In today’s market, medical groups and health care organizations can choose from a multitude of solutions to manage their revenue cycle and associated functions such as billing, coding and reporting. A robust reporting tool as a part of a revenue cycle solution is crucial to optimizing the financial health of a practice and offers insights into key financial trends. Discover more here: http://practicemax.com/
An emerging movement in the next generation of revenue cycle reporting is the integration of “other” data into these systems, such as clinical outcomes or satisfaction survey results. The inclusion of this additional data provides a more global view of a practice’s activities and impact on income. It also prepares the practice’s reporting tool for future data mining opportunities.
Many reporting products are now available as web based tools that allow providers and administrators quick and easy access to vital practice information using a PC, laptop, and smart phone or tablet device.
As medical practices and organizations assess their current solution or evaluate new reporting solutions, here are some features and functionality to keep in mind:
- Standard billing reports include charges, payments, adjustments, aging, denials and trends
- Comprehensive and easy to ready Summary View
- Easy to use filters and sorting functions to view data by provider, payer, location and more
- Easily adjustable and customizable date ranges
- Hover over feature that allow users to view more information about a point of interest on a chart (instead of toggling between the chart and data)
- Ability to customize reporting based on medical specialty needs; for example, in Anesthesia, the capacity to view data in terms of hours worked and cases performed
- Robust denial monitoring that provides analysis on denials by payer, denial reasons, number of denied claims and percentage of total claims