Medical Billing Reports
In order for a medical practice to stay afloat in today’s competitive landscape, staying proactive and on top of finances is non-negotiable. Practices must be constantly aware of their state of finances, as well as aggressively pursuing and managing the revenue cycle. However, monitoring and managing the entire financial state of the business can be complex and time-consuming. Medical providers often simply do not have the time to perform these tasks while still being able to keep up with providing optimal care to their patients.
Quest National Services makes it simple for practices by providing customized financial reports. We’ll sort through your current state of finances and deliver the most relevant and important information directly to you. This way, you can focus on what really matters: the health and well being of your patients.
Importance of Medical Billing Reporting
Medical billing reporting is a key component of a successful medical practice. Financial reports help medical providers to diagnose the health of their business. These critical reports give insight into how practices are performing financially by providing data like revenue cycle metrics, the lifespan of claims awaiting payment, and how optimally a practice is reimbursed by various insurance carriers.
Types of Customized Financial Reports
We offer a number of customized financial reports, including, but not limited to:
- CPT code analysis reports
- Insurance payment trend reports
- Insurance collection reports
- Top carrier/insurance analysis report
- Accounts receivable (A/R) aging reports
- Charges and visits by physician reports
- Variance reports
- Specialty Specific Reports (example: OB Revenue Generated vs GYN Revenue Generated)
- Key performance indicator (KPI) reports
Accounts Receivable Aging Report
One of the most efficient ways to evaluate a practice’s financial efficiency is through an accounts receivable aging report. This report shows how long each patient’s balance has remained unpaid. This crucial type of reporting can help practices to identify and address financial issues from a high-level view. Follow-up reports such as insurance payment trend reports can then provide more close-up insight into a practice’s financial status.
One of the main benefits of customized financial reports for a medical practice is the ability to observe and monitor individual transactions. Not only does this allow practices to track important transactions and the status of payments, it also helps to gain insight into certain patterns, processes, and outcomes that have a particular positive or negative impact on a practice. By observing the inner financial workings of a medical practice on a transaction level, practices can help to modify un-ideal processes and build upon those that benefit the business.
Negotiation of Payer Contracts
An additional benefit of the Financial Reports QuestNS can provide is the ability to analyze a practice’s payer mix. In analyzing this payer mix QuestNS has the ability to track payments per payer and per CPT over a period of time. Unfortunately many practices across the country are not negotiating their contracts as and how they should be negotiated ultimately leaving thousands of dollars on the table every year from potential fee schedule increases.