Ever wondered how to conduct the most precise and easy-to-understand analysis for your practice? What if we could offer you a tool, which does this procedure automatically? Living in the age of artificial intelligence and busy people, you probably do not want to waste your time skimming through a whole bunch of boring numbers, names, and software errors.
Here’s
how We Can Help you.
The first question which may pop up on your mind is
- why do I need to analyze everything if I don’t have any problems and money
keeps coming into my bank account?
Well, evolution never stops, and one certainly has
to strive for the better. Improving your practice is key. Analyzing what is
happening to your office will help you to avoid future mistakes, make
predictions, and consequently make more profit from it.
As a physician, you need an efficient system, which
provides automated reports of your practice performance. These reports will
provide you with information related to the well-being of your office.
Analyzing this information and making appropriate adjustments in your processes
will allow you to free up your medical staff and resources to better serve patients
and make more profit.
Our medical billing specialists and account
representatives are constantly ready to assist you in any related question. But
what if you could do everything by yourself?
Be a self-made rock-star, use our iSmart EHR
Dashboard reports!
iSmart EHR Dashboard was designed to help our
clients stay on top of billing and understand practice productivity. We
included key performance indicators to help you find additional revenue for
your practice.
Here’s what we offer:
• The
Top Insurance Analysis report
• The
Key Performance Indicators report
• The
Top CPT codes Analysis report
• Performance Indicators report by servicing locations
The above-mentioned aspects display precise reports
on how your practice is performing in revenue cycles, as well as how much you
earn from insurance carriers.
These reports are available to you 24/7 via the iSmart
EHR dashboard. They are being generated automatically, and you can see them
right after logging in.
The Top Insurance
Analysis Report
This is, in fact, the most useful
tool which can make you become Warren Buffet of healthcare.
Know your top insurance carriers as
these are the payers that generate the most revenue and, in case of any issues,
will have a greater impact on your practice. Do you know your top 5 payers? Do you know
your contractual obligation, lines of business/plans you’re participating with,
and their authorization requirements? What if we could also reveal some
channels for fast and accurate eligibility and benefits verification? Time your
staff spends on eligibility verification and authorization processing working
with the greater payers (meaning the greater patient volume) has a more
significant impact. One minute more will result in a huge volume of working
hours per month. That may affect the overall performance of your practice
negatively. Simply, your staff may be out of time for other duties that are
required for keeping your practice in good condition.
Of course, knowing
your top 5 payers does not mean others may be forgotten. You have to be
familiar with all of your payer's regulations and contractual obligations.
What is shown in the
report?
The Top Insurance
Analysis Report tracks the payments by the top 5 carriers—that make up the
majority of your practice’s business. Also, it gives you information about the
average payment per visit (not per service). This information may give you an
impulse to consider the negotiation of better pricing with those payers.
For example, If you
see that some of the insurances are paying significantly less than supposed,
considering the amount of work performed, it may be an indicator that you are
not getting a fair deal. You may want to think about contract negotiation.
When should I open
this report?
We recommend that you
review the Insurance Analysis report at least monthly. The sooner you can catch
a discrepancy among your insurers or identify problems with your greater payers
the sooner you can make a change that could save you a lot of money.
Also, Top Insurance
Analysis Report helps you compare how much you’ve earned from the very same
payers during the last and current years.
Here’s what it looks like:
The Key Performance
Indicators report
This tool shows your total revenue
comparison between six months of the previous and current years. It’s based on
the Date of Services rather than sent/created or payment date. It also displays
the volume of primary claims created for the same period comparing six months
of the previous and current years.
By making a comparison, you can
identify what is working for your practice and what isn’t.
Also, you can see an average
payment per claim considering all payers and procedures.
The Top CPT codes Analysis report.
This graph reveals the top 5 procedures/services for
which your practice gets the highest total reimbursement and the number of
times you have performed it, as well as how much all payers reimburse these
procedures. Again, you can make a comparison with your past results. This
report is also available for procedures excluding Evaluation and Management
services.
Performance Indicators report by
servicing location.
This one is available to you in case if your
practice has more than one servicing location. Here you can find out which of
your locations is the most profitable one and compare them to each other.
You
should review and analyze the reports every month. If you see sudden negative trends, you may
have a problem and should look deeper into that specific issue to determine
what is wrong and how you can fix it.
iSmart Analysis Reports
For deeper review and comprehensive assessment, you can use iSmart Analysis Reports by going to the Billing / Analysis report.
iSmart Analysis Report allows you to run a wide range of reports from different periods, such as:
- Analysis report with the number of patients by insurances
- Number of claims primary or both primary and secondary by Insurances
- Payment report by providers
- Payment report by procedures (number of procedures with paid amount)
- Payment analysis by procedures and insurance.
In the era of digital technology, you no longer need to make any calculation or analysis by yourself. iSmart EHR dashboard does everything for you without your direct participation in the process.
Tracking these values and comparing these figures is
an excellent way to determine how efficiently a practice’s revenue cycle is
performing. Such analysis can also help to determine the impact of any newly
implemented procedures/processes.
Analyze, plan, and improve your practice
performance!
WCH is here for you!
