WCH Service Bureau WCH Service Bureau
  • Services Services
    • Medical Billing
    • Provider Credentialing
    • Medical Auditing
    • Real-Time Eligibility
    • MIPS Support
    • Webinars
    • Practice Analysis
  • Products Products
    • Credentialing Application ©
    • iSmart EHR ©
    • PMBOS ©
    • Time Management Program
  • WCH Franchise
  • Company
    • About
    • Our Offices
    • Careers
  • News
    • WCH Insights
    • Healthcare News
    • WCH News
  • Contact Us
  1. Home
  2. > WchNews
  3. > WCHNewsItem
Phone: 888-924-3973 Subscribe Pay Now iSmart Login Technical support

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

5/10/2020

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!

Read more news
Liked the article? Share with friends:

WCH News

January 18, 2023
WCH Accomplishments 2022
AT THE BEGINNING OF THE NEW YEAR, IT IS CUSTOMARY TO  SUMMARIZE THE RESULTS OF THE PREVIOUS ONE. WE THANK YOU FOR YOUR TRUST AND SHARE OUR ACCOMPLISHMENTS WITH YOU.Creden...
December 26, 2022
Professionalism is Not Afraid of Obstacles
Professionalism is Not Afraid of Obstacles WCH is always happy to share its success stories with you. This month, we want to feature a recent story about the journey of our pharmacy specialty cus...
November 07, 2022
NEVER STOP LEARNING
“Education is the most powerful weapon which you can use to change the world”, Nelson Mandela. We are glad that people who gathered at the WCH team share this opinion and are proud that th...
August 09, 2022
Introducing WCH CredyApp
Introducing WCH CredyAppWCH Credentialing team knows all challenges of handling credentialing internally. WCH has done credentialing for over 20 years, helping healthcare providers of various specialt...

Healthcare News

January 18, 2023
Get $26,000 per Employee with Federal ERC Credits
Get $26,000 per Employee with Federal ERC CreditsLike the PPP/EIDL, there is no repayment as it is a tax credit of up to 26,000 per W-2 worker you employed in 2019/2020.It is no secret that the Corona...
December 26, 2022
Cuts in Physician Payments Will Reduce Access to Care
Cuts in Physician Payments Will Reduce Access to Care The MGMA’s data shows that 90% of medical facilities reported likely declines in access to care following the 2023 payment cuts in the ...
November 29, 2022
LockBit Ransomware Campaign: New Suspect
Lockbit ransomware campaign, the variant that has been known to target healthcare in the past, is back on the radar. Thus, the Department of Justice reported that on November 15, 2022, the alleged cha...
November 04, 2022
Warning about the threat of imprisonment for breaking the HIPPA Law
If prosecutors find that providers disregarded PIR (protected information rules) in a way that warrants more punishment than fines and penalties - the doctor faces up to a year in prison on charges of...

Ready to start?

Contact Us
linkedin
⟶ let's start
WCH Service Bureau
Payment options
WCH Service Bureau WCH Service Bureau WCH Service Bureau WCH Service Bureau WCH Service Bureau
Pay Now
Services
  • Medical Billing
  • Provider Credentialing
  • Medical Auditing
  • Real-Time Eligibility
  • MIPS Support
  • Webinars
Products
  • Credentialing Software ©
  • iSmart EHR ©
  • PMBOS ©
  • Time Management Program
Company
  • About
  • Contact Us
  • Careers
News
  • WCH Insights
  • Healthcare News
  • WCH News
Support
  • Feedback
  • Technical Support
  • Privacy Policy
888-924-3973
3047 Avenue U, Brooklyn New York 11229
Fax: 347-371-9968
Follow us:
2023 WCH Service Bureau, Inc.® | Web Design and Programming by WCH Service Bureau, Inc.® | Privacy Notice
Can I help you?
Anna
Anna
Administrative Assistant
Hi, what service does your question relate to?
Medical Billing
Provider Credentialing
Medical Audit
Franchising
PMBOS
iSmartEHR
Eligibility
MIPS Service
Other
What are you interested in?
Let me help you.
Please, leave your contact details and we will answer your question.
Thank you for your request, we will respond as soon as possible.
Let us Help You

Dear Provider,
WCH can help your practice in your credentialing needs! Using a credentialing specialist with the knowledge, expertise and connections that can help position your practice ahead of time. Let us help you today! During credentialing process WCH becomes your external credentialing department for all communications, submissions, follow up and any other questions that will come up during the process.

WCH Specializes in:

  • All individual Medical specialties
  • Mobile IDTF
  • Single & Multispecialty Groups
  • Urgent Care, Labs, DME, Pharmacy
  • Article 28, 32, 31
  • Revalidation, Reinstatement &
  • Exclusion
We help Providers in All States! WCH provides Clarity, Comfort and Security in your Practice.
Let us Help You
Wch SErvice Bureau

Medical billing services offered by WCH Service Bureau go far beyond the usual understanding of billing.

 

What we offer is not just excellent professional billing and collection services. We also stand as guardians of your reimbursement and compliance with federal, state laws and regulations as well as private insurance policies and procedures.

 

Do it right! Do it with WCH!

Let us Help You
Wch SErvice Bureau

Periodic medical chart auditing is vital for any healthcare provider and medical practice. Let the professionals evaluate your coding, billing, and documentation practices! Our auditors are AAPC-qualified CPMAs (Certified Professional Auditors) and CPCs (Certified Professional Coders). We perform comprehensive Chart Auditing. We can do the following services for you:

  • Identify areas of risk leading to upcoding or downcoding and medical coding accuracy;
  • Ensure that coding practices are compliant with the regulations set forth by private and government payers;
  • Evaluate Incident to guidelines and services performed on collaborative premises;
  • Perform Analysis of Denials/Duplicate billing /Appeal process/Modifier usage;
  • Review Front Desk work including but not limited to: Eligibility verification/Benefit maximums verification/Excluded services verification/Authorization process/Patient responsibility (deductibles, copays, coinsurance)/Coordination of benefits;
  • Evaluate Insurance plans participation and consistency of contracted rates;

Do it right! Do it with WCH!

Try WCH PMBOS
Request information
Perfect! Please fill in the form

What service does your question relate to?

Let us Help You
Wch SErvice Bureau

Do it right! Do it with WCH!

REQUEST FREE DEMO
Planned number of Providers : *
Specialty : *
Job Role : *
Perfect! Please fill in the form
Perfect! Please fill in the form
Have any questions? Please contact us practiceanalysis@wchsb.com
Leave us a feedback
 
Thank you
for your feedback!
Wch SErvice Bureau

Thank you for your interest in our company!
Our team will process your request and will respond as soon as possible during regular working hours.

Subcribe
Subcribe Subcribe
 
Our site uses cookie.

This site uses cookies for analytics, personalization and advertising. By continuing to browse it, you agree that we use of cookies. To find out more or change your cookie settings click here.