Although the transition to ICD-10 was a big hassle, much good came of it. Think about everything you did to make your practice successfully cross the ICD-10 finish line. You reviewed your software and systems. If they were outdated, you upgraded to the latest and greatest. You got your staff up to speed on the latest coding processes, you reviewed your practice’s current processes and you also looked for ways to improve them. There’s one major area ICD-10 didn’t force you to examine: your practice finances. Have you taken the time to compare your practice’s financial situation pre-ICD-10 versus post ICD-10? If you haven’t, you should. Your practice could be letting cash slip through the cracks as a result of the ICD-10 conversion.
While this seems like a daunting task, revert to your accomplishments with the ICD-10 transition. If you can make that happen, this should be child’s play. AdvancedInsight, our easy to use drag-and-drop financial reporting tool, makes this task easy and borderline fun. With AdvancedInsight, you can take valuable data collected by your staff on a daily basis and use it to make more informed financial decisions for your practice.
Since it’s currently football season, let’s say you’ve seen some sprained ankles in your office lately (ICD-10 code S93.422S). Using AdvancedInsight, you can search for patients who have had a consultation for this injury but have yet to schedule a follow-up appointment, if needed. This will determine what percentage of revenue can be attributed to this injury and review which providers give you the most reimbursement for this visit. This is just one example of the reports you can run using AdvancedInsight.
AdvancedInsight also gives you ad-hoc reporting capabilities, enabling you to quickly find answers to any financial question. With hundreds of parameters to choose from and live-view report creation, you can get the financial information you need about your practice now! You can also schedule when and how often a report runs. As if this isn’t enough to keep you busy, you can create a dashboard to give you a quick summary of crucial key performance indicators updated on a daily basis.
Take a deeper dive to learn more about what AdvancedInsight can do for your practice.