report, Payment Trend and Collection Reports can help you get more information about what may be going on. They show information about how much you have billed and collected. The Insurance Payment Trend Report shows this number in comparison to what the insurance allows. This report tells you how much you should collect from your patients to pay their claims.

6. The Key Performance Indicators Report This is one of the most valuable reports. Using it one can pinpoint the encounters and CPT codes providing the most profit. The KPIs Report keeps track of total encounters, the total number of procedures, total charges, total collections, outstanding A/R, and total adjustments. It provides indicators which billers use to judge trends which are negative and positive, thus enabling practices to change what does not seem to be working and continue to do what is working.

7. Insurance Analysis Report The report can show the top 10 payers and insurance companies that contribute to the major portion of the business of practice. The report also helps to keep track of payments, collections, and CPT codes and units. It also provides information about how a practice is getting paid for certain procedures and how its revenue cycle is proceeding. Using this insurance analysis report a practice can highlight the carrier which is paying less than other commercial carriers. Instead of dropping the carrier, the practice could renegotiate a better deal. While the option a practice chooses varies, the important thing is that the report allows practices to make informed decisions.

8. Patient Payments Another vital set of reports that your practice needs to consistently analyze our patient payments. Tracking patient payments is a necessary part of ensuring that your practice is profitable. According to Mckinsey & Co. in some hospitals, the rate of bad debt for insured patients is on a high at well over 30% per year. 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.

9. Clearing House Rejections Rejected claims waste precious time and damage your profitability. If you track clearinghouse rejections, you can identify common issues and work to reduce those problems on future claims. In the early stages, some payers implemented the ICD-10 code set-specific in their front-end translators and entire batches are rejected with an acknowledgment of 999 which usually happens at claim acknowledgment level (277CA). Some providers used ICD-10 codes on the same claim which caused clearinghouse rejections. Clearinghouses have reported seeing claims for ICD-10 with wrong qualifiers. The reason could be incorrect settings in the vendor’s application. Some organizations reported unpredicted issues with small payers. It points out that payers who made changes to their applications after ICD-10 caused rejections that were not related to ICD-10.

10. Denials Report No matter how hard you try to make everything perfect, denials still happen. But you have to recognize that the insurance companies have an economic incentive to deny claims, so you’re never going to get it down to zero. Denials by commercial payers have now risen to 26% of the total claims denied. A 100% increase in Demographic or technical denials which results in write-offs. For appeal on all denied claims, the success rate is 50-56%.

11. Get in Touch Medical Billers and Coders Email : info@medicalbillersandcoders.com Toll Free no: 888-357-3226