Why Understanding Key Reports Are So Important
Running reports regularly gives you a complete view into the revenue cycle of your practice. You can use reporting to improve processes, spot trends, and identify issues that may hinder revenue collection. It's important to understand how to conduct financial reports so you may grow the business side of your practice and continue to provide the best care possible to your patients.
Examples of Criterions revenue cycle reports include:
- A/R breakdown Report– provides information on beginning aging totals, charges, payments, adjustments, and ending aging totals
- Aging report– shows all open insurance balances by Insurance Carrier
- Payment Analysis report– identifies accounts receivables by patient, cpt code and payer
- Daily Transaction Report– identifies the amount of charges sent and payments received by insurance type and payment type
- Payments by financial class and date of service– shows how quickly you receive payments from major payers after charges have been submitted
- Procedure code financial analysis – summary of the month's services billed organized by CPT code; this report may be organized by provider as well
- ERN kick list/Denials by reason code – provides details on reasons for denial according to payer; if you can calculate your biggest reasons for denials, you can address them strategically
- Standard monthly reports – any other reports that the board, practice management, clinical management, or other departments may need for monthly review and tracking.
Here's a few tips to ensure you're monitoring the health of your practice properly within the Criterions system!
1) Running reports on a regular schedule establishes a rhythm. Run daily, weekly, and monthly reports to see financial trends. This will help you meet long-term financial goals.
2) Daily reports may include a reconciliation of claims generated and submitted.
3) Weekly reports may include A/R aging, and denial management activities
4) Monthly reports include charges, payments, and adjustments; A/R balance trends; gross collection rates; and provider productivity.
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