Payer insurance analysis report

Every physician practice should be looking at and analyzing the payer insurance analysis report each and every month. This report tracks collections, payments and CPTcodes from a practice’s top ten carriers. This lets practices compare reimbursement across carriers, an important way to monitor the financial health of a practice in terms of its top revenue sources. Also use this report to identify payments that do not agree with your contracted rate(s) with the payer. Next, this report can also be a useful tool in negotiating contracts with payers. I you identify a carrier that is paying significantly less than others for the same CPT codes, you may even choose to drop that carrier. Though this is option seems unattractive to many practices, experts suggest dropping under-paying carriers can save a practice as much as $50,000 per year.