The eye care revenue cycle management includes a number of repetitive and tedious tasks. Burdening yourself with such administrative functions can shift your focus away from ensuring optimal patient care. Having well-rounded eye care revenue cycle management strategies is essential to ensure that you run a successful and profitable optometry practice.
Let's take a look at some practices to help your optometry practice move towards better revenue in 2022.
Automate Your Workflows
Accuracy and precision in the workflow can help optometry providers prevent common billing errors and improve their revenues. Automated workflows are a great way to keep costs in check. Adopting automated workflows can help eye care practices to provide information to all the stakeholders through a single platform. Improving your workflows through automation can also help you eliminate manual errors, reduce the delays in administrative procedures and accelerate the eye care billing process.
Build a Great Billing Team
An essential element of the billing procedure is the billing staff. In recent years, staff shortage has become one of the most common and critical headaches for optometry providers. Also, the lack of experienced and skilled staff is significantly affecting the revenue generation operations of optometry providers. Therefore, one of the top priorities in 2022 for effective eye care revenue cycle management is building a robust team by hiring the right people and training them to seamlessly carry out the end-to-end eye care revenue cycle management functions.
Eliminate Billing and Coding Errors
Optometry billing and coding can have a huge influence on your revenue cycle management activities. To avoid any errors in billing or coding, your staff should be aware of the ICD and CPT codes. Even the tiniest mistake during optometry billing can lead to huge financial losses. Similarly, coding errors such as upcoding, incorrect use of modifiers can also result in reduced reimbursements or denial of claims. To reduce such errors, it is vital to regularly train and update your staff.
Adopt a Proactive Collection Process
For effective eye care revenue cycle management, a well-defined and proactive collections process is necessary. It is important to collect information pertaining to patient insurance plans before providing eye care services. Providers must also verify patients’ insurance eligibility and coverage beforehand. Another important factor in speeding up your collections is to diligently contact patients and follow up to collect the pending payments.
Avoid Documentation and Information Errors
Every insurance company has a certain set of documentation requirements. Failing to adhere to these requirements can result in delays or denials of your claims. To avoid some of the common documentation errors in claims, take care of these things during your optometry billing process:
Provide accurate information about the patient and provider
Provide adequate documents to support your claims
Verify each detail before filing the claim
Outsource Your Eye Care Revenue Cycle Management to Industry Experts
Drive higher revenue for your optometry practice in 2022 with CS Eye. All you need is to implement the strategies mentioned above or outsource your eye care revenue cycle management to CS Eye. Get in touch with us today. Let us help you increase the efficiency of your eye care revenue cycle management process.