We would like to be able to quickly see which insurances are providing the bulk of our operating income. Is there currently a report or way to look at each insurance and see how much income is generated by combining patient payments, insurance checks received and write offs? To be clear, I don't care how much is "receivable" because we will not receive all of that. I am only interested in the actual financial impact of each insurance- number of patients, Patient payment and insurance payment to compare which insurances are worth keeping and which are not providing enough income to continue to keep them. Looking for a chair cost ratio to compare or an income per patient number.
Last Edit: Nov 12, 2019 14:20:44 GMT -6 by camfameye
Post by friscoeyeassociates on Nov 14, 2019 18:35:09 GMT -6
So, there is a couple of things here. There wont be a single report that answers all of those questions in one click, however I think you could get all the information necessary to get those revenue per exam numbers you are looking for. The first two reports I would consider evaluating are the Sales Payment Report, and the regular Sales Report. Both of these reports breakdown data on a Billing Code basis organized into Billing Categories. The Sales Payment Report references the Payments associated with these line items, while the Sales report is more focused on the quantity and total billed amounts for each billing code and category. You can also select insurance providers from the drop downs at the top of each of these reports to break down the data on a per insurance basis. In doing so, you should be able to glean the information you are looking for like the percentage of exams associated with each insurance, the write off ratio for each insurance, and Revenue per exam. On the Sales Payment Report, the "Assigned Money" column would be the net dollars received after all write offs and discounts (It is very important to say that the accuracy of these numbers is highly correlated to the effort and attention to detail applied at the time of data entry. The information in these reports will only be truly valuable if time is taken to enter data the right way at the beginning by making sure billing codes are assigned in categories, and that payments are broken down and applied correctly on a line item basis).