How Revenue Cycle Management Can Be Your Secret Weapon For Claims Management

Posted by Jeff Rezabek on Tue, Feb 27, 2018 @ 15:02 PM

High employee turnover, low-performance visibility, and a lack of insurance knowledge can make it difficult for an optometric practice to effectively manage their insurance claims and maximize their reimbursements. Successfully working insurance claims and receiving reimbursements from them can be overwhelming for a billing manager. However, leveraging the expertise of a revenue cycle management service will not only help you earn more from your claims, but will also conquer claims management stress so you and your staff can optimize the rest of the practice.

Below are other benefits of using a revenue cycle management service for handling your claims management.

3 Benefits Of Using Revenue Cycle Management For Claims Management

money_stacks.jpgShift Staff Focus

In a time where 97% of customers read online reviews, shouldn’t more of your staff’s focus be spent on meeting your patient’s needs while they are in the office? Switching your claims management strategy to a revenue cycle management service will enable you to allocate resources for patient-facing tasks that ensure a higher quality of patient satisfaction to help you generate positive online reviews for your optometric practice.

Manage Rejections

The process of getting a claim reimbursed is complicated. There are many common reasons why claims get denied or rejected, but the ability to correct the rejected claim and resubmit it before the timely filing deadline passes will help your payout. Unfortunately, in many practices, the billing person is often overwhelmed with the volume of new claims to submit, that when a rejected claim comes back to them, they miss it and don’t have time to respond to the rejection before they timely filing deadline expires.

Leveraging a revenue cycle management service gives your access to multiple optometry billing experts to handle both your vision and medical claims. So when a claim is rejected, the RCM service can work with your practice and the insurance company to correct the rejection and resubmit it quickly to maximize your claim reimbursement.

Dig Into Metrics

Analyzing data on your claims performance can help your optometric practice make decisions that drive your optometric practice towards the future. Unfortunately, many of the billers working in-house don’t have the time to work on collecting the data and compile the performance reports needed to make important business decisions.

Some revenue cycle management service providers give you access to metrics so you can compare your practice’s claims management performance against state and national averages. They also provide reports so you can use the information to adapt process in your practice to generate more profit from reimbursements.

For more tips on earning more money from your claim reimbursements, download the ebook "The Definitive Guide to Making more money on Claim Reimbursements."

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Tags: Revenue Cycle Management

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