By utilizing an experienced team of medical billers and coders who are knowledgeable in various specialty medical codes and trends, you can rest assured that things are being handled properly behind the scenes while you and your medical team can take care of patients upfront.

Chances are what first brought you into the healthcare industry was wanting to help others. You wanted to make a difference in people’s lives and give them more quality years. However, as you started your own private medical practice, you probably saw it was filled practice management tasks leaving you with less time with patients and more time behind a desk dealing with insurance and other revenue cycle demands. 

Be More Proactive in Your Medical Billing and Coding

According to Healthcare Business & Technology, more than 80% of medical bills contain errors. Medical billing errors are the biggest reason for the disruption of cash flow in a physician practice. 

Fortunately, by making sure everyone on your team is on the same page when it comes to documentation (as well as having a strong medical billing and coding team), you can greatly reduce these errors so that cash flow in your medical practice continues to move in the right direction.

No Errors Allowed!

As you well know, most medical billing errors are due to:

• Incorrect patient information, which includes insurance provider information
• Duplicate billing
• Poor documentation
• Unclear claim numbers
• Wrong codes being used

However, by putting the proper training in place and outsourcing your medical billing and coding services, you can ensure that a majority of your claims will not be denied. 

When these medical billing and coding errors take place, claims come back denied. Resubmitting a fixed claim denial with the correct information can take weeks for review and approval on the other end. In addition, this puts a delay in not only payment from insurance but also slows down the payment received from the patient. 

Medical billing errors add up quickly. Before you know it, your medical practice is starting to lose money rather than gain. However, by utilizing an experienced team of specialized medical billers and coders who are knowledgeable in various medical codes and trends, you can rest assured that things are being handled properly behind the scenes while you and your medical team can take care of patients upfront. 

Give Your Patients the Experience They Deserve

Even during a normal health care checkup, a patient’s anxiety can be high. Therefore, having a warm welcome can make all the difference in starting the patient’s experience off on the right foot within your medical practice. 

Allow our team to handle the billing and coding services behind the scenes so that your front office staff, along with other members of your medical team, can focus on the patients walking through your door and providing them with the best experience possible! 

Remember, happy patients will not only return. The chances are high that they will bring friends! 

Discover how our team at MEREM Healthcare Solutions in Birmingham, AL, can help your medical practice avoid medical billing and coding errors. 

Merem Healthcare Solutions offers services for every step in a practice’s revenue cycle management. We can start from the beginning from credentialing and end with payment posting once an account has been satisfied. We offer a wide range of solutions which include auditing, billing, coding, consulting, credentialing, payment posting, practice management, and pre-collections training. Check us out on our website or feel free to call us to see how we can help run your practice like a well-oiled machine – (205) 329-7519.

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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

1. Beginning Accounts Receivable – unpaid money owed by customers at the start of the month.
2. Charges – total number of money spent on goods and services for practice.
3. Volume – the total number of services billed or rendered.
4. Adjustments – generally insurance allowances accepted. Learn more on claim adjustments.
5. Payments – total deposits made.
6. Collections – the total of previously unpaid money from customers, now paid.
7. 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!

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