Despite the challenges of keeping up with ever-changing regulations, medical billing and reporting remains the most important aspect of practice management. Advanced MD software includes a comprehensive set of reports, including revenue owed, collections, and billing reports. It also includes denial management reports, which identify missed revenue opportunities and data entry errors. Patient and scheduling reports allow practice managers to monitor patient flow. And if you're not sure which report you need, Advanced MD can generate one for you, no problem!
The Claim Care report is particularly useful when it comes to identifying problems with the front desk. By analyzing the report, you'll be able to pinpoint areas where front desk employees can improve their performance, such as slow payments from payers. In addition, the reporting will reveal any in efficiencies in the back office, such as lack of training for front desk employees. This information can also be used as the basis for a performance-based payment plan.
Another report a practice should run regularly is the Accounts Receivable Aging Report. This is an excellent gauge of the overall health of a practice. An experienced biller can tell if the billing department is doing its job by evaluating this report. This report is produced manually, but many medical billing software programs will generate them for you. A related report is the Insurance Payment Trend report. This is useful when tracking how well insurance carriers are paying for your key procedures.
