Medical billing reports can tell you a lot about the health of your practice. For example, they can show you how your practice is doing on revenue cycle metrics, whether claims are being paid on time, and how well (or how poorly) insurance carriers are paying you. But which reports are the best ones to run?
Take a look at the 3 key medical billing reports below.
#1: Accounts Receivable Aging Report
This report is a great way to determine your practice’s overall health. Someone with experience in billing can look at this report and know how well the practice’s billing department is doing its job. To get more details and supplement this key report, you can also run the Insurance Payment Trend Report and the Insurance Collection Report.
The A/R aging report basically breaks down all of your practice’s claims based on the number of days they’ve gone unpaid (in other words, how many days they’ve spent in your receivables). Most claims are paid in an average timeframe of one month.
The bottom line on this report is that it gives you a bird’s eye view of your practice’s billing health, while the supplemental reports mentioned above offer more details.
#2: Key Performance Indicators Report
This is arguably the most useful report because it gives you a great idea of how your practice’s revenue cycle management process is doing. This allows billers to spot trends, see changes, and identify potential problem areas. Additionally, it helps you identify the CPT codes and encounters that are most profitable for your practice.
This report keeps up with total encounters, total number of procedures, total charges and collections, outstanding accounts receivable, and total adjustments. Billers can compile data across months and identify trends with ease.
#3: Top Carrier / Insurance Analysis Report
This report may be the most useful when it comes to saving time and money. It tracks revenue cycle metrics and offers a quick view of how the practice is doing.
If you want to know the charges, payments, and collections of the top 10 carriers in your practice, this report will be very helpful to you. Not only does it track payments and collections, it also keeps up with CPT codes and units, which allows your practice to dig deep into the charges, payments, and collections for a specific CPT code.
Need Help with Your Billings?
If the billings process is just too much for your practice to handle, contact Medical Business Management right away. We’re here to handle the coding and billing so you don’t have to! Keep your focus on your practice and your patients; let us handle the insurance companies and A/R for your pain management or anesthesia billing needs!