How to Analyze a Revenue Cycle Performance of an Existing Medical Practice Using Vericle Reporting
It is a good habit to periodically ( preferably frequently ) to analyze the revenue cycle and financials of a given practice to improve the chances of its profitability and cut back on avoidable losses. However, such analysis can prove to be daunting because of date complexity and the inability to access data easily. That being said, here’s how to analyze your company or practice’s revenue cycle with the help of medical manager software with the aim of boosting its profitability.
Collect Payment Data and Submission Statistics in Real Time
In line with this, remember to include the CPT code, facility, payer, referral, provide and the corresponding payment data. After this, the next step ought to be to examine the operational report obtained from the practice that shows the dollar amounts paid, submitted, adjusted, written off, or even failed to reflect on the company’s balance sheet. The operational report also needs to take care of the cumulative breakdown by payer, CPT, referral, or any combination of some of those dimensions. For example, the report should be in a position to illustrate the amount in dollars that were paid to each doctor by the facility in the past 30, 60 or 180 days. At the same time, the report ought to show at a glance the payer that underpaid the least as indicated by the best revenue-generating CPT code
Examine the Business’ Denials Report
A denials report is simply a file log that has the list of any denied claims and a sequence of the recommended follow-up actions. By sorting out the denials report and matching them to the amount paid, you can tell the smallest denied payment made to the practice and the respective billing service that the clinic is willing to put up with. An analysis of the denials report also gives insight to the total number of claims that were filed and underpaid in a year, as well as the claims made available in writing during the same year but still underpaid. All in all, it becomes easy to shed light on the action that is usually taken to correct an anomaly or recover the differences arising from underpaid claims.
Understand how the Practice’s Reporting Frequency Works
By analyzing the reporting frequency, you can come up with the accurate or approximate turnaround time that it would take to generate new reports. At the same time, you can pin down the exact frequency that the practice typically receives new reports as well as narrow down on the method that is used to assess these incoming reports. Besides, the operational report should have a cluster that indicates the name(s) of the referring physician that brought the most business to the practice.
The final part of analyzing the revenue cycle performance of any entity usually involves the re-examination of the data analysis and aggregation capabilities. If there is a web-based access available on site, then this re-examination should be carried in a more in-depth manner in a bid to drill more into the subject matter. Finally, extract a series of Microsoft Excel spreadsheets from the report for further analysis.