The main reason any business turns to a service provider for support is pretty simple—to save time. Your eye care practice is just like any other business. You have overhead costs, and a big part of that involves your internal resources...and inefficient optometry billing.
Whether you’ve been considering outsourcing your optometry billing, or you’re new to the world of outsourcing these types of services, knowing the benefits will help you decide if this is the right move for your eye care practice.
Reducing accounts receivable and staff expenses sound appealing? That’s the tip of the iceberg. Let’s explore several advantages you and your staff can experience with an improved optometry billing process.
Why Practices Are Outsourcing Optometry Billing More Than Ever
Remember the old adage “time is money?” It applies to your eye care practice too. Every hour of the day is valuable, and you want the majority of that time to be spent on patient care. The reality is that you have other time-consuming tasks that distract you from your patients.
A common headache for many practices is optometry billing, which can quickly add up on the cost scale. When your staff is continually managing everyday billing tasks, like outstanding claims or insurance verification, they are dealing with complexities in between seeing patients that often cannot be solved quickly. These optometry billing issues start to compound, and soon your staff is buried under a pile of paperwork.
Outsourcing optometry billing services allow you to delegate these tasks to a professional team, like Fast Pay Health, who specializes in the nuances of the financial twists and turns that relate specifically to eye care.
This team of optometry billing experts manages everything daily, so you and your staff can return to more important priorities. This improved process ultimately saves you time and money.
“Our practice has greatly benefited from partnering with Fast Pay Health, both financially and mentally. No longer is our staff unnecessarily stressed or pulled in so many directions on a daily basis, which affects our bottom line and our ability to provide the best patient care.” - Julie Honda, OD
9 Advantages of Outsourcing Your Optometry Billing
A budget must be set aside for an optometry billing solution provider, and you may be wondering if such services are worth springing for. When you have the right partner, the advantages of outsourcing far outweigh the costs of these services.
1. You don’t have to do all the work. Imagine leaving for the day and coming back into the office the following morning to discover that all of your billing work is completed. That’s a reality (not a myth) when you outsource your revenue cycle management to an optometry billing provider.
While you’re relaxing at home in the evenings, a team like Fast Pay Health is hard at work—completing eligibility and benefits verification, clearinghouse and payer rejections, billing, payment posting, and AR cleanup tasks.
2. You reduce staff expenses. Overall your staff will save time since they won’t spend so much of it on repetitive billing tasks. As mentioned previously, time is money and you will have more of both with better revenue cycle management.
You also won’t need to invest in a full-time billing person, including the extra employee benefits and training costs. Instead, you’ll have a more cost-effective optometry billing team to work with remotely.
“Fast Pay Health is less than what we pay for a full-time staff member’s wages, workers compensation, and benefits. Our medical receipts are so much higher now that we outsource our revenue cycle management, so it’s worth every penny.” - Joanne Gronquist, OD
3. You get ahead for a change. Falling behind is never a good feeling for anyone. When your billing cycle isn’t running smoothly, it works like a domino effect. Primary clams don’t get filed, then secondary claims and patient billing are delayed as a result.
Outsourcing optometry billing greatly improves your daily operations, so you feel on top of things—not buried beneath an enormous pile of paperwork. With all that extra time, other priorities can be addressed instead of ignored.
4. You decrease insurance follow-ups. There is an unfortunate truth with messy insurance claims: 10% of messy claims can take up 90% of your time. Aging claims happen, but you can decrease them when you have a stronger optometry billing process—and an extension of your team to help you see that process through.
With denied and rejected claims, Fast Pay Health handles phone calls to insurance companies. Your staff doesn’t have to wait around listening to on-hold music or Interactive Voice Response (IVR) systems when they could be spending their time on more important things.
5. You work smarter with eligibility verification. Providing more accurate cost estimates can significantly boost patient satisfaction and save you from future billing issues.
According to the 2018 Patient Payment Check-up survey conducted by HIMSS Analytics, “75% of providers say patients pay somewhere between half of all of the requested balance, demonstrating a disconnect between patients and providers.”
Eligibility verification upfront ensures the correct copayment is taken, reducing billing issues from the beginning. Since your staff has enough to do, this is another task an optometry billing solution can manage.
6. You access a billing team with uninterrupted service. Let’s say your practice is in a different time zone from insurance companies and clearinghouses you must contact regularly. That makes it even more challenging to manage your billing—leaving your staff frustrated with a problem that might take weeks or months to solve.
The Fast Pay Health team keeps operations humming along, using personalization and technology to tackle these billing obstacles.
7. You lower accounts receivable. Researching a single unpaid claim might take five minutes, but frequently it takes an hour. Does anyone at your office have an hour or three to spare on a busy Monday? Probably not.
An optometry billing service like Fast Pay Health focuses on AR cleanup. They review outstanding balances and analyze unpaid claims, then carry out an action plan to recover the amount due, verify receipt of claims, and enter everything into your practice management system.
“The percentage of outstanding claims over 120 days has reduced from 5% to 3%, and 94% of our AR aging bucket is either current or outstanding 31-60 days. Now it is much easier to follow up on older claims because there are fewer to deal with—and we continue to sustain this low level.” - Julie Honda, OD
8. You get paid for your work. Patient care is, of course, your primary focus. However, you also need to generate revenue to keep the lights on in your office. If you have high volume with high overhead, it becomes even more imperative for you to get paid for your work.
Treating patients is much more nuanced than a business transaction, because of the complex role insurance companies play. An optometry billing service team helps you understand and streamline the entire billing process, so confusing claims don’t slip through the cracks anymore.
9. You pay more attention to patients. Your patients are the reason why you and your staff come into the office every day. You didn’t become an optometrist to shuffle paperwork, right?
When you aren’t buried under the constant demands of insurance verification and filing claims, you can improve patient care when they walk through the front door, during their visit, and after they leave.
Outsourcing optometry billing services free up your time and energy, so you can welcome and appreciate the patients you serve.
Ready to experience these advantages yourself? The Fast Pay Health team will help you get started.