Optometry Medical Billing Collection - PowerPoint PPT Presentation

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Optometry Medical Billing Collection

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A successful and profitable optometry practice is not possible without accurate and competent medical billing and collection processes. An optometry practice is also having the same goal as other small practices have. – PowerPoint PPT presentation

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Title: Optometry Medical Billing Collection


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  • Optometry Medical Billing Collection

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Optometry Medical Billing Collection
A successful and profitable optometry practice is
not possible without accurate and competent
medical billing and collection processes. An
optometry practice is also having the same goal
as other small practices have. A successful
optometry practice can be considered when you are
focusing on increasing your revenue with great
patient experiences. In current pandemic
situation it is more challenging to run practice
with great collection of payment from both
patients and insurance companies. There is one
more reason for this rising documentation
requirements and an increasing co-pay and
patients responsibilities for a portion of their
medical bill. Increase Optometry Medical Billing
Collection Increasing collections is an important
strategy for your successful eye care business.
We tried to collate all questions for you to help
your business thrive. How do you collect patient
remaining balance? As an optometry specialist,
you know that any money not collected on the date
of service (DOS) will be tough to collect later.
Its important to ensure that all statements that
patients receive in the mail are clear and easy
to read. These statements should be mailed as
soon as possible so that the service is fresh in
their minds and they are more likely to pay. Have
you ever tried online payment gateway /
electronic payments for your optometry specialty?
Its very easy to use and implement. This will be
a great option for your patients as it gives them
a way to view their bill electronically and pay
automatically.
Medical Billing Services in Oregon
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Optometry Medical Billing Collection
Note Collect Co-Pays, Coinsurance, and
Deductibles Before the Patient Leaves the
Office Do you check that your credentials with
insurance payer? As an optometry medical practice
you might already have credentialed with top
insurance payers. It also important to check that
you are credentialed or at least check that you
are credentialed with insurance payer of your
patients insurance. If you are not credentialed
with insurance payer then you can submit and
track provider credentialing applications based
on insurance plan requirements. Take it one step
further and follow-up with insurance payers
regularly to make sure the providers are enrolled
in-network when enrollment is open. If you are
not credentialed with insurance payer then you
can submit and track provider credentialing
applications based on insurance plan
requirements. Take it one step further and
follow-up with insurance payers regularly to make
sure the providers are enrolled in-network when
enrollment is open. Do you check average
reimbursement from each payer? Do you think that
you are done once you receive payment from
insurance company? No, its not done yet.
Payments can differ patient to patient for same
service. You need to make sure that you have
received properly for your time and expertise.
You need to analyse data to determine your cost
per patient that includes the amount for your
office rent, front desk wages, etc.
Medical Billing Services in Oregon
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Optometry Medical Billing Collection
You can analyse average reimbursement from each
insurance payer to get the exact profit or loss
number. If your EHR reporting package is unable
to assist you with this, consider data analytics
software or hiring an outside agency like Medisys
Data to help you out. Once you finish with this
analysis you can come to conclusion that payers
who are providing you with a low return on
investment should be negotiated with or no longer
accepted. Do you work on your denials? Working
on denials is time consuming and labour intensive
work of the revenue cycle. You as a optometry
service provider and your front desk staff should
implement a proper system to improve accuracy to
minimize denials. We at Medisys Data can suggest
you proper solution on your existing system to
avoid denials. Still you received a denial, no
worries our billing expert can guide you whether
or not it couldve been prevented on the front
end. After analysis of denials it should be
resubmitted to clearinghouse to send claim to the
payer. We suggest that denials should be taken
care of immediately and try to avoid patient
involvement into it unless necessary. Do you
check industry updates? Stay Current with LCD,
MAC, and Listserv Updates. To make sure that you
are coding your eye care claims correctly, you
must remain diligent with Local Coverage
Determinations (LCD) and Medicare Administrative
Contractors (MAC) in your area and sign up to
receive payer listserv updates.
Medical Billing Services in Oregon
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Optometry Medical Billing Collection
Are you ready to streamline your medical billing
process for optometry? Why to wait, we will be in
touch with you soon once you fill our contact
form. Request a free practice analysis today.
Medical Billing Services in Oregon
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