Any hospital or clinic would want to reduce office expenses, speed up the rate of reimbursement, do away with claim denials, limit aged receivables and improve cash flow and profit. That’s why you’ll find a lot of them considering medical billing outsourcing to make this possible. The information that the reports convey and how promptly they are delivered are definite markers of the capability and expertise of the company. These reports are therefore, important and essential.
Medical Billing Reports – Daily, Weekly, or Monthly
Reports are made available on a daily, weekly or monthly basis as per the client’s requirements. They would include procedure code usage reports, financial reports, and aged summary reports. Reports can be customized to suit customer specifications. Financial reports can take the form of payments/deposits reports, patient account ledger reports, A/R aged comprehensive reports, reports of patient visit history or insurance list reports.
In addition to making it possible to judge the efficiency of the medical billing company, reports would assist the healthcare provider with:
- Knowing what collections are complete and what has and hasn’t been billed
- Payment and procedure code analysis
- Accounts receivable and accounts receivable aging
- Insurance analysis
- Collections ratios
- Having a blueprint of the practice’s financial transactions and accounts
Thus, the healthcare provider would be up-to-date on all billing aspects, the auditing process is helped and there would be improved practice workflow and productivity.
HIPAA Compliance
Please remember that medical billing services and reports should only be handled by an HIPAA compliant company. That way, you can ensure that whatever information you provide to the company is safe and secure in its hands and would not be shared with an outside party.
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