According to one recent study the global medical billing market was valued at an enormous $14.2 billion as of 2022. Equally impressive is the fact that, if current trends hold, that number is anticipated to climb to $31.19 billion by as soon as 2030.
The rising demand to make medical billing more efficient for everyone involved, the need to reduce operational costs, and risk management are all cited as contributing factors. The compound annual growth rate is expected to hover at around 11.9% during that period.
But at the same time, even the most sophisticated Medical billing software is ultimately just a tool – the same as anything else. Just because you’re gifted an expensive, high-quality toolbox doesn’t mean you suddenly know how to build a house. Those tools need to be used in the proper way to unlock their full potential. Medical billing services are ultimately no different.
That’s why you need to make sure you’re using the correct medical billing reports in the first place. They can help you understand the “bigger picture” regarding your practice or other healthcare organization. They can reveal certain trends and patterns that likely otherwise would have gone undiscovered. Most crucially, they can also make sure you have the actionable information you need to make smarter choices regarding the future of your organization at all times.
Therefore, if you want to optimize your organization’s revenue in 2023 and beyond, there are a number of key medical billing reports to pay attention to.
Why Medical Billing Reports Matter?
At its core, a medical billing report is a document that offers a detailed summary relating to a particular service provided for a patient. If an invoice is a peek into one interaction a patient had with a medical practice, a medical billing report can show their entire history. This includes not only the amount of money they were billed but also payments that have been received, payments that are outstanding, claim rejections, and more.
In an over-arching sense, this can help a healthcare organization see how it is doing financially today. Over the long-term, it can also help identify areas for improvement in the medical billing process - allowing for optimization moving forward.
Never forget that the more efficiently your organization runs, the more cost-effective it is. Therefore, improving your medical billing system becomes a perfect chance to optimize revenue almost immediately.
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Types of Medical Billing Reports: Breaking Things Down
One example of a medical billing report that you can use to optimize revenue is called an aging report. Here, you’re looking at the amount of time that invoices have been unpaid after they’ve been sent to insurance companies or patients.
You can’t collect outstanding balances and get money coming in the door if you’re unaware those balances exist. Likewise, these reports can help you prioritize your collection efforts and take more control over money coming into and going out of your organization.
Claim denial reports are another important type of medical billing report that has a direct impact on revenue. If insurance claims are denied or rejected, this report will help you see the reason why. When that happens, patients must pay the entire bill themselves – running the risk that they’re unable to do so. Running this report can help you see if common issues like missing documents or improper coding are causing rejections, allowing you to stop them as soon as possible.
Naturally, a financial summary is a type of medical billing report that should be run on a regular basis. This provides a comprehensive summary of not only charges and collections but also adjustments, outstanding balances, and more. Again, this is all about identifying trends and comparing your current performance to any goals or benchmarks you set for yourself. You can see where your revenue is coming from and where it is going in a way that lets you better understand cash flow. It also paints a picture of the larger financial health of your organization.
Just a few other examples of medical billing reports that can help optimize revenue include but are not limited to ones like:
- Payment posting reports, which record and reconcile all the payments you’re receiving from insurance companies and patients.
- Insurance analysis reports, which help you understand what different insurance providers cover, along with highlighting any reimbursement patterns that may emerge.
- Medical billing reports are detailed summaries of the services that a healthcare organization is providing to patients.
- Aging reports, claims denial reports and financial summary reports are just a few examples of medical billing reports that can be used to optimize revenue.
- They do this by addressing a lot of the medical billing challenges organizations face, like dealing with human error in a world of paper-based processes.
- They also help ensure organizational leaders have access to the accurate, actionable information they need to make the best decisions at a moment’s notice.
Bizmatics, Inc: Your Medical Billing Service Partner
At Bizmatics, we understand how important optimizing revenue is in the increasingly competitive landscape that we’re currently in. That’s why we offer the types of modern healthcare solutions needed to help your practice succeed. PrognoCIS EHR is a HIPAA-compliant, cloud-based medical office suite that enables more efficient and cost-effective value-based care than ever before.
Not only does it assist with medical credentialing and revenue cycle management, but it also empowers chronic care management, too. This is all in service of the most important goal of all: improving patient outcomes and delivering exceptional care, no matter what.
If you’d like to find out more information about the top physicians billing reports that can help you optimize your organization’s revenue, or if you’d just like to learn about other advantages that an overhaul of your medical billing process can bring with it, please don’t delay – contact Bizmatics, Inc. today.