Dr. Sherif Hassan tells a story of a medical practitioner reviewing his Accounts Receivable Aging Report who discovered his rejected claims were unusually high. He investigated the report’s data to discover why the claims were being rejected, and learned his practice had been using expired CPT codes – thus causing automatic rejections. If he hadn’t examined the Accounts Receivable Aging Report, discovering this issue could have been a long and difficult process, with rejected claims accruing in the meantime.
Medical practitioners can lose significant time and money if they aren’t regularly running essential medical billing reports to track procedures, collections, charges and if claims are being paid on time.
Software Advice, a company that reviews medical billing software, and recently published a summary of three medical billing reports that practitioners should frequently run.
The Accounts Receivable Aging Report:
This report tracks claims in detail to identify payment issues, and allows billers to see if the practice’s finance department is doing an efficient job.
- The report breaks down claims based on the number of days they’ve been unpaid, with the goal of all claims being reimbursed in 45 days.
- It red flags all claims aged more than 90 days, at which point they must be handled so as to not interfere with insurance companies’ timely filing deadlines.
The Key Performance Indicators Report:
This report tracks total number of procedures, collections and charges, to identify a practice’s most profitable encounters and CPT codes.
- It documents the total number of encounters, procedures, charges, collections, outstanding A/R and adjustments.
- The report provides billers a month-to-month comparison to identify trends so practices can keep doing what’s working, and alter what isn’t.
The Top Carrier/Insurance Analysis Report:
This report tracks collections, payments and CPT codes of a practice’s top carriers to find trends, so pricing with carriers can be negotiated.
- Removing a carrier that isn’t paying as much for other top commercial carriers for the same procedures can save a practice up to $50,000 per year.
- This information can allow you to renegotiate a contract to obtain a better rate.
What reports and processes have you found to be most helpful in saving your practice time and money? For more information, connect with one of our business process experts below!
