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Get your medical practice ready for 2022 Part 1: Which End of the Year Reports should I run?

Understand which End of Year (EoY) reports you need to run to identify areas of improvement, implement best practices, and get your practice ready to succeed.

Reports are a great data-driven means of benchmarking the performance of specific processes or functions within your medical practice. By running these reports, you will be able to identify areas of improvement, reduce errors, increase efficiency, and optimize your metrics to improve your business.

Reporting can give you vital information about claims, payments, denials, adjustments, and other important aspects of your practice.

Although there is a wide range of reports you can run to check your business´s health, here are some that you should focus on:

Key Performance Indicator (KPI) Report

Provides a summary list of the most important indicators associated with the financial performance of the practice over a period. In this report, you can see how your charges, payments and adjustments fluctuate monthly.

In Kareo´s software, there are three types of KPI reports:

Datalytics Review

Get full visibility into your practice´s financial KPIs. Monitor and track your financial health and identify billing issues early to intervene before submitting your claims to the payer.

Health Prime´s Datalytics is our analysis platform that provides financial insight on your medical practice and transparency into your medical billing collections process.

Datalytics raises the bar for medical billing analysis. You will be able to see your KPIs to track how you are doing, determine if your targets are being met and compare your practice´s performance to previous years.

With a good business intelligence platform like Datalytics, you will be able to keep your finger on the pulse of the overall health of your account at one glance and have access to all your information with ease, so you can place them into meaningful reports.

Read more about this on our blog Why is a good Business Intelligence platform key to running your medical practice? – Health Prime (hpiinc.com)

Denials / Rejections Report

This report shows you trends whether by payer, CPT, ICD 10, or other factors. Identify trends, find reasonable solutions to stay ahead of the curve and work on solutions to prevent loss in payments.

No matter how hard you try to run everything seamlessly, denials and rejections still happen. With 2022 coding changes, providers need to stay vigilant to spikes in your denial rate. This can be scary, but the good news is that a strategy supported by analytics can help you identify denials and rejections and allow you to prevent them going forward.

Top CPT Codes

Determine your top performing CPT codes to identify where the bulk of your revenue is coming from. Understanding this report will help you set goals for the future and understand which codes are not being reimbursed at the rates you may have originally expected.

Top Carrier / Insurance Analysis (Payer Mix)

Identify from which payers your charges and payments are coming from. Knowing this information will help you set goals for the new year. You may notice that some payers contribute the majority of your practice´s income, while others may only be making a small impact.

Adjustment Report

Get a summary of the adjustments posted last year by adjustment type. See all your write off´s and submit to an accountant to see what can be considered a financial loss of income. Also, determine where the money is being lost and see if process improvement can reduce write-offs.

In Kareo, there are two types of Adjustments Reports:

Credit & Unapplied Reports

Allows you to see patients/claims with either unapplied payments or credits on their accounts. Running this report will let you review these credits and create projects to have these reviewed for accuracy. Once determined, you can discuss a plan to refund, hold credits on file, or await the insurance to execute on automatic takeback.

For more information on which reports should you run to start the new year right and improve your reporting techniques, contact our team of billing experts at Home – Health Prime (hpiinc.com) or email us at sales@hpiinc.com. Our team will set up a meeting to discuss how Health Prime can maximize your revenue by cutting costs, saving you time, and collecting more!

Our second blog in our three-part “Get your Medical Practice Ready for 2022” blog series will highlight the importance of creating a plan for bad debt and understanding the importance of keeping your credit balances in check.

Subscribe to our Health Prime blog to stay tuned on all the latest updates to run your medical practice better so you can focus on what matters the most: your patients.

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