Medical billing reports show how well your office is performing and can help you understand your office’s financial health. It’s important for your office to incorporate medical billing reports since they reveal important aspects such as revenue cycle metrics, payments, and collections.
Why Medical Billing and Coding Services Are Important
Medical coding and billing services is the backbone of your revenue cycle. Medical billers produce claims for insurance companies so that your office can receive payment for services rendered. They also communicate with doctors and other medical professionals on a regular basis to ensure the correct diagnoses and treatments are entered.
Top Medical Billing Reports
Key Performance Indicators Report:
This report tracks the total number of procedures, charges, collections, and total encounters. This report is very useful and gives you a view of essential areas that are contained in your revenue cycle management process. This enables medical coding and billing specialists to compare various indicators each month and pinpoint changes and potential issues. It can also help to identify which CPT codes and encounters will yield the most profits for your office. It’s recommended that this report is run every week and compared with the previous week’s results.
Top Carrier Insurance Analysis Report:
This report tracks charges, payments, and collections of your office’s top carriers. Also, the report tracks CPT codes and units which enable your office to dig into the charges, collections, and payments for a specific CPT code. Critical information is included that your office can utilize to negotiate the best price with insurance companies and payers. The insurance analysis report is one of the most practical tools for saving time and money.
Accounts Receivable Aging Report:
The A/R aging report illustrates the number of days the claims have been unpaid. On average, a majority of claims take a month to get paid. This report provides you with the financial status of your office. Your medical billing and coding services department can view this report and determine if they are doing a satisfactory job. You can also look at other similar reports to discover more detailed information. With the Insurance Payment Trend Report, you can see what has been billed out and what has been collected. It also enables you to measure that information against what is allowable with insurance.