10 Reasons You Need an Optometric Billing and RCM Service
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Are you getting your money’s worth with your in-house billers or optometric billing service? Are staffing issues affecting your insurance and vision plan billing? Is your accounts receivable (AR) becoming unmanageable?
Choosing the best optometric billing and revenue cycle management (RCM) service is more than finding someone to process claims. It’s about CASH FLOW!
If you are considering outsourcing your insurance and vision plan billing and RCM tasks, here are ten reasons to help you decide.
1. Positive Daily Cash Flow
Insurance claims are processed daily, payments are typically received within 2–3 weeks versus 60–90 days, and remits are posted daily. Using a billing service will help you decrease denials and increase coding accuracy—leading to faster revenue.
For instance, knowing how to prevent rejections and denials in the first place and paying close attention to using medical billing modifiers correctly are the best “cleaning solutions” to receive revenue more quickly.
2. Increase Claims Paid
Choose an optometry and ophthalmology billing solution where you only pay for what you collect from insurance companies. On average, a billing service generates 98%+ claims paid.
For most Fast Pay Health clients, net collections increased by over 90% in the first 30 to 45 days. Our team of experts focuses on accounts receivable and aging buckets daily, resulting in a higher return on investment (ROI).
3. Uninterrupted Daily Service
Never worry about delayed payments, planning for staff vacations, unplanned sick days, turnover, or costly re-training. A billing service will post payments directly into your practice management system daily, so your accounts receivable are always accurate and up-to-date.
Our highly skilled optometric billing and coding experts work with ANY ophthalmology and optometry EHR and practice management software.
4. Reduce Claim Denials
Some practice management systems do not include features that support claim scrubbing edits that alert you to a missing referring or ordering physician.
The results? Claims with errors are sent to insurance companies, causing billing rejections and costly delays in reimbursement. Our Fast Pay Health billers are experts at ensuring your claims are clean and error-free.
5. Dedicated Optometric Billing Team
With Fast Pay Health, you’ll get multiple billers for the price of one. Our team submits claims, posts insurance payments, and researches unpaid AR—all for the price of one biller.
A good optometric billing partner will work with you to help create more efficient procedures for your practice. Outsourcing medical billing and other RCM services will allow you to delegate billing tasks to a professional team, like Fast Pay Health, which specializes in the nuances of the financial twists and turns related to eye care.
6. Proactive Insurance Eligibility Verification
Verifying a patient’s insurance eligibility and benefits is a critical first step before you submit an insurance claim to a clearinghouse or vision insurance plan payer. Insurance eligibility verification remains one of the top reasons for claim denials.
7. HIPAA-Compliant Services
Fast Pay Health takes patient health information (PHI) security and privacy seriously. We train and monitor our billing consultants continuously to ensure they comply with current PHI and HIPAA rules.
Choosing a billing service that complies with document and workstation security, email security, data security, and document disposal and destruction is essential.
8. Focus on Your Patients
By outsourcing billing tasks to a professional billing team, you’ll have more time to focus on providing excellent patient care and other crucial aspects of your practice. Less time spent on the phone with insurance companies means more time for revenue-generating activities.
9. Easy Access to Financial and Activity Reports
Billing services should provide access to daily, monthly, and quarterly reports showing the completed activity and work. Better visibility means you can make more informed business decisions for your practice.
10. Empower Your Practice with Complete Optometric Billing & RCM Services
A full-service optometric billing and revenue cycle management (RCM) solution that includes an efficient charge entry process eliminates worrying about entering error-free patient demographics, procedure and diagnosis codes, and modifiers before you file vision plans and insurance claims.
Request a free practice analysis today and see how Fast Pay Health optometry and ophthalmology billing consultants take a proactive approach to help you get paid faster and improve the financial performance of your practice.