Is your Medical Billing Consultant Recommending Useful Reports?

 

Many physicians are thirsty for meaningful reports on the status of medical billing and accounts receivable, but their staff or even their medical billing consultant does not know what types of reports to prepare each month.

Ask for these benchmark reports in healthcare billing:

  • The accounts receivable (AR) aging report, showing the amounts in your AR by aging category.  The vast majority of your unpaid accounts should be less than 60 days old.
  • A Revenue report, to track the amount you have billed and collected each month, and the amounts being adjusted off each month.
  • A report on Adjustments by type, showing adjustments for amounts not collectible from Medicare or due to insurance company contracts.
  • All procedures billed each month, by CPT code.  This is a way to make sure all your activity – office and hospital visits, surgeries or other procedures – are being captured and billed.
  • You should ask for a list of accounts that are being turned over to an outside collection agency.  Most patients who are going to collections should also get a letter terminating the physician-patient relationship.
  • You want to make sure there are no patients with risk management issues being terminated or turned over to collections.

Of course, reviewing these reports at least monthly is part of best practices in medical billing.  In most medical practices, billing and collections are the financial lifeblood; don’t let time go by without checking on that aspect of your business. This 6 minute, focused video presentation is about immediately implementable best practices benchmarks.

What’s your experience with REPORTS and reporting benchmarks for bottom line improvements?

When you need proven expertise and performance

Jim Hook, MPH

Mr. James D. Hook has over 30 years of healthcare executive management and consulting experience in medical groups, hospitals, IPA’s, MSO’s, and other healthcare organizations.

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