We know that insurance revenue scaling in your eyecare practice can be daunting, but that's why we've compiled resources to help you become a claim expert. What happens after you've decided on the solution, system, or service that's best for your practice, though?
Say you've got a system in place for claim management and filing that seems to fit well into your workflow. How do you know that it's supporting your practice financially? The best way to measure the performance of your insurance revenue is through running reports. Then, you can optimize the process to reduce the number of unpaid claims.
Today, we're going to highlight one of the five insurance reports you should be running. We hope it urges you to gain necessary insight into the financial side of your practice.
Run this Report to Analyze Insurance Denial Rates
The Denial Rate by Service Line report is one of the crucial reports you should be running to analyze your practice's claim performance.
This report gives you an opportunity to analyze denial rates on a line-by-line basis. Many businesses in the industry will use a number related to the denial rate on a claim level, rather than by service line level. The claim level denial rate is, at best, incomplete information. And at worst, intentionally misleading.
A low denial rate by service line compared to the industry average indicates that your cash flow is healthy, and staff members are spending less time resubmitting denials and maintaining cash flow.
In our ebook below, we'll cover red flags to look for in your denial rate report, such as extremely high or extremely low rates. We'll also help you get to the source of the denials and advise on next steps for solving issues that you discover.
Your practice's priority is making sure you understand what works and what doesn't work in your claim filing process, no matter if you're outsourcing your claims or using an in-house biller.
Find out more in our full 5 Essential Insurance Reports ebook. Download it for free below.