Everything you need to know about Medical Practice Analysis using iSmart EHR
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.
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!