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How to Increase Optometry Billing Collections?
The goal of every service provider is to maximize its revenue. Optometry billing is no different from any other medical billing service. Since the goal is to maximize the revenue flow while giving an excellent patient experience, but it’s not always easy, there are multiple billing errors that damage the revenue cycle management of optometry practices. Efficiently managing all the billing activities is the key to achieving maximum reimbursement. Below are some of the steps which help your optometry practices to manage their billing activity. Start With The Verification Process Like any other medical practice, the optometry billing process is initiated by recording the complete information of the patient. There is a possibility that mishandling this step results in errors in billing. Ask the patient about his personal information and the details of his insurance payer. After collecting all the essential information, verify the details. Improve Coding Process The majority of the claim denial occurs due to coding errors. Coding has now become one of the crucial parts of the medical billing process. Insurance companies approved the claim after proper assessment of the codes. So a minor error can slow down this whole process. Make sure to use CPT, HCPCS which are specified by the American Medical Association. The coding specialist in the hospital handles all this process and ensures there will be no error that delays payment. Moreover, for error-free coding, a highly trained staff or highly accurate documentation is needed. Submit a Claim More Frequently The insurance companies follow the same model that any other business practice follows, They issue the claim within 5-7 working days. There are chances that when you submit your claim any error occurs, which can delay your payment. To avoid this you need to submit your claim more frequently. Low frequency in claim submission results in increasing account receivable. Ensure Highly Skilled Staff It has been seen that the majority of the errors in the billing process occur due to the negligence of the staff member, Optometry services have no exception. Negligence occurs in coding, claim submission, record keeping, and follow-ups. For the smooth billing activity, it is necessary for the optometry practices to hire highly skilled workers to manage the billing process or properly train their present staff to manage the billing process. A Timely Follow Up To increase the Optometry billing collections, a timely follow-up is key. For this purpose, the Account receivable follow-up team should monitor the claims which are not paid within the 30 days period. A timely follow-up can improve the revenue collection in no time. Patient Follow Up Patient follow-up is also very important to maximize the collections. In some cases, there are services that are not part of the insurance agreement and patients have to pay for them. In most instances, the patient may be unaware of it so a follow-up may help the optometry service providers to collect the amount. There are various ways in which you can collect the amount. Like you can send an invoice. Making phone calls, sending Emails, and giving reminders. It guarantees maximum turnout in the collection if managed effectively by a dedicated follow-up team. Choose The Right Software Vendor There are some software solutions that are essential for the billing activity. Most of the service providers prefer to use software that integrates well with their system so they hire software vendors to customize the software. For optometry service providers it’s very important to choose the right vendor for customized software. Because a well-integrated software solution helps your staff to perform their duty efficiently. While any vulnerability in the system can put your billing process at the risk of errors. Multiple Payment Options This option is exclusively for those patients who do not have any insurance policies and for some treatments that are excluded from the insurance agreement so the patient has to pay for themselves. Every individual wants to pay the bills with the method he likes, some prefer to pay the bill through credit cards, some want to pay through cheques and some want to pay through their mobile by just scanning the QR code. By taking all these mediums into consideration optometry service providers should ensure multiple payment options and it does not only increase the collection but also overcome hurdles that appear in revenue collection. Denial Management High denial rates are the indication that something is wrong in the billing process. High denial rates occur due to coding errors, errors in eligibility verification, claim submission, or follow-up of a pre-existing claim. It’s important for optometry practices that they consistently track their denial rates and identify the real cause behind it. Otherwise, it lowers the collection. Track Aging accounts Tracking aging accounts is very essential to increase the collection, as these aging accounts are the leading cause of an outstanding account receivable. Optometry service providers should track the accounts which are older than 30 days. For those accounts, there are chances that the payment is still in process. Moreover, it also gives you an idea about which payer processed the claim on time and which payer took longer to issue the claim. In some cases, it also helps in resolving the issue of the patient who holds secondary insurance. Outsourcing There are various setbacks associated with In-house billing management. The In-house billing team usually lacks experience, in such cases, the chances of errors are incredibly high. With the increasing risk of error, the revenue cycle management is also affected badly. Hence the most reliable solution is to outsource your optometry billing. Outsourcing can significantly reduce the risk of billing collection. They have a team that is experts in coding, denial management, and managing account receivables. . They can also assist in follow-ups and timely claim submission. So the medical staff can better serve the patient more productively rather than focusing on the billing process. In the end, outsourcing is the best way to increase the billing collection not only for optometry practices but for all the medical service providers.