The optometry billing procedure can be quite overwhelming. Shouldering the burden of optometry billing hassles can often result in errors or delays. This can take a toll on the compensation received for optometry services. But for providers to be able to continue providing care, a healthy revenue stream is imperative. Maximizing collections is essential for optometry providers to pay for equipment, staff salaries, insurance, etc.
Even after providing optimal patient care, providers are at the risk of incurring losses due to the complexity and variations of different payers. This can be avoided by establishing a well-defined process of collecting payments. Refining your denial management measures and conducting stringent insurance eligibility verifications can also increase your collections.
Outsourcing medical billing can help you receive higher reimbursements and considerably improve your bottom line. A healthy bottom line further translates to a healthier financial trajectory and helps your practice thrive. Follow these simple tips to boost your collections and transform your practice into a thriving eye care business.
1. Outsourcing Billing to Seasoned Professionals
In-house professionals often lack the bandwidth and skills to keep up with the ever-changing tides of optometry billing. As a result, organizations with in-house medical billing teams are always at risk of making costly claim submission errors. Hence, outsourcing your optometry billing can be a wise decision to protect and propel the financial health of your practice.
By outsourcing, you can rest assured that the most efficient industry experts are looking after your billing requirements. Outsourcing also helps you cut down significantly on your staffing expenses. Moreover, we help you gain maximum returns for the services that you have rendered by coding your claims accurately and handling denials with care and precision.
2. Establishing an Efficient Collections Procedure
A majority of optometry providers fail to maintain their practice’s optimal financial health in the absence of a well-defined collections process. Not collecting adequate patient information or verifying addresses can lead to major losses for your practice. Having an efficient optometry billing and collection procedure in place is thus vital to generate maximum reimbursements for your practice.
Providers must collect all the important patient details which can be passed on to a collection agency if required. Your billing staff must also be adept at verifying the patient address and contact information accurately so that it’s easier to reach out to them in the future. Similarly, collecting co-pays and due balances upfront can save you a lot of time while also increasing your collections.
3. Mastering Denial Management Practices
Researching and resubmitting denied claims can be quite frustrating for optometry organizations. From coding issues to claim form errors, there are a number of reasons that can prevent you from receiving complete reimbursements. Consequently, mastering the claim denial management process is extremely essential to improve your practice’s collections.
Paying close attention to eligibility verification, coding, and other requirements before claim submission can prevent you from making costly mistakes. Analyzing denials and discovering trends can also help you set up necessary measures to speed up and optimize your denial management processes. All of this can minimize denials, thereby ensuring greater optometry claim reimbursements.
4. Stringent Patient Insurance Eligibility Verification
An important step in getting paid for your optometry services is to carry out the patient eligibility verification process. Optometry practices must adhere to verifying insurance coverages before providing any service to a patient. This can avoid time-consuming claim payment delays and help you in getting paid correctly for your services.
Optometry organizations can collect and verify insurance information when patients are making an appointment. Hence, if patients do not have the necessary coverage, they can be told in advance what they’re expected to pay to avoid any unhappy surprises. This can ensure that you are not subjected to the hassles of claim denials and get paid accurately.
Are you looking to outsource your optometry billing? Get the support of CS Eye experts to optimize all your optometry billing processes. CS Eye can handle everything from claims, denials, and reimbursements efficiently. Get in touch with us to establish effective billing procedures to ensure a healthy revenue stream for your practice.