Medical billing reports are handy tools for any healthcare provider. They help in data collection, which is critical in determining the financial standing of your practice. There are various medical billing reports, and all form an integral aspect of medical billing services. However, some are more effective in determining your practice’s performance and profitability.
Check out the essential billing reports that you should run often:
- Patient payments
“Patient payments” is a vial report for all healthcare providers. Having patients settle their medical bills can be quite challenging. In some cases, the insurer may only pay part of the claim, and the patient has to cater to the balance. It’s then critical to maintain proper documentation to avoid losses. Besides, tracking patient payments help determine profitability in your organization.
2. The Accounts Receivable Aging Report
This is one of the most important reports in healthcare practice. It shows all the pending claims that the insurer hasn’t settled. That’s not all, though! The report shows how long the claims have been pending, allowing for easy follow-up. On average, it takes about a month for the payer to pay up.
The report will keep you updated on claims that take longer than this. How should I act? Check the Accounts Receivable Aging Report often, and take note of claims exceeding 30 days. Follow up on claims that haven’t been paid after 45 days. Take action if the insurer doesn’t settle the claim after 90 days.
3. Payment Trend& Collection Reports
If you have issues with the Accounts Receivable Aging Report, this will help you get detailed information. It shows the billed and collected amount and also compares this with what the insurer allows. Therefore, it will inform you of how much you’ll collect from patients as per their claims.
Still, the collection report will show the claims that haven’t been settled and the duration. To get an accurate picture, compare both reports and learn more about issues in your Accounts Receivable Aging Report.
4. Key Performance Indicators Report
Do you want to determine the most profitable procedure in your practice? The Key Performance Indicators Report will do this and more. It shares a lot of important information and will help you track the number of procedures performed. It’ll also share data on your charges, collections, and outstanding AR.
The report will then consolidate your data to give you a clear picture of your procedures. It also shares data in your appointments, treatments, and their profitability level. For excellent results, run the report regularly and stay updated about techniques and profits in your practice.
5. Clearinghouse Rejections
The insurance firm may approve, pay or reject the payment claim. It’s then critical to track your ejections, for they are time-consuming and can significantly affect your profitability. Get to know the common issues leading to rejections and ways to minimize them.
A quick warp up
Working in the healthcare necessities multiple tools and equipment. You need the right billing software to track your performance, productivity, and efficiency. Hire the best billing company and learn of the important medical billing reports that can help you optimize operations in your organization.