You need to make sure that your practice is operating as efficiently as possible. One of the things that you should be looking into is your billing process. Medical billing reports are a way to get specific information about claims, payments, and a variety of other aspects of your practice like aging report for accounts receivable.
The Benefits Of Medical Lien Management’s Reporting & Analytics Services
Medical Lien Management’s services outline the most important reports that you should be checking for your practice:
The Accounts Receivable Aging Report
Arguably the most important there are a lot of benefits of accounts receivable aging report. It is crucial for your practice and indicates the claims not paid by insurance companies. One of the best parts of an aging report for accounts receivable is that you can see how long your claims have been unpaid.
The report shows you which accounts haven't been paid, and how long they've been unpaid. On average, it takes one month for an account to be paid. But if you see an account with payments overdue for more than 45 days, you may need to take urgent action. You should check your report often.
Collection Reports & Payment trend for Medical Billing
Payment Trend and Collection Reports are an integral part of the Accounts Receivable process. These reports help you identify what is wrong with your balance sheet. They let you know how much you have billed and collected, which in turn gives you an idea of where the problems lie.
Our Insurance Payment Trend Report shows you how much you should collect on behalf of your patients to pay their claims. This report is incredibly useful for insurance companies because it lets them know their true income.
The KPI Report
Key Performance Indicators Reports are necessary for many reasons. We track the number of procedures you have done, the charges, the collections, and more.
We also report to show you how profitable each procedure is, which are your most profitable procedures, appointments, and treatments. With this information, you are able to make informed decisions about the procedures you want to do.
The Insurance Analysis Report
Through our Insurance Analysis Report, you'll be given a breakdown of which insurance providers are the most important contributors to your business.
It's a crucial tool in understanding your revenue cycle metrics and knowing which companies are responsible for your most profitable procedures. It also helps you track insurance agent reporting and analytics capabilities and how much you collect per unit relative to the total value of procedures. You can then use this information to negotiate better pricing with payers and insurance companies.