Stay informed with revenue cycle management tips and industry news
Does your eye care practice have an unhealthy cash flow and high accounts receivable (AR)? There are many ways you can reduce your AR. Let’s look at common challenges, solutions, and marketing strategies that will help your practice reduce the number of days your AR goes unpaid and sits in the Aging bucket.
Read MoreNoticing more eye care billing rejections appearing in your inbox? Is your claim rejection percentage rate increasing? Let's examine six common eye care billing rejections and how a billing solution like Fast Pay Health can help you overcome them.
Read MoreDo you wonder where your money is in your optometry and ophthalmology practice? With more patients coming in with insurance, it’s easy for money to get lost. On average, 25% of lost practice revenue comes from poor medical billing and revenue cycle management (RCM). 2018 may be the year for you to move your in-house billing to an end-to-end revenue cycle management service.
Read MoreFor more than ten years, managing revenue cycle management (RCM) has been a challenging and often frustrating task for Princeton Optometry in Princeton, NJ. Constant regulatory and coding changes, declining reimbursements, keeping up with staff training, reducing administrative costs, and getting Medicare to pay claims, are key reasons why Princeton Optometry decided it was time to outsource their insurance billing, accounts receivable/aging claims cleanup, and practice management payment postings.
Read MoreIn an era of declining reimbursements, high-deductible health plans, and constant industry challenges, profit margins are tighter than ever for most medical practices. Medical providers should be able to focus on patient care—instead of paperwork and payments. That’s why having end-to-end revenue cycle management (RCM) processes in place are important to running a successful practice, so your revenue doesn’t slip through the cracks.
Read MoreThe Centers for Medicare & Medicaid Services (CMS) and the National Center for Health Statistics (NCHS) will be making ICD-10-CM code changes to 728 diagnosis codes that become effective October 1, 2017. This month, CMS released the 360 new codes, 226 revised codes and 142 deleted codes for patient encounters occurring from October 1, 2017 forward. Claims that have a service date of September 30, 2017, or earlier, must use the 2017 codes.
Read MoreResearching unpaid or denied claims is a time-consuming and frustrating process. On average, more than 25% of lost practice revenue comes from poor medical billing and revenue cycle management practices. According to the Medical Group Management Association (MGMA), the average cost of reworking a claim is $25.
Read MoreIt might be surprising, but Medicaid in most states only covers repairing or replacing glasses for patients 20 and under. If an adult aged 21 or older comes in needing repairs, they must pay out of pocket if they have no other insurance. We sometimes see offices try billing Medicaid for replacement glasses on older patients, only to get a denial and ask us what to do. Read on for more.
Read MoreICD-10 has been in use since October 1, 2015, but thanks to a code freeze put in place to allow providers time to adjust to the new format, the majority of codes had been set since 2011. That all changed last fall when the first update to ICD-10 was released on October 1, 2016. Read on to see what you should be doing.
Read MoreAre you getting your money’s worth with your in-house billers or billing service for your eye care practice? Choosing the best medical billing and end-to-end revenue cycle management (RCM) service is more than just finding someone to process claims. If you are considering outsourcing your medical billing service and are still on the fence about making the leap, here are eight quick reasons to help you decide.
Read MoreToday, nearly a third of Medicare enrollees are covered by a Medicare Advantage plan—up from roughly a quarter in 2010. Depending on your state or even your city, the number of Medicare patients enrolled in an Advantage plan can vary, from about 55% in Minnesota down to 1% in Alaska. But many providers often don’t understand how these plans work in relation to conventional Medicare.
Read MoreTo help offices prepare for MACRA and MIPs, the new payment system for Medicare Eligible Clinicians (ECs), we are sharing this guest blog from Nitin Rai, CEO of First Insight. Check out these quick facts, FAQs and industry resources to help guide you through the complicated process.
Read MoreNext up in our three-part series on “Common Ophthalmic Billing Rejections” is new vs established patient exams. One surprisingly common rejection seen by Fast Pay is, “This many frequencies is not allowed for procedure code billed.” The cause? Billing a new patient code on an established patient.
Read MoreContinuing our series on “Common Billing Rejections,” we turn now to ophthalmic testing with Medicare patients. Many codes require a referring or ordering physician in order to process the claim. These include pachymetry, fundus photos and OCT.
Read MoreWorking with eye care providers across the country, our billers at Fast Pay see many common rejections that could have easily been avoided. In this “Common Billing Rejections” series, we will explore some of the top rejection reasons, starting with the OCT/GDX and fundus photography combination.
Read MoreThe average biller makes an estimated $35,139 annual salary, or $2,928 per month. That’s not counting health benefits, paid time off, sick pay, holidays, office materials, utilities and more. When you add it all up, the expenses of having a dedicated biller in your office can mount quickly. And when you add the risks with having a single person handling your entire billing process—should this person become ill or decide to leave your practice—you might find yourself with a billing vacuum and falling revenue.
Read MoreHow often have you heard, “the check is in the mail” from insurance companies? Or, your billing staff just spent hours processing paper checks and they forgot to deposit the checks at the bank. Or worse, a check is lost or stolen and now you have to start a time-consuming search and rescue.
Read MoreOne of the more challenging decisions eye care professionals face is when a patient has both medical and vision plan insurance. It can be confusing and difficult to decide which one to bill, especially when patients want to be part of the decision and are concerned with what they will have to pay. However, there are many circumstances where you can bill vision and/or medical.
Read MoreOur Fast Pay billers go through aging claims daily to see why the open balances are still outstanding. The most common reason we find is that payments simply were never posted. Why is that a problem? Check out Tip #4 below.
Read MoreAre you focusing on scrubbing those pesky claims that don’t go through? Accurate information is directly related to you receiving reimbursements, and clean and accurate claims get paid faster. Start 2016 off with cleaner claims and a few simple tasks that can bring in the money.
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