By Kathy Young, CPC, CPMA
All over social media people are taking selfies. These are snapshots of ourselves smiling, frowning, or doing something… well, doing something. If a selfie is good for the person, the Key Indicator Summary Report, found in Kareo, is great for any medical practice. You will find this report under Report>Key Indicators>Summary.
I have several ways that I like to view this report. For a month-end report, I will choose in ‘dates’ to look at ‘previous month’. Who is looking at the report will greatly effect what is important. A provider may look at the encounter numbers and divide it with the charges to get an average of charges for the month. The A/R balance can be seen here; but, even better is that you can drill down into the information to get greater detail. You can also view your refunds, and again, you can drill down to find out exactly who you refunded that month. The drilling down capability of Kareo is the feature I love most.
But, here is what I love most about this specific report. I love to run this report by looking at a 12-month period of time. Under dates, you can customize to whatever dates you wish because under the tab called ‘customize’ you can make selections that will make your report truly useful. Under ‘columns’ I choose ‘month’. This gives me a year’s worth of data but it is in columns of months. You could take this information and put it into a spreadsheet then graph certain parts or you can extract the data however it is useful to you.
When I look at this report of a practice by the year or even two years, the report begins to tell the story about what has happened in the practice over this period of time. For instance, if you look at the encounters over a year’s time, you begin to see that the growth of the practice has stagnated, grown, or shrunk just based on encounters. As you review this information and compare month to month the receipts compared to charges, you may find trends that will be useful in making decisions. If your charges have grown, has your income grown? If income has grown has your A/R stayed the same or has it also grown? You can drill down into the data in order to see the specifics. An example would be the A/R total. You can drill down and see your insurance and your patient aging and then you can drill down farther and find out who has not paid and how old the claim is. Better yet, you can continue to drill down to the specific patient and date of service and review notes or other indicators that your staff or billing office has been working your claims.
There are so many ways to use the Key Indicator Summary Report. I have just touched on the possibilities here. Mess around with it a bit to see how you can use it to help improve your own billing or planning in 2015.
About the Author
Kathleen Young is the CEO and co-founder of Resolutions Billing & Consulting, Inc., which was founded in 2003. Kathleen is also the owner of Healthcare Chart Audits, which offers auditing to physicians and attorneys. Kathleen has been in healthcare since 1989 and has worked for physicians, large corporations and three billing companies. Kathleen is a CPC and a CPMA with the American Academy of Professional Coders and speaks to many groups on coding, billing, and auditing.