The article 3 Medical Billing Reports You Should Be Running Regularly explains how to diagnose the health of your practice using 3 main reports and potential red flags.
Accounts receivable aging report- is a good barometer for the health of the average practice. An experienced biller can tell whether or not the practice’s billing department is doing an adequate job.
Key performance indicators report- provides a high-level view of key areas in your practice’s revenue cycle management process, allowing billers to identify changes and trends and spot potential problem areas.
Top carrier/insurance analysis report- used to help practices save time and money. The report also tracks revenue cycle metrics, providing practice with a snapshot of how the overall business is doing.
Running a practice profitably can be a major challenge. Using billing metrics and performance metrics, one can hopefully create an intelligent battle plan that combines the two while providing excellent clinical care.
Xpress Technologies Practice and Billing solutions can supply your practice with the data you need to turn a quality medical practice into a successful business venture. Success on the business side allows the flexibility to enhance the medical experience.
XpressTechnologies Practice Management and Billing reports create a simplified way of rapidly evaluating the data. Our dashboard view of the Key Performance Indicators (KPI) and assists in evaluating receivables:
Accounts receivable past 120 days (% from total AR)
Insurance and Patient AR aging
Claim Accuracy (number of claims in a period, % of claims rejected, % of claims denied)
Claim Category (number of claims ready to be billed, number of claims with no response, number of current rejected or denied claims)
Top rejection and denial reasons (remark codes)
DRO (number of days outstanding from DOS to payment)
This data can give the practice the capacity to judge performance, staff to volume, give real-time feedback to the clinical staff, judge the quality of your own billing or the billing company, and make intelligent business decisions.
The XpressTechnologies reporting system was specifically designed to maximize revenues while providing quality, efficient care.