With Thanksgiving just around the corner, it's important to reflect on the many things we have to be grateful for this holiday season. While pumpkin spice flavored treats may be at the top of your list, optimizing your billing processes are another great reason to give thanks. Efficient processes play a crucial role in the success of many practices, especially when it comes to billing claims that drive revenue.
Having proper billing processes in place ensures that you're optimizing staff productivity and submitting claims accordingly. It also facilitates communication with insurers and patients to ensure timely payments. So, as you prepare to indulge in turkey and stuffing this Thanksgiving, here are some other things you can bring to the table to optimize your billing processes.
One significant component of effective billing processes is coding compliance, which entails appending accurate DXs and CPTs. Non-compliance within your coding processes can result in a potential financial loss and damage to your patients' trust, which can be hard to recover from. Implementing affective coding checks and balances can help protect your practice against fraud and non-compliance risks. Additionally, choosing the correct codes can significantly impact the amount of reimbursement your practice receives. Therefore, it's vital to pay close attention to the code combinations being used, your local/payer requirements, and that all coding documentation is thorough, accurate, and up-to-date.
Reporting and Analytics
Another component of efficient billing processes that practices can implement is running and reviewing detailed financial and analytic reports. Consistently reviewing these reports can give you a comprehensive overview of the practice's financial health, allowing for better decision-making when it comes to managing revenue and expenses. By accessing this information, you can identify gaps in your revenue cycle and make the necessary adjustments to improve financial performance.
Outsourcing Your Billing Needs
If you're finding it difficult to keep up with your billing processes, it might be time to explore the multitude of benefits that outsourcing can bring to your practice. Don't wait until unpaid claims have passed 90 on your Aging Reports to seek help. Our team of optometric billers can help enhance your billing processes by reducing rejections and denials, improving staff productivity, and maximizing your revenue. As you look forward to indulging in this year's delicious holiday spread, don't just think about satisfying your appetite, but also filling your pockets with the extra revenue that RCM can bring to you!
Benefits of outsourcing include:
🍗 Expedited Payment Processing
🍗 Consistent Cashflow
🍗 Dedicated Account Managers