- +1 (256) 448-3933
- |
- info@carermbs.com
- |
- 311 N Central AVE Valley Stream NY 11580, USA
Driving Financial Excellence
Practice Audit & Financial Reporting for Medical Practices
By partnering with us, you can ensure that your practice is operating efficiently, compliantly and providing high-quality patient care
24/7
Support
99%
First Pass Resolution
95%
Collection Ratio
30%
Revenue Improvement
Unlock Your Financial Potential With Our
Practice Audit & Financial Reporting Services
Care Reimbursement Medical Billing Solutions recognizes the challenges of managing aging reports, acknowledging the time-consuming and intricate nature of the process. In collaboration with our clients, we have introduced an optimal reporting solution, offering real-time access to crucial financial information. Our state-of-the-art medical billing systems empower us to swiftly and precisely generate aging reports, ensuring our clients always have the latest information readily available.
Audit & Reporting is essential for several reasons:
- Improve operational and financial performance
- Ensure compliance with regulations
- Enhance patient care
- Facilitate strategic planning
Medical Billing Audit & Financial Reporting Can Help Healthcare Providers
Identify under-coding / over-coding
Protect against fraudulent billing
Prevention of outdated procedure codes
Customizable & Personalized Reports
Our tailor-made reports offer timely insights to sustain workflows and operational processes, optimizing productivity and resource utilization. We are flexible in creating and delivering specialized reports based on our client’s specific requirements. For instance, if a provider operates across multiple locations and involves various providers, we can consolidate data from different sites and/or multiple Electronic Health Record (EHR) systems. This consolidation enables us to generate a unified reporting dashboard, allowing effortless management of each location or provider’s productivity with simple point-and-click functionality.
We provide our clients with a wide range of reports that are personalized to address their needs. Our reports includes:
- ⦿ Aging Accounts Receivable report
- ⦿ Payment Trend and collection report
- ⦿ Patient Payments report
- ⦿ Net Collection report
- ⦿ Insurance Analysis report
- ⦿ Key Performance Indicators report
- ⦿ Payer Mix report
- ⦿ CPT Code Analysis report
- ⦿ Denials Analysis report
- ⦿ Clearinghouse Rejections report
- ⦿ Operational report
Practice Audit & Financial Reporting for Transparent Healthcare Operations
Leading healthcare providers choose Care Reimbursement Medical Billing Solutions for outsourced practice audit & financial reporting services to incorporate healthcare financial management that amplifies the revenue cycle.
- Access to accurate and detailed aging reports
- HIPAA compliant
- Increase transparency in your billing process
- Proactive identification and resolution of potential financial issues
- Gain insights and analytics on billing performance
- Greater efficiency and streamlined operations
- Improve compliance and avoid costly penalties
- Gain insights and analytics on billing performance
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Improved financial stability and profitability
- Provide correct coding across specialties consistently.
- 100% data security and quality assurance
- Outsourcing can eliminate hiring and training costs, offering access to experienced professionals without added payroll burden.
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Medical Billing Audit Checklist
A comprehensive audit checklist is crucial for billing and audit companies to navigate the entire process effectively. It aids in monitoring potential revenue leakages and plays a pivotal role in optimizing the revenue cycle. The significance of medical billing audits cannot be overstated, as they are vital for ensuring the accuracy and integrity of billing practices, safeguarding against revenue loss, and preventing financial distress.
Checklist:
- ⦿ Begin by searching and validating patient IDs for accuracy.
- ⦿ Verify the completeness and accuracy of all patient demographic information.
- ⦿ Execute precise coding and billing of services to ensure accuracy.
- ⦿ Thoroughly review the accuracy of insurance information and payment processing.
- ⦿ Confirm timely submission of claims within the required deadlines.
- ⦿ Scrutinize for any instances of duplicate billing and ensure proper use of modifiers.
- ⦿ Validate that documentation appropriately supports the billed services.
- ⦿ Accurately implement all applicable adjustments or discounts.
- ⦿ Evaluate compliance with ethical and legal standards at the local, state, and federal levels to prevent potential litigation.
Medical Billing for all Specialties
Our dedicated team has fair enough knowledge of billing codes of different specialties and keeps their knowledge up to date with the latest changes to avoid denials and ensure a smoother billing process for your patients & better revenue for your health care services.
We offer medical billing for the following specialties:
Gastroenterology Billing Services
Behavioral Health Billing Services
Cardiology Billing Services
Pediatrics Billing Services
Internal Medicine Billing Services
Physical Therapy Billing Services
Pain Management Billing Services
Chiropractic Billing Services
Plastic Surgery Billing Services
General Surgery Billing Services
Orthopedic Billing Services
Dermatology Billing Services
Urology Billing Services
Endocrinology Billing Services
Family Practice Billing Services
Explore All Specialties
Realize The Maximum Potential of Your Revenue Cycle Today
Let Care Reimbursement Medical Billing Solutions be your reliable partner for comprehensive RCM management services. We optimize your revenue cycle, improve financial performance and provide ongoing support. Our RCM experts work side by side with you to optimize your reimbursements.
Practice Audit & Financial Reporting Services FAQ's
⦿ Identify deficiencies in internal controls, billing practices, and compliance with regulations.
⦿ Assess financial health and stability.
⦿ Enhance profitability and efficiency.
⦿ Prepare for external audits or potential mergers/acquisitions.
⦿ Revenue cycle:
Patient intake, coding, claims processing, collections, accounts receivable.
⦿ Expenses:
Payroll, supplies, equipment, rent, utilities, insurance.
⦿ Compliance:
HIPAA, Stark Law, Anti-Kickback Statute, state regulations.
⦿ Internal controls:
Cash handling, data security, segregation of duties.
⦿ Balance sheet:
Assets, liabilities, and owner’s equity at a specific point in time.
⦿ Income statement:
Revenues, expenses, and net income over a period (e.g., month, quarter, year).
⦿ Cash flow statement:
Sources and uses of cash over a period.
⦿ Patient billing summaries:
Detailed breakdowns of charges, payments, and adjustments.
⦿ Analyze audit findings and implement corrective actions.
⦿ Optimize coding and billing practices.
⦿ Negotiate better rates with payers.
⦿ Monitor expenses and identify cost-saving opportunities.