It's no secret the optical industry has seen its share of labor shortages in recent years. Though there may have been unavoidable attrition, practices can still make the best of it by ensuring focus during trying times.
Amanda Whitener, VisionWeb's RCM Outside Sales Representative, identifies two billing pitfalls to avoid claim submission delays and payment posting to help your practice flourish, even when you might be short on staff.
CLICK HERE for an RCM consultation with our experts.
Billing Pitfalls To Avoid
Claim Submission Delays
Your staff may have great intentions when it comes to insurance billing, but the truth of the matter is that great patient care helps drive the business and can tend to consume the focus of practice staff. After all, patients are looking the staff in the eyes and the claims are not! Anyone who has worked in an office probably understands that pressure. However, claims management is crucial to your financial well-being. Don’t put claim submission on the back burner. Yes, it can be tedious; but it is necessary. If you are slightly behind now, imagine what things will look like at the end of August. One of the busiest times of the year is right around the corner.
Payment Posting/Reconciliation Delays
You received your payment for the claim, so you are done, right? Wrong! Don’t allow the practice to get behind in posting payments to the PM. Falling behind can cause the following:
Upset Patients – By the time the account is reconciled, it could be months or years later before the patient finally receives a statement. That’s a tough one to explain.
Lack of Claim Transparency – If the payments are not posted, it will be challenging to identify if the practice has an issue with a particular payer or procedure not being paid.
The Snowball Effect/Ballooning AR – Once delayed posting becomes an acceptable practice, it becomes increasingly difficult to overcome the growing issue. It can then take more time to post not only current, but older payments as well, further perpetuating the time required to become current. Meanwhile, AR is increasing and becoming artificially inflated and the claims that are truly outstanding are harder to identify. This compounds all of the issues, and many practices end up just ignoring claims reconciliation altogether.
If you're interested in learning more about Revenue Cycle Management, click here for a consultation with our experts.