It is important that the month-end closing be linked to a review of how the month has been with regards to the previous months and goals set for that month. A month-to-month comparison is a good source of information to identify any anomalies or distortions in your payment cycle. Team Vairix is adept at completing all month-end closing activities and generating a variety of reports to help you be on top of your revenue cycle metrics. Our reports give you the opportunity to compare with last month’s performance, same month last year’s performance, YTD performance, rolling averages and your goals for that month. The major categories of reports that we recommend to be run at the end of each month are:
- Charges billed by provider, location, carrier, top CPT codes etc.
- Payment received by insurance carrier, provider, location etc.
- AR reports changes in overall AR and different aging buckets, top 5 carriers etc.
- Productivity reports We provide a detailed productivity report by department.
- Denial Analysis The denial management team establishes a trend between individual payer codes and common denial reason codes. This trend tracking helps to reveal billing, registration and medical coding process weaknesses that are then corrected to reduce future denials, thus ensuring first submission acceptance of claims.
- Managing insurance AR 90+ We specialized in controlling 90+ AR by multiple methodology.
- KPI Reports A Key Performance Indicator (KPI) is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs to evaluate their success at reaching targets. Some of the important KPI’s in RCM are DSO ( Days in AR), GCR ( Gross Collection ratio), Clean claim ratio / FPRR etc.
- ROI FOR client