Medical Billing Tip of the Month – August

Kareo August 13th, 2012

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We have our Medical Billing Tip of the Month, and this one won by a landslide! Thank you to everyone who voted on our blog and Facebook. The winner of our Medical Billing Tip of the Month contest this month is…

Using the Insurance Collection Summary Report to Increase Provider Cash Flow Effectively

We are using the Kareo insurance collection summary report to work on the High Dollar claims, Old Aging claims, Top 10 payers aging, etc. Here is the report customization for your reference.

Go to Reports -> Accounts Receivable -> Insurance collection summary -> use “Customize” tab to obtain the reports per your Priority. Please customize the options as described below:

Age: 30+

Status: All

Grp By: Patient

Sub Grp By: Patient

Sort by: Balance

 Medical Billing Tip of the Month: Use the Kareo insurance collection summary report to work on the High Dollar claims, Old Aging claims, Top 10 payers aging, etc.

Report Format:

 This month's Medical Billing Tip of the Month recommends using insurance collection summary report to increase provider cash flow effectively

First report: You will get a report based on the Patient total value by Descending to Ascending order. Once the report is generated, we can start attacking the High dollar claims to get the best reimbursement for the provider. The provider will be very concerned about his High dollar value claims which have been submitted to the carrier. By generating and working on this report, we can increase the payment flow of the provider drastically. The output of the report will be generated as mentioned above format. The Top 100 patient claims will cover most of your insurance aging. By working on these claims effectively, you can see a drastic change in the payment flow.

Second report: Use the same report, by changing the “Group By” status to “Insurance Plan.” The report gets sorted based on the Total outstanding aging for a payer by Descending to Ascending value of claims for a particular payer. By using this report, we can work on the Top 10 payers’ aging and reduce the aging of particular payers effectively.

Third report: Use the same report, by changing the “Subgroup by” status to “Insurance Plan.” The report generates the patient claims which have High Dollar value, including the payer name.

Note: By using the collection summary report effectively, cash flow for the provider will increase and we can concentrate on high billed claims. We can reduce the high value claims moving to 60+ aging. Please make use of this report to improve your cash flow.

Henry Richards
EccoHealth LLC

This is the second month in a row that the winner came from EccoHealth—they’re a fine organization, but how about our other billing service customers? We want to hear from you, and from those at practices, too; you are all eligible to win!

Please be sure to submit your Medical Billing Tip of the Month to Marketing@Kareo.com by Wednesday, August 22, for inclusion in the next round of judging. We’ll post the top three tips on our Facebook page and on the Kareo blog for your vote! You will win a $250 American Express gift card if your tip is chosen. Good luck!

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