Financial Reporting

Financial information in your electronic medical record system is the lifeblood of your practice and can determine your long-term success or failure.  While your EMR most likely includes many standard financial reports that can provide a general understanding of your financial health, there can be gaps in reporting that need to be filled to assist you in making your office as financially sound as possible.

At Mi7, we specialize in building custom financial reports from your practice’s financial information to provide the data you need to understand your current financial position. We can also help to utilize this information to identify potential areas of improvement in your billing processes to help provide a more stable financial position for your organization.

Mi7 can leverage the data that is exposed within the native reporting tool as well provide custom reports that do not rely on just the data that is exposed for reporting.  In essence, Mi7 can report on any and all data that is stored about your patients in your database.

Here are just a few examples questions reports of practice management data could answer:

Claim Follow up

  • Are your claims being created and submitted in a timely and efficient manner?
  • Is the appropriate follow up being done on outstanding balances?
  • Are patient balances being tracked and pursued appropriately?

RVU/Provider Financial Productivity

  • Do you have an accurate picture of the productivity of the providers in your organization?
  • What is the overall contribution of each provider in your practice?

Patient Collections

  • Are co-pays being collected correctly at check in?
  • Is your patient collections process efficiently and effectively communicating outstanding balances to patients?
  • Are patient payments being collected and recorded correctly?

GL Export

  • Do you have a 3rd party accounting system that needs to have data provided from your electronic medical record system?

There are other types of reporting options as well, which a discussion with Mi7 could uncover. Discovering the best reporting option for your practice could allow you to make better business decisions.

At Mi7, we’re more than just a technical service; we’re people, committed to finding you a solution that works. Contact Mi7 today to get started and make the most of the data you have.