Financial Analysis
- PDA
The General Information needed:
1. Current billing Process?
2. What are the main issues?
3. What is the EHR/EMR software you are using, if you are doing billing in-house, do you have a billing software?
4. Any outstanding, backlog, rejected and denied claims, or patient payments issues?
The numbers:
A. Approximately how many claims are you doing per month?
B. What is the average charge per claim?
C. What is the average percentage of denied and rejected claims per month?
D. What is the turnaround time?
Are You Losing Money Due to Inaccurate Billing?
Do You Know the Actual Cost of Your Billing Operation?
Are your claims being billed DAILY?
Are your denied claims being followed up on the SAME DAY?
Is insurance coverage being verified PRIOR to appointments?
Are your patients receiving ACCURATE monthly statements?
Do you know the health of your medical practice business? Here’s a great opportunity to get a free annual checkup for your practice. Take our 5-minute business survey and get two valuable in-depth codes and operational cost analysis reports at no charge!
Our reports are designed to help make practices aware of possible billing problems they are experiencing with rejected or delayed claims due to improper coding and/or inaccurate claims processing.
Billing Cost Analysis Reports:
Find out the cost of in-house billing versus the cost of outsourcing. Two reports can be presented to you:
(1) Comprehensive Practice Analysis report demonstrating the actual cost of the entire in-house billing operations.
(2) Claims-Only analysis report. This report compares the clinic’s in-house billing cost to the cost of your service based on claims only.
Our analysis takes into consideration a combination of the various direct and indirect costs incurred in processing claims in-house, such as:
Labor Costs including benefits
Postage, Claim Forms, and Envelope Costs
Error Rate
Administrative and Billing Costs
Rental Overhead
Time Value of Money
Systems Upgrades & Maintenance
Code Analysis
Code Analysis Report:
We can perform three types of code review analysis:
Medical code review
Dental code review
Combined medical and dental code review
Our code analysis takes into consideration the following elements: CPT and CDT codes currently used by the practice Average Revenue per Code Average Frequency of Code Usage We’ll present you with a report detailing the status of each analyzed code and a summary of findings, including any potential loss of revenue.