We at Medisys understand that the revenue cycle management (RCM) for optometry medical practice has become complicated than ever before. With the on-going changes in insurance policies, federal policies, along with rigorous compliance regulations and healthcare reforms, it has become harsh for optometrists and medical billing staff to keep pace. The result, incorrect or delayed filing of claims and denied reimbursements.
Does your optometry practice have an unhealthy income cycle and uncontrollable accounts receivable (AR)? Have you ever tried to find out as to where your revenue is hiding? Well, if not, then we are here to guide you and provide you with the most wholesome optometry billing and coding solutions.
Examine Unpaid or Aging Claims
Do you examine your aging claims on day-to-day basis to see why some open balances are still outstanding? Firstly, you need to pay close attention to rejections of the clearinghouse reports and reimbursement denials.
It’s critical to review claims submitted by clearinghouses, and optometrist need to examine the claim status through payer websites, and contact them by phone to find out the status of those unpaid balances when no reimbursement can be found to resolve the issue.
As a best practice, always write down the name of the payer agent you spoke to, during your conversation as this information becomes useful down the road. Examine instantly as the errors come up during posting and research those after posting the check. Remember to research claims older than 30 days. Sometimes, you might find the insurer is still processing the claim, so knowing which payers take longer to process can allow you to focus on those who pay soon. If the patient has secondary insurance, you face the timely filing denials. Many insurers require you to bill a secondary insurance within six months or 180 days or less after you get the primary payment.
Make the patients understand their bill
One of the most vitals reason that nearly 60% of patients may not pay your optometry service medical bill is the confusion crated on the charges. Keep in mind that confusion leads to ignoring the bill, which directly means revenue loss.
Analyze your current bill to make sure it’s easy to understand, and never forget the due date. Always keep the patients updated with the services provided between visits so that charges don’t slip through the cracks.
Make claim submission a daily process
Most of the major insurance companies’ process claims in about 5 to 7 business days. Some of them even pay the same time every month or a week, such as every Monday or every 20th of the month.
If you align your optometry medical billing priorities with professionals like Medisys, we submit your claims either the day of the appointment or within one business day. This way your facility can maintain a constant claims flow and get them paid promptly. If your in-house team is filing claims only once a week, then your AR will grow, which leads to a bigger backlog to work on that results in more billing errors.