The job of an Optometrist is multifaceted; you have to take care of a wide range of activities happening in your facility. Along with the daily chores of overlooking patient eyesight, revenue management of the practice is another time-consuming activity, which if not handled properly by your accounts department may lead to a serious financial crisis. This is where the assistance of a dedicated Optometry medical billing and coding company comes in.
If you have made the decision to hire a professional firm to undertake the charging activity the next step is screening companies to determine the one that is best for you. Although there are many medical billing companies out there, from small start-ups to large corporate powerhouses, you want to work with the best service providers. As an Optometrist or even a large scale healthcare unit, you want to feel secure that your business is in the hands of a capable, proven company.
Let’s Read Some of the Vital Features of an Optometry Medical Billing Company
Is There A Dedicated Optometry Medical Billing Manager?
Having a full-time account manager will be assigned to your practice by a professional organization. The account managers with the follow-up team have extensive experience in the optometric and ophthalmic medical billing industry and are well versed in the coding processes. In addition, several account managers are certified coders, which means errors and omissions are reduced.
Where Is The Insurance Payment Posted?
Another vital element of a great charging firm is that payments are posted directly into your practice management software daily, for you to have an accurate and up-to-date on all the monetary transactions at all times.
Claims Management
The best company is the one who manages your claims with no denials or delays. They should practically file all insurance claims that are marked for submission, checked for accuracy and verify receipt of claims with insurance companies. Once claims are filed electronically, they are typically paid in less than two weeks versus 60-90 days.
Re-Scrubbing Unpaid Claims
A well-managed billing agency will analyze unpaid claims and EOBs to correct and reprocess rejected claims to recover the amount due. Aggressive insurance follows up is want an optometrist would like to have when appealing the denial, ensuring your practice is reimbursed till the last cent.
Real-Time Reporting
Hiring a dedicated charging organization lets you have a personal biller who provides you with financial reports daily so you can see the activity and work completed. Monthly review and reporting of personalized patient data for a detailed picture of your practice’s financial health are accessible to you, also quarterly personal meetings with your billing manager are held to address any further issues.
Analyzing Credentials and Insurance Participation
Top billing companies analyze your fee schedule and payer mix to help you make decisions so you can maximize your insurance payments. Also, they assist with the credentialing of new providers. In addition to current providers are consistently re-credentialed for new plans and re-credentialed for old plans.
Recording Patient Statements and Calls
Another vital element is patients point of contact for billing and inquiries; there is always an answered call, no voicemail.
Recovering Aging AR
If needed some optometry medical billing firms can provide your practice with a team to follow up and work on the old Accounts Receivable (AR) to help recover lost revenue.
