Reporting of a practices medical billing performance is more complicated today than ever before because the options for reporting are much greater. EMR programs collect and process so much data, that it becomes overwhelming and time consuming to manage and sort for most practice managers.
In order to truly measure specific practice performance processes that impact your revenue cycle such as medical billing, patient pre-collections, and claims denial corrections, custom reports are a necessary tool. Custom reporting presents a single source of data and metrics, that allows you to assess and compare billing and collection performance trends in a more effective way.
Instead of deciphering a plethora of monthly reports, consider custom medical billing reporting. Creating a fully customized report requires the understanding of Key Performance Indicators (KPIs) as well as analytical skills. Below are some tips for creating custom reports for a medical practice.
Tip #1 – Set Up Custom Monthly Performance
A monthly custom report is important to demonstrate basic billing processes that have occurred. Comparing monthly reports can provide a clear indication of existing data trends. Can your current monthly reports identify these seven major Key Performance Indicators?
Key Performance Indicators
- Beginning Accounts Receivable – unpaid money owed by customers at the start of the month.
- Charges – total number of money spent on goods and services for practice.
- Volume – the total number of services billed or rendered.
- Adjustments – generally insurance allowances accepted. Learn more on claim adjustments.
- Payments – total deposits made.
- Collections – the total of previously unpaid money from customers, now paid.
- Ending Accounts Receivable – end of the month total in unpaid money owed by customers.
Tip #2 – Compare Trend Reporting
While month to month reporting does a great job of showcasing your monthly spending, which is important for budgeting in the present, it does not do a proficient job of illustrating trends and overall revenue cycle performance.
In order to identify these larger, more important trends, you have to spread out the timeframe of your reporting. Three months, six months, and yearly custom reports are essential for evaluating your billing processes. This style of custom reporting puts each months KPI beside one another so that you can view the stability, or lack thereof, occurring within your revenue cycle.
Citing a major increase or decrease in any KPI between two months is cause for further investigation. If the shift is, in fact, troublesome and not caused by reasonable means, your practice can correct the problem and continue to monitor custom reports to see future finances stabilize. Longform KPI custom reports are crucial for assessing billing and cut down on time spent analyzing more confusing and exhaustive reports.
Tip #3 – Consider Outsourcing Your Custom Reporting
Because custom reporting guarantees exceptional analytics, it is important to do it correctly. Medical practices run at a fast speed, meaning your coding and billing could easily become rushed, often resulting in significant revenue loss or delayed payments.
Outsourced professional medical coders and billers are able to dedicate their time fully to generating your custom reporting, and much more. With an outsourced medical coding and billing company, you no longer need to worry about mistakes being made due to the fast-paced nature of a practice. Instead, you can turn your focus to the patient and rely on MEREM Healthcare Solutions for accurate medical billing and coding. Our custom medical billing reporting helps our clients performance and hold our solutions accountable for their improved revenue cycle performance. And let’s not forget: outsourcing medical billing saves money.
Are you interested in receiving custom reports for your medical practice? Better understand your revenue cycle performance today. MEREM Healthcare Solutions is here to help. Contact us today!