If you've been running your optometry practice for a while, you know the importance of having a well-oiled machine. Being equipped to handle optometric billing is a balance between process, resources, and technology.
There is always room for improvement with practice operations. To better manage your eye care business, the following optometry billing tips will guide you toward long-term success.
1. Optimize Your Optometric Billing Practices
To maximize cash flow and improve the financial health of your eye care practice, you must continually find ways to optimize your optometric billing practices.
Think about the current challenges you're facing with your optometry billing. Maybe you’re falling behind on daily billing tasks or dealing with late scheduling changes. Perhaps prior authorization or eligibility and benefits verification is falling through the cracks as well, resulting in unpaid claims.
Take pause to find the root cause for common inefficiencies. In addition to analyzing financials and data, your staff should come together and share feedback about areas for improvement.
Together, create a plan of action to resolve those inefficiencies. Include a timeline for implementation, then determine if you need additional support from a specialized optometry billing services team.
2. Learn How (And How Not) to Use Common Modifiers
It's no secret that optometry practices tend to misuse medical billing modifiers, leading to returned payments to insurance companies and third-party payers. Misusing medical billing modifiers might also trigger an audit, resulting in hefty fines. Medicare audit fines run as high as $10,000 for each offense and those fines can add up pretty quickly.
Over time these mistakes will cost you more than you're likely willing to part with, affecting your bottom line. This common modifiers medical billing tips guide will help you avoid future mistakes.
3. Be Aware of Common Coding Denials
Denied claims happen to the best of us. Claim denials typically fall into three categories: policy, clinical, and administrative. And, more than half of denied claims are never reworked by providers.
Fortunately, 63% of denied claims are recoverable and about 90% are preventable. Focus on finding ways to prevent denied claims early on and save yourself the headache later. This blog about common coding denials gives you tools for establishing a proactive solution—and getting paid faster.
4. Partner with Optometric Billing Consultants
Partnering with optometric billing consultants is a smart option if your staff is overwhelmed whenever new coding, reimbursement, or staffing issues arise. Managing claims submissions, eligibility and benefits verification, claims rejections and denials, payment posting, collections, and other tasks overwhelm your staff and impact productivity.
Is it time to outsource your optometry billing? Here are some benefits to help you decide. By working with skilled optometric billing consultants, you can:
Decrease insurance follow-ups
Reduce staff expenses
Work smarter with eligibility and benefits verification
Reduce the accounts receivable cycle
Outsourcing optometric billing tasks means you'll have a whole team of specialists submitting claims, quickly and accurately. Freeing up your time allows more space to focus on patient care. This blog explains the positive ROI of outsourcing optometry billing in more detail.
Optometry Billing Solutions Streamline Your Process
Regardless of where your practice is located, and how many patients you see each week, the common thread every optometry practice shares is focusing on the best possible patient care. Knowing your medical billing is handled proficiently will ultimately drive your success.
These optometric billing tips discussed above are a great place to start on your path for improvement. The next step is finding long-term optometry billing solutions to streamline your process. Our optometric billing consultants are ready to help...contact us here.