Let us begin our discussion with a question. Do ophthalmologists need an Optometry Medical Billing and Coding partner? The answer is absolute YES!!! In this day and age of high turnovers, it becomes very difficult for doctors to manage the bill when the footfall at their clinics or hospitals increases.
Optometry Medical Billing partners are dedicated to helping 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 sleepover coding and billing. When this uncharitable task falls in their hands it results in falling revenues and anarchy.
Optometry Medical Billing Industries Fact File
The future of 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 aging 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 an Optometry Medical 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 are 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 an Optometry Medical Billing partner is extremely important. They help in improving the process and in the case of a cash crunch, help in improving the bottom line too.
Ophthalmologists can reach out to Medical Billers and Coders for quality services. MBC boasts of a knowledgeable staff for different medical specialties that can help in optimizing the revenue of a clinic.
FAQs
1. Do ophthalmologists need an Optometry Medical Billing partner?
Yes, having a billing partner helps ophthalmologists manage insurance claims efficiently, allowing them to focus on patient care without the stress of handling billing.
2. Why is outsourcing optometry billing crucial for doctors?
Outsourcing ensures accurate claim submissions, reduces rejected claims, and improves cash flow, especially during high patient volumes or staffing issues.
3. How can a billing partner help with insurance claim complexities?
Billing partners stay updated on changing insurance policies and payment systems, ensuring that claims are processed correctly and payments are received faster.
4. What happens if my in-house billing specialist quits?
If your in-house billing specialist leaves, a billing partner can step in to handle outstanding bills and accounts receivable, preventing revenue disruption.
5. How does proper coding and documentation impact revenue?
Accurate coding and documentation are key to reducing claim denials, ensuring smooth reimbursement, and boosting the financial health of the practice.
