Revenue Cycle Management (RCM) Solutions for Optometry Physicians - PowerPoint PPT Presentation

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Revenue Cycle Management (RCM) Solutions for Optometry Physicians

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Small to medium Optometry facilities should expect their IT vendors to add new revenue cycle management tools that will improve patient billing, as well as income cycle. – PowerPoint PPT presentation

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Title: Revenue Cycle Management (RCM) Solutions for Optometry Physicians


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Revenue Cycle Management (RCM) Solutions for
Optometry Physicians
Streamlined business solutions in the form of
revenue cycle management and medical billing are
hard to get. Optometry physicians, who run a
small-scale business in their locality, are
finding it difficult to manage their facility
owing to the high costs of the in-house accounts
department. However, while choosing RCM solutions
is thing stands vital, which is Optometrist need
to be observant.   Small to medium Optometry facil
ities should expect their IT vendors to add new
revenue cycle management tools that will improve
patient billing, as well as income cycle.
However, physicians shouldnt expect technology
alone to solve all their problems.   Become an
Observer not a Negligent As an optometrist, it
is your duty to be cautious when vetting RCM
software, warn experts dealing in providing IT
transformation services to medical
facilities. At the moment many physicians are
struggling with disorganized medical billing
and coding for Optometry that often contains
errors. Doctors are looking for solutions for
systems to simplify bridging the patient
encounter with administrative data to streamline
payment posting.  
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Revenue Cycle Management (RCM) Solutions for
Optometry Physicians
Implementing quality RCM systems and services are
gaining a renewed sense of urgency. Optometry
facilities are enrolling in programs
like Medicares Quality Payment Program,
including the Merit-based Incentive Payment
System, as well as other pay-for-performance
initiatives.  In such an environment, physicians
are demanding specialty billing and RCM tools to
automate financial processes and medical billing
tasks.   Optometrists want a Complete
Package Typically, third-party vendors offer
optometrist practices everything beyond the
patient encounter. This includes scrubbing the
codes, generating and submitting claims, and then
posting the payment to the practice. In return,
vendors ask for a percentage of the practices
revenue, and for some practices thats a very
appealing offer. However, this procedure comes
with many challenges. Many times vendors and the
facilities dont communicate effectively and set
the right expectations. In some scenarios,
practices think if they do nothing beyond the
clinical aspect of the patient encounter and
leave the Revenue Cycle Management prerequisites
to the vendor, they have no role to play. This in
our view should not happen and leads to further
financial issues.
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Revenue Cycle Management (RCM) Solutions for
Optometry Physicians
  • Do remember that there are best practices that
    need to be followed to facilitate the billing
    process. For instance, there are coding processes
    and specialty billing tasks that need to be
    streamlined. This is done to ensure practices
    properly code items prior to the end of the
    encounter, which with the aid of the medical
    billing organization and their capabilities can
    be identified and continuously improved upon.
  • As an Optometrist, engage more deeply with
    optometry medical billing companies in an effort
    to improve efficiency, reduce costs and increase
    revenues, there are some vital strategies that
    practices can employ.
  • Learn from, frequently improve on and enhance
    your RCM solution. Keep in mind that the solution
    should reduce the amount of time for receiving
    payments on the services rendered.
  • Stay observant during an RCM implementation
    project. At the time of rendering RCM software,
    there may be minor areas or issues that could
    lead to catastrophic results.
  • Aggressively evaluate Revenue Cycle Management
    tools as there is a wide range of RCM systems in
    the market. Some RCM service providers are
    involved in mergers and acquisitions to enhance
    their RCM solutions.

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Revenue Cycle Management (RCM) Solutions for
Optometry Physicians
  • If a vendor touts himself as having the ability
    to outsource a practices RCM system, the
    optometrist should find out exactly what
    processes the RCM service provider will address
    and take an informed decision about it.
  • Lastly remember, the revenue cycle is a
    multifaceted and multi-step process. It includes
    everything right from pre-registration and
    registration to charge capture and claim
    submission, collections, as well as an evaluation
    of the utilization of optometry billing
    guidelines.
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