Outstanding accounts receivables are one of the most significant challenges that optometry practitioners have to deal with. It hampers your revenue flow and severely impacts your practice’s functioning. Hence, alleviating the burden of outstanding receivables is imperative for optometry practices.
Making daily claims submissions and upfront collection of copayments can ensure that your receivables balance is always lower than industry standards. Using automated payment reminders can also be quite useful in streamlining your accounts receivable management operations. Outsourcing your optometry billing to specialists can also be a smart way to always keep your accounts receivables balance down to a minimum.
Although reducing accounts receivable can seem like a distant dream, it can be achieved by incorporating effective strategies into your practice. Here are the best procedures that can help you minimize your account receivables and improve the cash flow for your optometry practice.
Maintain Constant Claims Flow With Daily Submissions
Claims reimbursement is quite an intricate and time-intensive process. It can take a few weeks or even months for the insurance payer to process your claim and reimburse you for your healthcare services. Hence, it is extremely important for optometry providers to take care of claims submissions on a daily basis.
Delaying this can lead to a huge backlog of accounts receivables, resulting in increased billing errors. Daily submission of claims can prevent the toil and trouble of dealing with a high accounts receivables balance. Not just that, but it can also help a practice function seamlessly through improved healthcare revenue cycle management.
Save Time With Automated Payment Reminders
Another strategy that can protect your practice from a high accounts receivables balance is automated payment reminders. These services can help you remind patients about their due payments and ask them to pay in time. Moreover, this enables your staff to focus more on the billing and administration operations rather than dedicating dealing with this tedious task.
The automated payment reminders offer services through voice, text, and email messages. With no possibilities of manual errors, you can accurately keep track of pending payments with these services. This can not only reduce your accounts receivables balance but also save the precious time of your staff.
Improve Collection of Insurance Co-payments
Taking steps to maximize the collections of payments is essential to the financial stability of the practice. Hence it is important for optometry practices to collect co-pays, coinsurance, and deductibles upfront. The providers must ensure that these payments are collected at the front desk on the day services are provided or at the time of appointment.
Your office staff needs to be properly trained in order to make the patients aware of their insurance