Managing your insurance claims is a time-consuming and challenging task. Unfortunately, failing to manage your claims effectively can cost your practice a lot of money in lost revenue. In order to reap the reimbursements for the services you’ve provided, your optometric billing manager needs to have the tools and talent required to master your claims management.
This post uncovers the three basic needs for mastering insurance management in your optometric practice.
3 Tips to Dominate Your Claim Management
Use an Electronic Claim Management Solution
Managing your claims electronically using a complete clearinghouse solution not only improves your biller’s productivity, but it could also increase your revenue generated from reimbursements by enabling real-time code checks to pick up on errors before submitting the claim electronically. With a clearinghouse solution, your biller can access hundreds of payers from one portal to submit, process, and manage insurance claims throughout the claim lifecycle.
Claim rejections can be a good thing when you have a system in place to correct and resubmit them quickly. If you have a good system in place to catch, correct, and resubmit rejected claims, you collect on the claims instead of having to write them off. Unfortunately, the amount of work that goes into correcting and resubmitting a rejected claim can take the biller away from submitting new claims; this causes rejected claims to pile up and go unpaid. With workgroups and plain-English descriptions explaining why the payer rejected the claim, your biller can monitor and collect payment from rejected claims.
One of the main constraints of an optometric billing manager is that they struggle to maintain transparency. Whether it is a lack of reporting tools or your biller is too busy to sit down to record and analyze reports, clear visibility into where a claim is in the lifecycle and how your efforts are progressing over time will give you the insight to improve your process and increase revenue.
Need more claim management tips? Checkout this guide for making more money on your claim reimbursements!