Without revenue cycle management reports, you don’t have the proper visibility to measure the performance of your billing manager and their claim management activities. To provide you with increased visibility into your practice, revenue cycle management reports, part of VisionWeb’s Revenue Cycle Management service, delivers full transparency into how your practice is performing against state and national averages to help your optometric practice profit. Below are a few tips on how you can better understand and read these reports.
Tips on Reading Revenue Cycle Management ReportsClaim Acceptance Duration
The claim acceptance duration report provides insight into how long it takes to process a claim. In this report, the faster the claim goes through the claim lifecycle the better. So, you want to aim for the lower number.
If you have the ability to compare your practice’s claim acceptance duration to state and national averages, like you do with VisionWeb Revenue Cycle Management, use those numbers as a baseline for your practice. If it’s taking you longer to process a claim than your peers, it could be a sign that your claims were incorrectly sent or that they are missing information.Monthly Denial Rate
Tracking your monthly denial rate offers awareness into common errors you may be making which are jeopardizing your practice’s ability to generate revenue from claim reimbursements. Once you know the cause of the claim denial, you can start identifying ways to avoid them in the future.
Like the claim acceptance duration report, you want to aim for lower numbers and compare the number to state and national averages. Trying to stay below the state and national averages means your practice is bringing in more money than some of the competitors. However, if your practice is gaining more denials than the state and national averages, you will need to change something in your billing process.
You can also compare your practice’s denial rate to your own historical data over time. So even if you aren’t keeping up with the state or national pace, you can see that you’re improving on your own performance month over month.Monthly Income Comparison
In the end, managing your claims and tracking your revenue cycle is about ensuring you’re generating revenue from the services rendered during an optometric exam. Comparing your income against past performance will indicate how your practice is progressing and identify trends in your practice. Historically, revenue practice revenue streams tend to increase during August before students go back to school and in December when insurance benefits expire for the year.
For more insight into how your optometric practice can profit from insurance claims, download, “The Definitive Guide To Making More Money On Claim Reimbursements.”