NEW YORK—Managing your insurance revenue is a full-time job for at least one person in your practice, or maybe more depending on your practice’s size. Between filing claims, keeping up with rejections and denials, resubmitting, collecting payment, and analyzing practice performance it’s a lot to keep up with.
Efficient billers have to be highly organized, knowledgeable on insurance trends and changes, and quick at their job to keep your practice’s reimbursements flowing smoothly.
If your practice has a hard time keeping up with your claim cycle, you’re not alone. Many practices struggle with biller turnover and a lack of capacity or knowledge of correct and efficient claim filing processes. If this is the case for you, there are services in the industry that can work with you to get those claims back in control so you can start generating more money, faster from your reimbursements.
Here are three ways your eyecare practice, and claims revenue, will benefit from a billing service.
1. Claims will be filed quickly.
In many practices, billers are overworked and at capacity for what they can get done in a day. When that’s the case, claims can start to pile up and backlog, or errors are more likely to occur on claims that are submitted as they try to rush through in order to get everything done.
A billing service will give you access to a team of optometry billing experts who can scale with your practice and help you get your claims submitted the same day that service was performed. Best of all, a good billing service will be able to work with the practice management software you currently have in place in your practice so you can keep running business as usual without any process or software changes.
2. You’ll get help working denials and rejections.
One thing that keeps your current biller from filing daily claims is having to rework old denials and rejections. Reworking denials and rejections can be a time-consuming effort determining where the claim went wrong, learning how to resolve the issue, and finally resubmitting the claim for payment.
Having a team of experts on your side to work your rejections and denials for you will help save you and your staff time, and will help your claims get paid faster. The less time you spend worrying or working on claim rejections the more time you’ll have to focus on the patients in your practice.
3. You’ll be able to justify your investment.
Often when you make an investment in new software or technology for your eyecare practice it can be hard to easily quantify your return on investment. If you invest in a billing service, you should invest in one that gives you access to reporting on the performance of your practice. Being able to see important metrics like month-over-month claims income, top paid providers, and denial rates and reasons will help you make better business decisions moving forward and will leave you assured that your billing investment is paying off.
Making the decision to switch your claim filing process from in-house to a third party isn’t always an easy one. To help you through the process and help you determine the right solution for you download, The Definitive Guide to Making More Money on Claim Reimbursements.