{"id":7652,"date":"2017-12-29T12:23:34","date_gmt":"2017-12-29T12:23:34","guid":{"rendered":"http:\/\/www.medicalbillersandcoders.com\/blog\/?p=7652"},"modified":"2025-12-10T09:48:04","modified_gmt":"2025-12-10T09:48:04","slug":"fast-pace-optometry-practice-roi-technologies-strategies","status":"publish","type":"post","link":"https:\/\/www.medicalbillersandcoders.com\/blog\/fast-pace-optometry-practice-roi-technologies-strategies\/","title":{"rendered":"Fast Pace the Optometry Practice ROI with Technologies and Strategies"},"content":{"rendered":"<p style=\"text-align: left;\">In a recent research report published by the Medical Group Management Association, 23% of aggregate patient administration&#8217;s income is credited to collection from patients. It&#8217;s an issue for some optometry practice, with 60% of respondents saying it is a significant test. It&#8217;s a much greater challenge for smaller practices that don\u2019t have heavy monetary spending plans.<\/p>\n<p style=\"text-align: left;\">At the point when medical charging takes a revenue loss, your practice cannot afford more revenue loss from other areas such as ICD-10 coding errors and Meaningful Use requirements. Motivating patients to pay will keep on being a growing issue \u2013 with patients confronting higher hospital expenses because of increasing high-deductible plans.<\/p>\n<p style=\"text-align: left;\"><strong>You can help limit the impact and get your facility back on track financially with the following strategies:<\/strong><\/p>\n<h3 style=\"text-align: left;\">Refine strategies to fast pace your ROI<\/h3>\n<p style=\"text-align: left;\">Set aside time every month to review collections and get status on collections of payments. Get feedback from your accounts team on what strategies are working to find ways to make the collection process more effective. If not, help the <strong><em><a href=\"http:\/\/www.medicalbillersandcoders.com\/\">medical billing and coding<\/a><\/em><\/strong> department to come up with unique ways to incline towards technological components.<\/p>\n<p style=\"text-align: left;\">Billing software with the ability to schedule and pull reports not only assists with ongoing performance tracking but also comes in handy when there is a need to generate custom reports quickly. Pooled with reports such as inventory and commission, you\u2019ll gain a holistic view of your practice\u2019s performance.<\/p>\n<p style=\"text-align: left;\">As the process for billing and collections becomes more multifaceted, <strong>optometry facilities<\/strong> can ease the headache by solidifying processes to ensure your practice is getting paid. Making the decision to purchase or update practice management software is a big step towards upgrading your practice\u2019s accounts receivables.<\/p>\n<h3 style=\"text-align: left;\">Utilize effective medical billing software<\/h3>\n<p style=\"text-align: left;\">An easy-to-use practice management and medical billing software can help optimize the collections process by providing insight into tracking past due bills, red-flagging patients whose dues are not cleared yet, and automating late fees.<\/p>\n<h3 style=\"text-align: left;\">Make sure claims are clean, quick, and accurate<\/h3>\n<p style=\"text-align: left;\">Do remember that 65% of healthcare claims are paid the first time they are submitted; however, for those that didn\u2019t go through, the concerned optometrist is likely to not see any reimbursement. Out of the claims that are denied, lost, or ignored, 50% is never resubmitted. To counter this, it\u2019s imperative to catch possible denials before claims are submitted.<\/p>\n<p style=\"text-align: left;\">A software solution that is regularly updated helps you ensure that your practice has the latest resource on the latest claim denial trends. Check out for cloud-based software solutions for Practice Management and <a href=\"https:\/\/www.cms.gov\/Medicare\/E-Health\/EHealthRecords\">EHR<\/a> that improve collection rates by increasing first pass submission rates, speeding up the collections process, and decreasing work for the staff.<\/p>\n<h3 style=\"text-align: left;\">Always discuss with the patient his payment option<\/h3>\n<p style=\"text-align: left;\">While a majority of optometry clinics offer recurring <strong>payment plans<\/strong> or reimbursement options for outstanding balances, there are only about 25%-30% who offer those options at the time of service (MGMA). By discussing clearly with the patient their payment options, your practice effectively sets expectations that can help your practice achieve your billing goals.<\/p>\n<h2>FAQs<\/h2>\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1765359985103\"><strong class=\"schema-faq-question\">1. Why is patient payment collection a challenge for optometry practices?<\/strong> <p class=\"schema-faq-answer\">With 23% of income attributed to patient collections, many practices, especially smaller ones, struggle to motivate patients to pay, especially with rising high-deductible plans.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1765359998513\"><strong class=\"schema-faq-question\">2. How can practices improve their return on investment (ROI) in collections?<\/strong> <p class=\"schema-faq-answer\">Regularly reviewing collection strategies and feedback from the accounts team can help identify effective methods to enhance the collection process and streamline operations.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1765360007632\"><strong class=\"schema-faq-question\">3. What role does billing software play in the collection process?<\/strong> <p class=\"schema-faq-answer\">Effective billing software helps track overdue bills, automate late fees, and provide insights for improving collections, ultimately optimizing the practice\u2019s revenue cycle.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1765360019557\"><strong class=\"schema-faq-question\">4. Why is it important to submit clean claims?<\/strong> <p class=\"schema-faq-answer\">Since 65% of claims are paid upon first submission, ensuring claims are accurate and complete is crucial to avoid denials, which can lead to significant revenue loss.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1765360030702\"><strong class=\"schema-faq-question\">5. How can discussing payment options with patients benefit practices?<\/strong> <p class=\"schema-faq-answer\">By clearly discussing payment plans at the time of service, practices can set expectations and improve the likelihood of collecting outstanding balances, contributing to financial stability.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a recent research report published by the Medical Group Management Association, 23% of aggregate patient administration&#8217;s income is credited to collection from patients. It&#8217;s an issue for some optometry practice, with 60% of respondents saying it is a significant test. It&#8217;s a much greater challenge for smaller practices that don\u2019t have heavy monetary spending [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":20551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[469],"tags":[162,11,192,805,812,920,814,144,815,816,1120],"class_list":["post-7652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-optometry-billing-services","tag-medical-billing-and-coding-services","tag-medical-billing-outsourcing","tag-medicare-medicaid-services","tag-optometry","tag-optometry-billing-and-coding-services","tag-optometry-coding","tag-optometry-practices","tag-outsource-medical-billing","tag-outsourced-medical-billing-company","tag-outsourced-medical-billing-services","tag-reimbursement-revenue-cycle-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fast Pace the Optometry Practice ROI with Technologies and Strategies<\/title>\n<meta name=\"description\" content=\"Industry Leading Optometry Practice Management and EHR software. 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