When it comes to running your practice, it’s extremely important that you have access to billings and collections software so that you can run reports. You should be checking your billing and collections reports regularly in order to keep track of the financial health of your practice. Your reports can tell you whether or not claims are being paid in a timely manner, how well you’re being paid by insurance carriers for certain procedures and much more.
First of all, more practices are more willing to outsource their revenue cycle management. They are beginning to realize that doing so will help make it easier for them to focus on the actual operation of their practice as well as help them increase revenue, increase efficiency, ensure the accuracy and timeliness of their billing and submissions, and to keep up with an industry that is constantly changing.
Accounts receivable aging report – This report breaks down your claims based on the number of days that they’ve gone unpaid, which allows you to identify issues with your billing department. Claims should typically be paid within 45 days and if they’re not, then it’s affecting your revenue cycle.
Top insurance carrier analysis report – This report tracks the charges, payments and collections of the top ten insurance carriers of your practice. The data allows you to identify whether you’re collecting the right amount from your patients.
Key performance indicators report – This report provides an overview of your revenue cycle management process by tracking total number of procedures, total collections, total charges, total adjustments and more. Not only can you identify changes, trends and potential problems, you can also identify what CPT codes are the most profitable.
As you can see, your collections and billing reports provide valuable information that can help you improve how you run your practice as well as identify problem areas. By outsourcing your billing and collections services, you’ll be given access to these reports and more at any point that you request them. A professional billing and collections service will even analyze your reports, thereby providing valuable conclusions and potential solutions to issues you might be having.
ProMD Practice Management is happy to help with your billing assessment needs so you can maximize profits and increase patient satisfaction. To learn more about how ProMD can make your practice run like a well-oiled machine, call 888-622-7498 or fill out our online form to request a billing assessment.