What is reporting in medical billing?
In medical billing, reports are vital since it helps healthcare practices analyse and understand how financially healthy their practices are. Reports help to evaluate the performance of the practice by taking into account the claims realised or denied, and how healthy the relationship is with the insurance companies which reflects in the timely payment received from them. That is, keep a track of the claims and payments and follow up on unpaid claims. This gives a detailed explanation if a medical practice is healthy or not and will help in maximizing future revenues.
The important reports that are needed to evaluate the financial health of the healthcare practices are
- Accounts receivable Aging Report :- This report shows the period of time for which claims are unpaid.
- Key performance Indicators Report:- This report shows the total numbers of services provided, payments received, outstanding payments etc.
- Insurance Analysis Report:- This report shows payments received, CPT codes helping the practice, payments collected by various insurance companies etc.