3 Optometry Billing Reports that Boost Your Practice’s Profitability
Optometry billing reports are a great way to check the financial health of your practice. There are numerous optometry billing reports that help in refining the billing procedures so as to improve your practice’s collections. However, given the vast number of billing reports, it can be difficult to figure out the ones that are most effective in improving your practice’s profitability.
Here is a list of the best billing reports that optometry practices must run regularly so as to enhance their financial performance:
Accounts Receivable Aging Report
Key Performance Indicators Report
Insurance Analysis Report
These reports will provide vital insights into important revenue cycle metrics and help you boost your collections significantly. They will help you gain more information about your claim processing timelines and assist you in finding out the common reasons behind delays or denials. Regularly running these optometry billing reports will also be beneficial in understanding how well insurance carriers are paying for your services.
A/R Aging Report - Track How Long Claims Have Been Unpaid
The accounts receivable aging report provides details about the number of days claims have been in receivables. This report can be helpful in identifying issues pertaining to delays in payments. Hence, it is essential to ensure that your medical billing team regularly submits the A/R aging report.
The A/R aging report enables healthcare practitioners to conduct a thorough review of their medical billing functions. This can be useful in finding out the main reasons behind longer claim processing times as well as outstanding accounts receivable. You can also use this report as a tool to determine the efficiency of your optometry billing team.
Key Performance Indicators Report - Decode Collection Trends
A key performance indicator (KPI) report is an important element that helps optometry practices in identifying the most profitable billing procedures. With the help of this report, practices can categorize the crucial areas in their optometry revenue cycle management process. This is quite useful in spotting trends and identifying possible issues well in time to improve your collection process.
The KPI report enables optometry billers to compare a variety of parameters such as the number of procedures, collections, outstanding A/R, etc from month to month. This can help you gain better insights into your billing performance and easily track positive or negative trends. KPI reports can also be useful in determining the most profitable services and CPT codes for your practice.
Insurance Analysis Report - Negotiate Better Prices With Payers
An insurance analysis report is a summary of charges, payments, and collections of payers and insurance companies that contribute the most to your practice’s business. The insurance analysis report also tracks your collection per total Relative Value Unit (RVU). This provides you with information about how much you are getting paid for specific procedures.
Comparing the RVU with the current Medicare Conversion Factor, you can find out if you are collecting the right amount from your patients or not. The insurance analysis report also drills down into important billing information that helps you negotiate better prices with payers and insurance companies. The insurance analysis report is thus crucial in getting paid appropriately for your services and hence, should be generated and checked frequently.
These reports can help you check the efficiency of your optometry billing team and also assist you in meeting your operational and economic objectives. To learn more about billing or revenue cycle management for optometry practices, please get in touch with CS Eye. With unmatched quality and proficiency, our professionals can help in streamlining your optometry billing functions.