Could reviewing a couple of your medical billing reports ensure your practice runs smoothly while you serve patients and earn profits? Absolutely. But which reports need your focus most often?
PracticeForces’ scalable solutions assist practices of all sizes to comply with HIPAA in medical billing. In this post, the coding and billing experts describe which medical billing reports need consistent attention for the most favorable outcomes.
#1 Rejection and Denial Reports
A claim rejection or denial report lists your practice’s recent claim denials. At its core, this report summarizes the reasons behind the rejected claims. It also supplies pertinent instructions regarding proper claim resubmission.
One of the following simple issues may prompt rejections:
- Information needed
- Identical claims already submitted
After analyzing the denial report, your practice manager can correct or add any forgotten claim information to ensure the practice consistently advocates for its patients.
#2 Aging Reports
A practice’s billing efficiency depends on how quickly it collects overdue payments. Unpaid balances arise from patients and insurance companies alike. However, your practice must acquire that revenue to grow and improve your services, regardless.
Review this report based on your payment timeline, which will renew every 30, 60, or 90 days. This way, you can determine the standing of your accounts receivable and strategize invoice notices.
#3 Payment Posting Reports
A payment posting report displays which payments your practice received within your payment timeline. Payment posting reports allow healthcare providers to determine when their patients have overpaid or underpaid for medical services so that they can balance the books, protect their patients, and liaise with their coverage providers.
When you regularly review these medical billing reports, you also improve your practice’s reputation by:
- Ensuring accurate billing
- Receiving full payments on time
- Resolving account issues or payment conflicts early
#4 Insurance Analyses
Some patients receive insurance coverage from multiple sources like Medicare, Medicaid, and third-party providers. Assessing your practice’s insurance analysis allows you to identify, correct, and avoid coding errors that could lead to issues with insurance claims. You’ll also become familiar with reimbursement cycles.
Healthcare providers who understand how coverage providers operate can also streamline their accounting schedules to provide better financial accommodations for patients. As a bonus, insurance analysis assists you in identifying contracts that offer the best and timeliest returns on investment, promoting your practice’s growth.
#5 Financial Summaries
A financial summary’s in-depth overview of each service’s financial performance examines the following:
- Account adjustments
- Outstanding balances
- Collection requirements
- Total charges
- Patient demographics
Financial summary reviews pinpoint your most profitable medical services, helping you choose new directions to bolster your practice’s growth. They play an essential role in displaying the practice’s overall health and areas that need improvement.
Organize Your Medical Billing Reports with Support From PracticeForces
While medical billing reports are crucial to your practice’s daily operations, they take time and effort to generate and translate. Customized medical billing solutions from PracticeForces can streamline your data analysis process, assist you with efficient payment processing and collections, and more. Request a quote or call 727-202-5429 to learn more about our services!