Medical billing reports can help you to understand how your medical practice is performing based on many revenue cycle metrics, find if the claims are paid in time, and how the insurance carriers are paying your practice for important procedures. Some of the significant reports that are vital in evaluating the performance of your practice are explained below. MedisysData is one of the best medical billing companies that can help you with the preparation of these reports.
A/R Aging Report
The Accounts Receivable (A/R) Aging Report can help you understand the health and performance of an average practice. The aged receivables report, or table, depicting accounts receivable aging provides details of specific receivables based on age.
The results of the A/R aging report are measured using certain benchmarks to identify the provider’s financial health. The benchmarks are as follows:
- Accounts received in 30 or fewer days represents good financial health
- Accounts received in 31-60 days represents average financial health
- Accounts received in 60 or more days represents poor financial health
To achieve good financial health, providers must perform A/R follow-up without any interruption or delay. Nowadays, providers are outsourcing A/R services to a medical billing company. The purpose is to avail of the benefits of A/R generating software (practice management software) used by the medical billing companies.
Insurance Analysis Report
This report will help your practice to save a lot of money and time. The report tracks the revenue cycle metrics and offers the details on the performance of your business. MedisysData medical billing services makes use of latest practice management software to generate the report. The Top Insurance Analysis report tracks the payments, charges, as well as collections of the top ten carriers of your practice, who are the insurance companies and payers making up the majority of the business of your practice.
Running this report once a week on average will give you an uninterrupted view of your billing performance. In the Key Performance Indicators report, naturally, you want to see steady or positive trends in your top indicators. If you have relatively steady charges, your collections should be relatively steady as well. If your charges have been increasing, your collections should too. If you’ve identified potential problem areas and have been working towards, for example, increasing overall collections, you’re looking for evidence that your work is paying off. A red flag in the KPI report is any dramatic and unexpected change in total collections. For example, a sudden drop in collections that have historically been consistent could indicate a problem. And if charges increase one month, but collections don’t increase the following month, this might mean trouble, as well.
Are You Ready to Get Billing from Best Medical Billing Company?
Want to hire an experts in Medical billing and coding for your Practice? You are at the right place, what you need now is a partner who can finish out the rest of the work and make the technology and implementation just as simple. That’s what the best medical billing company like Medisys Data Solutions Inc. can do. If you’re ready to get started, schedule a meeting with our Medical Billing Manager from filling out enquiry form from our website!