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Charges & Payments Summary Report
U Control Billing provides a summarized report on the monthly claims created, charge amount submitted and payments collected. For the practices with multiple providers and locations, this report provides separate numbers for each provider and location. It enables the practice owners to make the right decisions for their staff and the location.
What’s the Quality Payment Program?
The Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) ended the Sustainable Growth Rate (SGR) formula, which would have significantly cut payment rates for participating Medicare clinicians. MACRA requires us to implement an incentive program, the Quality Payment Program. There are 2 ways clinicians can choose to participate in the Quality Payment Program:
- The Merit-based Incentive Payment System (MIPS): If you’re a MIPS eligible clinician, you’ll be subject to a performance-based payment adjustment through MIPS.
- Advanced Alternative Payment Models (APMs): If you decide to take part in an Advanced APM, you may earn a Medicare incentive payment for sufficiently participating in an innovative payment model.
The Accounts Receivables
Aging Report
The Aging report, which shows a summary of all accounts receivable (also known as AR Report) is the primary tool for assessing and analyzing practice profitability and loss ratios. This report helps in identifying late or non-paying insurances and patients.
U Control Billing provides you with direct control over your billing processes, this report enables you to see the performance of your billing team. You can see if they are following up with the insurance companies on unpaid claims or if they are overlooking this important part.
Red Flags: Claims that take longer than 60 days to get paid
For a medical practice, the ideal situation is that all the claims are being paid within 60 days from the date they are submitted to the insurance company.
There might be a problem if a claim hasn’t been paid by this time-so if you see claims stuck in the bucket that shows 60+ aging days, it’s worth following up. Now you can ask your team at U Control Billing about these outstanding claims. Our team members, after doing follow-ups with the insurance company, place proper notes in the claim so that you can view them whenever you want.
Appointments Without Claims
This is one of the best reports to track missed billing. We will provide you with a list of all the encounters or appointments scheduled for which there is no claim created. If a patient was actually seen but for some reason, a claim is not created or it is missed by the doctor, this report will highlight the particular patient at the month-end. Therefore you will be able to create provider note/claim in a timely manner.
Customized Reports
U Control Billing also provides customized reports based on your needs. There could be different other reports that might be helpful to grow your practice, your billing team will always be available to manage such reports for you.
These reports can be generated on a weekly, monthly and yearly basis. You can send us your requirement and our team of experts will prepare the report based on the data from your billing software.
We can also help you in preparing and BAD debt writes off’s report, reports for TAX purposes, Patient balances, Yearly comparison and many more.
Frequently Asked Questions
What does UControl Billing do?
We provide Practice Management and Medical Billing Services including Patient Billing, connection with collections agency and many more to optimize outcomes, quality and returns.
Why UControl Billing?
We are the most adjustable and inexpensive solution available in the industry. We give you an opportunity to work on the EHR/EMR of your choice.
Do I need to use UControl Billing’s system only?
No, you can get EHR/EMR of your choice and we can work on any of them.
How is MIPS/MACRA data submitted to CMS?
We submit the data through a certified registry
Does UControl Billing provide coding services?
Yes, we have a team of certified coders to provide you with the best coding services.
Can I consult with UControl Billing to buy any software?
Yes, we can suggest multiple softwares to meet your practice needs.
How long does it take to set up?
If you simply want to outsource medical billing, you can start the process immediately. Set up is fast and easy.