Access to high-quality revenue cycle reports can make all the difference for practices and billing companies looking to optimize their processes. Without a proper understanding of performance, how can you possibly improve and grow your business? Today, we take a look at five critical revenue cycle reports every business doing billing should use to drive informed decision-making.
Aging and or Denial Reports
What are Aging and Denial Reports?
Aging reports provide a breakdown of outstanding accounts receivable by the number of days a claim has been outstanding (e.g., 30 days, 60 days, 90 days, etc.). Your aging report should also include the status of your claims, including denial analysis, which enables you to understand the reason any of your claims have been denied by insurance companies. Think of your aging report as your “home base.” This report succinctly tells you where in the process your claims are, and what action (if any) you need to take next.
Why Aging and Denial Reports Matter:
These reports help identify overdue claims and allow the billing department to prioritize follow-up efforts for unpaid or underpaid claims.
Once you have an understanding of why your claims are being denied, you can identify which steps to take to improve claim accuracy and reimbursement rates. Addressing the root causes of denials can significantly improve claim accuracy and reimbursement rates.
Payment Posting Reports
What are Payment Posting Reports?
These reports detail the payments received from insurance companies and patients. Payment posting reports provide insights into the accuracy of payments and identify discrepancies that may require correction, which helps reconcile payments with claims.
Why Payment Posting Reports Matter:
Accurate payment posting is essential for proper revenue recognition. Your payment posting report ensures your payment collection function is performing as it should, and your business is on the path to growth.
What are Adjustment Reports?
Adjustment reports enable your business to track any changes or adjustments made to financial transactions or accounts.
Why Adjustment Reports Matter:
Businesses use adjustment reports to track any changes made to charges using standard and customizable codes to help insure accuracy, transparency, compliance and accountability in financial reporting.
Provider Productivity Reports:
What are Provider Productivity Reports?
These reports assess the performance of individual healthcare providers, such as physicians or nurse practitioners. Provider productivity reports often include metrics like the number of patient encounters, charges, collections, and productivity per provider.
Why Provider Productivity Reports Matter:
Monitoring provider productivity can help identify areas for improvement and optimize revenue generation for your business. This report is particularly useful for practices, enabling them to measure their overall operational effectiveness and evaluate productivity in several critical areas.
Patient Balance Reports:
What are Patient Balance Reports?
Patient balance reports enable you to dive deep into individual patient balances, isolating patient balances from insurance.
Why Patient Balance Reports Matter:
Patient balance reports enable your business to maximize patient payment collection by highlighting patient balances and excluding insurance. Using this information, businesses can determine where their collection efforts are best focused.
Custom Reports are Critical!
Remember, most reports generally include the same data, but present it through different lenses depending on what you are trying to analyze. Top-rated medical billing software offers customizable reports with different details and supporting information. You should be able to set custom criteria and sort by month, by week, or by individual.
While these five reports are typically considered essential for medical billing and revenue cycle management, the specific reports you need may vary based on your business’s size, specialty,
and unique billing processes. If you are looking to get more out of your medical billing reporting, look no further than EZClaim. Our affordable, easy-to-use medical billing software enables your business to customize its revenue cycle reports to meet its particular needs, ensuring you have all the data you need to make informed decisions. We are your partner in medical billing success, from claims processing to compliance. Schedule a call today to learn more about EZClaim.