Billing is the cash flow engine of the private practice. It should be simple, streamlined and efficient. Billing software can be used to check patient eligibility and post ERAs, along with sophisticated functions that include scrubbing claims, posting payments and billing secondary insurance with the click of a button.
Perhaps one of the most important functions is the ability to generate detailed yet simple reports. Such reports offer clinicians the means to determine if billers are being as efficient as possible and provide them with an accurate overview of the practice’s financial health.
An aging report provides a wealth of information. It shows therapists how much money that’s owed but hasn’t been collected. Practitioners can look up accounts receivable by payer and break it down utilizing a variety of different metrics ranging from location to procedure.
Practice owners can ascertain which payers reimburse slowly and providers that aren’t billing as much as others. Reports can be created by ICD and CPT codes to discover which procedures earn the most for the practice and which patients generate the most revenue. In Touch EMR™ has the ability to generate reports with sophisticated measures and customization options.
Data And Proofs
In Touch EMR™ provides clinicians with the ability to know exactly where their money is. They can do it themselves without waiting for the biller. Reports can be created for a week, month or even the last six months. The reports can be taken to the biller or the payer if needed. In Touch EMR™ enables practice owners to view their practice from a higher level and gives the clinician ammunition to address payment issues.
The reports provide therapists with the data needed to address biller problems and expedite the billing process. In Touch EMR™ reports show practitioners where potential problems exist and the point of origin. Therapists may find that they need to stop doing business with specific payers and providers.
It can take an average of a month to collect from insurance companies, but clinicians should be aware that it can take longer when working with Workers’ Compensation, out-of-state clients and auto accident claims. Clinics that experience a lot of these types of claims should be aware that the revenue stream may be delayed through no fault of the biller or provider.
The power and potential of In Touch EMR™ provides clinicians with valuable metrics and tools to diagnose the health of their practice and if the billing department is doing a good job. The integrated system gives practitioners the ability to create their own reports independently of the billing department. In Touch EMR™ gives practice owners the tools to run their lifestyle, not a system that runs them.