It is crucial that the month-end close be connected to an assessment of the month's performance in relation to the goals established for that month and the preceding months. A useful tool for identifying irregularities or distortions in your payment cycle is a month-to-month comparison. To help you stay on top of your revenue cycle KPIs, Team Trimark is skilled in finishing all month-end closing tasks and producing a range of reports. With the help of our reports, you may assess how you performed last month in comparison to the same month the previous year, your monthly goals, rolling averages, and YTD performance. The primary report categories that we advise being run at the conclusion of each month are:
- Fee billed according to top CPT codes, location, carrier, and/or provider, etc.
- Payment received by the insurance company, supplier, venue, etc.
- AR reports provides updates on various aging buckets, top 5 carriers, and general AR changes.
- Reports on productivity: We offer a thorough productivity report broken down by department.
- Analysis of Denial A trend between unique payer codes and frequent denial reason codes is established by the denial management team. Trend tracking assists in identifying flaws in the billing, registration, and medical coding processes, which are subsequently fixed to lower future denials and guarantee claim acceptance at the time of first submission.
- Handling 90+ insurance claims: We are experts at managing over 90 AR using various approaches.
- KPI Summaries Key performance indicators (KPIs): are quantifiable numbers that show how well a firm is accomplishing its goals. KPIs are used by organizations to assess how well they are accomplishing their goals. DSO (Days in AR), GCR (Gross Collection Ratio), FPRR (Clean Claim Ratio), and other key performance indicators are some of the crucial ones in RCM.
- Return on Investment: for the client