When it comes to managing the electronic claims in your eyecare practice, you can’t just submit a claim and wait for payment. Keeping track of your claims can provide you with critical information that you need to operate and sustain a profitable practice.
Unfortunately, many optometric practices aren’t keeping tabs on how their claims are progressing through the lifecycle and how their claims management efforts as a whole are performing. This post highlights some of the dangers of not tracking your electronic claims and will provide a few ways you can avoid the risks.
What You Lose When You Don’t Track Electronic Claims
Probably the most obvious thing that you miss out on when you don’t track your electronic claims is revenue. Monitoring reports and keeping tabs on your claim performance can provide you with the information you need to make strategic decisions to maximize your profits from claim reimbursements. When you’re not checking on a claims status or responding to rejected claims, you end up receiving denied claims for common reasons that are not only easy to have repaired, but also preventable.
So, the first fix for this would be to use your clearinghouse solution to monitor your claim status. Additionally, you can use your clearinghouse to track, correct, and resubmit your rejected claims quickly.
Opportunities For Process Improvements
Every practice is going to manage their claims differently. However, to get the most out of your billing manager and maximize reimbursement profits, you need to optimize your claims management processes.
To optimize your claims management processes, pull patient benefits early, keep up with your claim rejections, and conduct a claim processing time analysis.
How does your optometric practice match up against other practices in your state? Comparing your practice’s claims management efforts against those of other practices in your state and the country can provide you with a lot of useful information. With this data, you get a chance to see where your practice should put their focus to earn more from your claims. Additionally, some comparison reports may even help you avoid triggering an audit.
Gain insight on how your claims management efforts stack up against your peers across the state and nation, by working with a billing service provider that can manage your claims for you and provide you with robust reports with access to state and national data for comparison.
Download our latest guide, 5 Essential Insurance Reports, to discover the reports your practice needs to monitor to maximize reimbursement revenue.