Cost accounting is extremely important for medical practices because without knowing the costs it becomes difficult to assess the profit generated by a particular service. It is not enough to be concerned only with overall profit. Providers should also know how much profit is coming from ancillary services, hospital work, office visits and so on.
Only when you take a good look at the costs associated with each optometry service, you can calculate the profit made by your practice. It will also help you run your practice in a businesslike manner.
Calculating the profit will also help you in determining the required reimbursement level when considering managed care arrangements.
Is weak optometry medical billing services affecting your profits?
If your practice is making low profits, there are two reasons behind it. Either you are spending a lot or you are getting too little revenue. An untrained billing team is the main cause behind low revenue.
If your team of billers and coders is working without adequate support and training, your chances of getting paid on time reduces to a great extent. With the rise in number of patients and lack of well-trained staff, billing tasks are not getting the required focus at medical practices. This is affecting the financial health of medical practices in the long run.
Various services have been added to the care package of optometry clinics, making medical billing a daunting task. Some of the challenges faced in optometry billing are:
- Errors in data recording are one of the most common challenges faced by optometry practices. If you have untrained medical staff, the task of collecting required data and recording it with the right codes is often overlooked
- Irregularity in follow-up and customer dissatisfaction is the cause of bad debts for an optometry practice. Data requirements for settling AR needs to be fulfilled in order to ensure no revenue is lost
- HIPAA norms have also added pressure on the EMR and coding system of an optometry practice
- There are certain compliance standards and pre-authorizations required by Medicare, Medicaid and other private insurance providers for optometry procedures. If your staff is not trained for such requirements, claim settlement will become difficult
Expenses of your practice can be controlled by outsourcing your optometry medical billing and coding tasks to a billing company. It will not only ensure timely claim submission and maximum reimbursements but also eliminate the cost involved in hiring or training staff and making system changes.
Medicalbillersandcoders.com is a reputed billing company that has been helping optometry practices increase their revenue and decrease their expenses. The team at MBC is well-trained in submitting claims, posting insurance payments, managing account receivables, follow-ups with