What Is a Financial Records Analysis Of Your Medical Practice?
Every medical practice needs to understand where their income flows to and from. Finding the causes of ebbs and flows in revenue can be critical to the health and well-being of a physician practice, and gives a €heartbeat€ of the organization. The best way to discover how your practice collects revenue is through a Financial Records Analysis. This lets a medical billing company, such as Medical Billing Solutions, Inc., to give you an accurate picture of the financial health of your health care organization.
Medical Billing ServiceSo what is included in a Financial Records Audit? It's a comprehensive, unbiased look at the financial records of the company by a certified medical billing professional, who can help discover why your practice isn't making the money it should, and what can be done to be done differently to ensure the highest reimbursements possible while reducing liability.
The report is broken down into 10 sections:
1. Financial Analysis
2. Detect Shift in Payer Mix
3. Fee Schedule Analysis
4. Prior Year Comparative Analysis
5. Coding Frequency Review
6. Analyze Practice Overhead
7. Accounts Receivable Analysis
8. Charge Ticket Review
9. Office Interview Form Findings
10. Assessment and Recommendations
What do all of these mean? We will tackle the first 5 in this post, and the last 5 next week. So, what do we do for a Financial Analysis? We use; Payer mix, by percentage of patients in each insurance class, percentage of total charges adjusted off each month, percentage collected each month of gross and year-by-year percentages of collections and adjustments to give you an assessment of whether you are collecting a high enough percentage, and what adjustments can be made to help you collect a higher percentage of payments.
Detecting the shift in payer mix is finding year-to-year how many payers come from each insurance company, as some pay better than others, and this knowledge can help determine whether we can help you get better payment rates or if you're doing the job on your own.
A Fee Schedule Analysis determines where your payments come from, and whether they are in line with your geographical area's rates and charges. This helps us to determine whether your payment percentages are too low or high due to the individual payers, or if the insurance carriers your practice bills can be more forthcoming on their payments with proper application of codes and billing.
The Prior Year Competitive Analysis shows how charges and payments fluctuate year-to-year. If charges go up and payments go down, we will research and determine the exact reasoning for this. Payments typically do not decrease when charge volume increases.
The Coding Frequency Review, the last piece we will discuss today, is a list showing the most commonly used codes that your office uses, which we graph out in order to show you how you compare to the national averages for a practice of your size and specialty in code usage, and whether you may be misusing or misidentifying codes, which can lead to lesser payment percentages compared to the charges sent out. We can help determine whether the codes used are appropriate for the procedures performed, and whether they can help increase your payer rates.
Check back next week for the second half of this Financial Analysis Breakdown, and visit http://www.medicalbilling4u.com today to setup a free quote on how you can get paid more, faster with Medical Billing Solutions, Inc.
Medical Billing ServiceSo what is included in a Financial Records Audit? It's a comprehensive, unbiased look at the financial records of the company by a certified medical billing professional, who can help discover why your practice isn't making the money it should, and what can be done to be done differently to ensure the highest reimbursements possible while reducing liability.
The report is broken down into 10 sections:
1. Financial Analysis
2. Detect Shift in Payer Mix
3. Fee Schedule Analysis
4. Prior Year Comparative Analysis
5. Coding Frequency Review
6. Analyze Practice Overhead
7. Accounts Receivable Analysis
8. Charge Ticket Review
9. Office Interview Form Findings
10. Assessment and Recommendations
What do all of these mean? We will tackle the first 5 in this post, and the last 5 next week. So, what do we do for a Financial Analysis? We use; Payer mix, by percentage of patients in each insurance class, percentage of total charges adjusted off each month, percentage collected each month of gross and year-by-year percentages of collections and adjustments to give you an assessment of whether you are collecting a high enough percentage, and what adjustments can be made to help you collect a higher percentage of payments.
Detecting the shift in payer mix is finding year-to-year how many payers come from each insurance company, as some pay better than others, and this knowledge can help determine whether we can help you get better payment rates or if you're doing the job on your own.
A Fee Schedule Analysis determines where your payments come from, and whether they are in line with your geographical area's rates and charges. This helps us to determine whether your payment percentages are too low or high due to the individual payers, or if the insurance carriers your practice bills can be more forthcoming on their payments with proper application of codes and billing.
The Prior Year Competitive Analysis shows how charges and payments fluctuate year-to-year. If charges go up and payments go down, we will research and determine the exact reasoning for this. Payments typically do not decrease when charge volume increases.
The Coding Frequency Review, the last piece we will discuss today, is a list showing the most commonly used codes that your office uses, which we graph out in order to show you how you compare to the national averages for a practice of your size and specialty in code usage, and whether you may be misusing or misidentifying codes, which can lead to lesser payment percentages compared to the charges sent out. We can help determine whether the codes used are appropriate for the procedures performed, and whether they can help increase your payer rates.
Check back next week for the second half of this Financial Analysis Breakdown, and visit http://www.medicalbilling4u.com today to setup a free quote on how you can get paid more, faster with Medical Billing Solutions, Inc.
Source...