Medical billing reports can help you understand the health of your practice. These reports can help you 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 important reports that are crucial in evaluating the performance of your practice are explained below. 4D Global is one of the best medical billing and coding companies that can help you with the preparation of these reports.
Accounts Receivable Aging Report
The Accounts Receivable (A/R) Aging Report can help you understand the health and performance of an average practice. An experienced medical biller from 4D Global can tell if the billing department of your practice is doing a good job just by looking at the A/R Aging Report.
This report breaks down the claims based on the number of days these claims have been unpaid. Usually, most of the claims will take an average of a month to be reimbursed. The A/R Aging Report will help you find potential issues from a high viewpoint and the follow up report will offer you a close up look at the cause of the issues.
Key Performance Indicators Report
This report will offer high-level view of the important areas in the revenue cycle management process of the practice, thereby helping the medical billers to identify the different trends and point out the potential problem sections. In addition, the report will help you understand the CPT codes and encounters that are profitable to your medical practice.
The Key Performance Indicators report tracks the number of encounters, procedures, total collections, total charges, outstanding A/R, and the total number of adjustments. The report helps medical billers to compare many indicators from different months to find the negative and positive trends.
Top Carrier/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. 4D Global medical billing and coding service makes use of ADP AdvancedMD AdvancedInsight analytics engine to generate the report.
The Top Carrier/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. This report also tracks collections, payments, units, and CPT codes helping your practice to dig deep into the charges, collections, and payments for a particular CPT code.