Let us begin our discussion with a question. Do ophthalmologists need a billing partner? The answer is absolutely YES!!! In this day and age of high turnovers it becomes very difficult for doctors to manage billing when the footfall at their clinics or hospitals increases. Billing partners are dedicated to help out doctors who are struggling or are tired of dealing with insurance claims because of not having a medical billing codes expert at their office.
The fact of the matter is also that a doctor is supposed to treat patients and not lose his sleep over coding and billing. When this uncharitable task falls in their hands it results in falling revenues and anarchy.
Industry Fact File
The future for the Optometry industry looks healthy. Healthcare reforms and an aging population will help in the growth of this segment. There are no companies with a dominant market share in this segment which shows that a smart player can stamp his authority and acquire a large share of the market.
The good news is the ever increasing ageing population or the baby boomers have led to the growth of the optometry industry in the last five years. Also, healthcare reforms like pediatric vision care coverage will increase the demand for eye examinations in this demography.
The industry is growing at a rate of over one percent and is pegged at a revenue figure of fourteen billion dollars.
Advantages of a Billing Partner
- Takes care of critical issues: Billing partners are aware of the nuances of the ever changing insurance and medical payment system; hence, they can work out the best way of getting the claims cleared from the payer. Moreover, when the cash flow is low and there is a stack of unpaid bills, they assess the situation and chalk out a strategy to improve the bottom line.
- Insurance specialist left you high & dry: In the eventuality where the in-house billing specialist has suddenly quit and left the practice in a lurch, billing partners are a boon for doctors. They can tackle the outstanding bills and the neglected accounts receivables.
- Adhering to the process: Proper coding and documentation is essential to get the claims cleared. The billing partners are experts who make sure that the paperwork as well as the codes that are entered in the claims are correct. Moreover, they are seasoned in sticking to the correct fling and follow-up procedures that lead to lesser rejected claims.
We can conclude from this reasoning that having a billing partner is extremely important. They help in improving the process and in a case of a cash crunch, help in improving the bottom line too. Ophthalmologists can reach out to MedicalBillersandCoders.com for quality services. MBC boasts of a knowledgeable staff for different medical specialties that can help in optimizing the revenue of a clinic.