Managing insurance claim reimbursements is a time-consuming, error-prone task. To help optometric practices manage claims more effectively, many companies that offer claim management solutions also offer revenue cycle management services. But, what is revenue cycle management anyways?
For optometric practices struggling to work insurance claims efficiently, revenue cycle management is the practice of completing all of the necessary steps required to process a claim correctly. This post explains how a revenue cycle management service can benefit your optometric practice.
How Can Revenue Cycle Management Services Benefit Your Optometric Practice?
Rapidly File Claims
It’s not uncommon for your billing manager to get overworked and begin to fall behind on filing the claims quickly. The longer it takes your biller to submit a claim, the less time they have to work rejections and resubmit the claim before the timely filing deadline expires.
With revenue cycle management service, the provider can submit your claims as quickly as you need and scale to meet your increasing workload. So, during seasonal peaks, you’re able to get paid for the services you rendered and reduce bad debt write-offs.
Timely Resolve Rejections
How often does your billing manager get the chance to go back and make the necessary corrections to a rejected claim? Many times, rejected claims sit in an inbox never being touched. The intense workload of a billing manager means they have to prioritize what they work on, often leaving rejected claims going unpaid.
Utilizing a revenue cycle management service in your optometric practice will result in rejected claims being worked by optometry billing experts who work with you and the payers to resolve and resubmit rejected claims in a timely fashion.
Intelligently Track Metrics
The biggest obstacle with optometric practices is the lack of visibility into claim performance. With a revenue cycle management service, you gain insight into how much money you’re making on claim reimbursements and how those numbers compare to state and national averages. Using these metrics, you no longer have to rely on gut feelings or one single person to tell you how your optometric practice is collecting reimbursements from insurance claims.
To discover how you can earn more money from claims, download a copy of, The Definitive Guide to Making More Money on Claim Reimbursements.