How to Read Your Medical Practice’s Accounts Receivable Aging Report With Primary Health Billing?
The Primary Health Billing report is an important gauge of the current state of the medical practices you run. Without proper reports, it’s tough to assess whether your practice is earning profit or not. Monthly reports will show how your medical practice performs in key revenue cycle indicators, including whether you are paying your claims promptly and how efficiently insurance companies are paying for crucial procedures, in addition to others.
These reports have been used in single-person practices, as well as larger practices that have the use of ten, twenty, or more practitioners. ACS Primary Care Physicians Billing analytics that is accurate can provide answers to these questions and are essential to the financial health of your practice.
Primary Health Billing
The Accounts Receivable Aging Report
The Accounts Receivable Aging Report shows the time span for which the patient’s balance and insurance claims were outstanding. Primary Care Billing is expressed as a percentage spread over 120 days. The less the percentage, the more favorable. It’s shown in both an amount in dollars as well as percent.
By taking a quick glance at the more than 150-days column of this report, a seasoned administrator or billing clerk can determine whether the practice’s billing department is performing well.
- Do you see a huge dollar value there?
- Is there a double-digit percentage in the air?
Let’s Take a Closer Look at the Report
Primary Care Billing Services reports may be presented in a different way and their look can differ. The older buckets might not look exactly the same across different Primary Care Billing And Coding Services. Some may last for 180 as well as 360-days however they all provide the same data.
In the graph above, we have a total of more than 120 days compared with our standard. As you will observe in this report, our total of 120 days of service for both patients as well as insurance are 5.5 percent, and an MGMA of 25.8 percent which is the average of all medical practices in the nation for this specific specialization.
We also break down the patient’s 120-day period and the insurance for the period of 120 days. Primary Care Billing is more expensive for payment than insurers, especially because deductibles have become much higher. Our patients are increasingly working together frequently to create payment plans to aid in paying those higher deductibles.
A closer look at the figures
The 0-30-day bucket that includes both patients, as well as insurance, should be the highest sum. These are the most up-to-date and we’ve submitted our claims and are still waiting for lots of the cash. The next largest will be the 31-60 days totals. Most claims due fall within the 0-60-day period.
Primary Health Billings should be reduced dramatically, particularly when you have your balances on insurance. As you can see in the illustration I’ve provided, the percentage of insurance we have for 61-90 days is down to 7.3 percent of our total outstanding balances in insurance. The buckets’ 91-120 day totals will decrease as we process claims, pay patients, follow up and work to collect. If you run this report at least once every month, Primary Health Network Billing will be able to monitor your growth.
Maintain your percentage of 121 or more days to an absolute minimum. Set a goal to make these claims with a lot of effort. The older the claim, the more difficult it will be to verify. The goal is to maintain it at a single-digit percentage for more than 120 days. There’s bound to be some money in every one of these buckets. The key is to ensure that the buckets within the 91-day and greater limit are at the lowest they can be. Make sure to keep working on these assertions. Follow-up, follow-up, follow-up.