As I mentioned in the last post, we all know the profit squeeze is on for most physician practices; this is why it is so important to measure your numbers, analyze them, investigate, and strategize. Here are some additional reports to look at:
Current summary of accounts receivable – credit balances only Why aren’t these balances getting refunded? You may have a compliance problem on your hands.
CPT frequency report Also review for the practice as a whole and by individual provider. Look for missed coding opportunities, undercoding, and possible compliance issues.
Top 8 managed care payers and current reimbursement rate received from each Are the current rates acceptable? Which rates pay below Medicare levels? Are there certain services that are underpaid? Look for negotiation opportunities. Now might be the time to drop certain payers.
Work RVUs by provider Not all medical billing systems can produce this report but if yours can, compare to industry benchmarks. Investigate why productivity level did not meet the benchmark.
Referring doctor report Obviously investigate drops is referral patterns. More importantly, look at the bottom of the report and ask yourself why aren’t you getting more referrals from these physicians.
Comparative Daily Patient Visits by Individual Provider Investigate declines. Strategize on how to increase daily volume.
Listing of all practice employees and their job duties Practice inefficiencies often result in too many employees. Take a strong look at how your office operates every day and remove these inefficiencies but never cut staff as a way to simply prop up your bottom line.