Uplifting the revenues is one of the top priorities for any business. The optometry practices are no different. Like many other medical services optometry practices also facing the same challenges regarding the RCM.
The Optometry medical billing process is not an easy task. Many practices lose a significant amount of revenue in this system.
In this article, we will share some of the optometry billing solutions which will help your optometry practices to uplift their revenue
Optometry Billing Solutions To Get Higher Revenues
Recently the demand for optometry services has increased. Like in the US it is estimated that more than 65% of the US population needs products related to vision correction.
They required treatment like vision therapy, preventive care consultation, and surgical treatment.
So, you can understand how important it is for optometry practices to handle their revenue cycle management. Following are some billing solutions for optometry practices to uplift their revenue.
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Collect Initial Details of the Patient
The first step in medical billing is to understand all the essential details necessary for the claim submission. The essential details consist of the patient’s name, address, phone number, and details about his insurance provider.
Many of the practices don’t focus on the proper documentation of these initial details of the patient which will cost them a lot later.
When an error is found in the details the claim will be automatically rejected by the insurance payer and your practice has to resubmit it. You can easily minimize this by handling all the essential details firsthand.
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Verifying the Insurance Eligibility
While taking all the details of the patient the next step is to make sure that the patient is eligible for the treatment by verifying its insurance eligibility.
It has been seen that patients are most probably unaware of insurance eligibility for a particular treatment.
It is your duty to check the insurance eligibility before initiating the treatment and give them a general awareness that this specific procedure is not a part of your insurance coverage and you have to pay for it by yourself.
You can also use an advanced beneficiary notice which is simply a consent form signed by the patient. Which says that these treatment processes are not part of the insurance coverage and they are liable to pay for it.
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Ensure Appropriate Coding
The best optometry billing solution to get higher revenues for your practice is to ensure that there is no error in your coding. Coding error is one of the topmost reasons behind the higher denial rate and lower reimbursement.
Use appropriate CPT/HCPCS codes verified by the American medical association. If you are performing two different tests then they can’t be paid under a single problem according to NCCI edits.
For error-free coding practice, you need a well-experienced and highly skilled staff to manage it appropriately.
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Highly Skilled Workers
Any optometry practice should ensure that they have highly skilled workers to manage the billing activity.
Revenue cycle management system errors might occur and they are very common but your practice can minimize it by hiring highly skilled workers.
If your present working staff is not eligible enough to control all the billing activity then you have to invest in training of your staff.
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Follow up the Denied Claims
For every optometry practice, following up on the denied claims is an essential step. And it is one of the best Billing solutions.
A timely follow-up can be ensured by the in-house billing team or by outsourcing your Medical Billing services.
Following up not only ensures revenues in your RCM but also provides you an essential detail about the reason behind the denials.
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Patient Follow-up
Follow-up on denied claims by the insurance company is essential if you want to ensure your revenue stream.
Your billing team can manage the patient follow-up by sending them invoices or sending them an email or conducting phone calls to simply give them a reminder that they need to pay their remaining dues.
For this purpose, your optometry practice needs a dedicated follow-up team.
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Multiple Payment Options
Another optometry billing solution is that you can give your patient multiple payment options.
In many cases, the patient refuses to pay for the services simply because the payment option is not available.
Make sure to provide multiple payment options, such as credit card payment, debit card payment, and mobile phone applications.
This will further ensure higher revenues for your optometry practices.
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Outsourcing
Some stats show that the scope of optometry services will expand in upcoming days as 85% of the population above 45 uses vision-related products and an abrupt shift in lifestyle increases the risk of vision complications.
This is a clear indication that the operations related to optometry practice will expand in the coming days.
Moreover making the revenue stream better and giving the customer proper care is a big challenge for many optometric practices. Outsourcing your services to the medical billing expert is the best way to uplift your revenues.
Med-Miles can help you to achieve your financial goal. We have been serving medical practices for 8 long years.
We give you the best Billing solution for your optometry practice. You can call us at 8885 989 181 for more details.