Medical Billing Reports
Three Essential Medical Billing Reports For Medical Practices- (Free Templates)
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Three Essential Medical Billing Reports For Medical Practices- (Free Templates)
What is the best indicator of a medical practice’s financial health? The answer lies in analyzing vital billing reports. Know what the top three billing reports that every medical practice should run. Free Templates.
Analyzing medical billing reports is crucial to understanding the financial health of a medical practice. It helps to make course corrections, plug revenue cycle leaks, and improvise processes. The billing software/EHR/PMS of healthcare organizations contain within them a goldmine of information that can truly transform operational and financial outcomes.
Healthcare leaders are grappling with data overwhelm. Every year 1.2 billion clinical documents are produced and the number is growing at a staggering 28% rate. When there is a deluge of information identifying an important data point is unimaginably complex. Keeping it simple is key. It can help find the needle in the haystack and provide the necessary data to take pivotal decisions. We’ve trimmed the fat and listed three essential medical reports that can help medical practices monitor progress and reach strategic goals.
Studying these three crucial reports offers medical practices a glimpse into the health of their revenue cycle
Report Goal: To identify trends in claim aging and offer a bird’s eye view of how long it takes for claims to get paid. It breaks down claims based on the days spent in receivables.
About Report: How do you measure the revenue cycle performance of a medical practice? Analyzing aging accounts receivables is a fantastic place to start. It offers a yardstick for the efficiency of the claims cycle and the TAT of payers. AR below 35 days is considered healthy. Receivables languishing in the above 45 days bucket is a cause for concern. AR in the 60-day bucket is a huge red flag and can be difficult to collect.
About Report: The financial KPI report summarizes the top revenue sources of a medical practice. It offers information on what the top paying CPT codes are, the reimbursement value of each code, total charges and top paying insurers. This report will enable medical practices to understand which procedures provide the most reimbursement, the number of PE, and the profitability of procedures. It can inform financial and operational decisions.
Report Goal: This report provides an overview of the number of charges billed and reimbursement velocity. Payer-wise breakdowns bubble up payment discrepancies and reimbursement turnaround time. The charges and reimbursement report provides medical practices with information on claim payments and trends impacting AR. The reimbursement summary based on DOS (date of service) also reveals inefficiencies in the medical billing process.
SolvEdge’s team of data analysts and reimbursement experts understand that data is the new currency. It is the driving force behind successful medical practices. We offer revenue cycle services that are rooted in data analytics and deliver insightful revenue cycle reports that combine data from various data streams. Our customizable and deep data visualizations will offer the information you need to meet today’s goals and tomorrow’s demands. Get started now.
From our humble beginnings as a healthcare start-up—to becoming a full-blown healthcare-exclusive digital transformation provider, our journey has been quite a remarkable one. Today, SolvEdge is a leading-edge Healthcare services and solutions provider—trusted by 450+ Hospitals, 3500+ Physicians and millions of patients across the globe.