A financial plan must be set aside for an optometry billing solution provider, and you may then wonder if such services are worth springing for. However, when you have the right billing partner, the benefits of outsourcing optometry billing far outweigh the costs of these services.
Here are some benefits of outsourcing optometry billing
Don’t have to do all the work
Visualize yourself leaving for the day and coming back into the practice the following morning to discover that all of your billing and coding 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 comforting at home in the evenings, a team like ours is hard at work completing all the eligibility and benefits verification, clearinghouse and payer denials, billing, payment posting, and AR cleanup tasks.
Staff expenses are reduced
Largely your staff will save time since they won’t spend so much of it on repetitive billing responsibilities. As mentioned before, time is money and you will have more of both with better revenue cycle management partner. You also won’t need to invest in a full-time billing people including the extra employee benefits and training costs. In its place, you’ll have a more cost-effective optometry billing team to work with remotely.
Eligibility verification helps you to work smarter
Providing more precise cost estimates can considerably boost patient satisfaction and save you from future billing issues. According to the 2018 Patient Payment Check-up study 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. Thus, eligibility verification upfront ensures the correct copayment is taken, reducing billing issues from the beginning.
You have access to all billing documents anytime
For instance, if your practice is in a different time zone from insurance companies and clearinghouses you must contact regularly, makes it even more challenging to manage your billing and coding, leaving your staff frustrated with a problem that might take weeks or months to solve. Specialty medical billing and coding companies like us keeps operations humming along, using personalization and technology to tackle these billing obstacles.
Lower accounts receivable
Investigating a single unpaid claim might take five minutes, but frequently it takes an hour. Does anyone at your optometry facility have an hour or three to spare on a busy Monday? Possibly not. An optometry billing partner like us focuses on AR cleanup. Along with this we review outstanding balances and analyze unpaid and denial claims, then carry out an action plan to recover the amount due, verify receipt of claims, and enter everything into your practice management system. Thus, making it easy for the practice to lower the accounts receivable days.