A well-rounded revenue cycle management (RCM) system is key to a thriving optometry practice. By optimizing billing and coding tasks, such a system keeps your practice’s financial health intact. Establishing an excellent RCM workflow can thus help you maintain a stable revenue stream for your optometry practice.
Although providing patient care is their core responsibility, eye care professionals should find ways to streamline their RCM tasks. This makes sure that their practice is generating good revenue and they can focus entirely on treating patients without worrying about the business side of things.
Following are 6 useful strategies that you can incorporate to enhance your optometry practice’s cash flow significantly.
Ensuring Accuracy in Credentialing and Enrollment Procedures
Optometry provider credentialing and enrollment are extremely tedious and time-consuming processes. Relying on traditional systems or manual methods also results in increasing the duration of this process. Hence, healthcare providers must make use of high-end automated systems. Not only will this speed up the operations but also make sure that the data entered is 100% accurate. Consequently, this will protect your revenue or reimbursements from getting affected.
Authenticating Insurance Eligibility and Benefits
While submitting any claim to a clearinghouse or to the payers, it is important to first check the insurance eligibility and coverage details of the patient. You must always ensure that the patient information and insurance data are absolutely correct before making any submissions. This can prevent any possibilities of claim denials or rejections. It also helps in identifying the amount a patient may owe (co-pays, deductibles, etc) to your pract