Are you considering partnering with an ophthalmology medical billing company for your facility? There are multiple reasons why outsourcing can help your practice increase its productivity, efficiency, and profitability.
Outsourcing Your Medical Billing Can Free up Time and Resources for Your Ophthalmology Facility
Those working in the ophthalmology industry often wear many hats while providing comprehensive care for their patients. They may perform a wide range of duties that are beyond the scope and competency of their profession, including billing services. However, managing medical billing can easily become a full-time job.
To handle patient data and billing accurately and timely, you will need a dedicated team of experts who can ensure a smooth and efficient workflow. By outsourcing your ophthalmology medical billing services, you can save your staff precious time when it comes to managing EMRs. The extra time and resources can be allocated to other responsibilities, primarily for caring for your patients.
Outsourcing your medical billing and coding for ophthalmology services will also eliminate the cost of managing an in-house staff. The money saved can be used to streamline internal processes and enhance overall patient care.
An Ophthalmology Billing Partner Can Help Manage Your Revenue Cycle
A billing partner can bring knowledge and experience in revenue cycle management (RCM), including a team that can work with you to achieve your financial goals. Your billing partner will handle billing and collections, accelerate reimbursements, reduce costs, avoid denials, improve your bottom line, and improve the patient experience.
Your RCM and medical billing ophthalmology partner may provide the following services:
- Denial management
- Coding assistance and claim scrubbing
- Charge entry
- Staff training and best practices
Results of an optimized revenue cycle include:
- Increased revenue
- Decreased days in AR
- Reduced denials
- Higher average encounter rates
- Accelerated and steady cash flow
- Increased clean claim rates
- Lower processing costs per claim
The Importance of Accuracy and Efficiency in Billing for Ophthalmology Facilities
Efficient medical billing is as essential as patient care for your ophthalmology practice. The following are the top reasons why it is vital to remain compliant and accurate in billing all of the time:
- Cleaner claims – Efficiency in ophthalmology medical billing codes will result in cleaner claims, increased first-pass rate, and reduced denials. By maintaining accurate billing protocols, you can ensure your facility remains compliant and financially protected while reaping the benefits of a healthy bottom line.
- Patient protection – Accurate medical coding and billing for ophthalmology services protect your patients. The use of accurate medical billing codes not only helps assess the patient’s health but also aids in improving the quality of healthcare overall. Medical coding is used to keep track of everything from diagnosis to treatments performed, and patients may need access to this information. Inaccuracies can harm the patient and impact the quality of future care.
- Improved business decisions – Efficient, accurate billing allows your practice to make more intelligent future decisions. You gain the tools needed to analyze data on costs, revenue, write-offs, etc., allowing you to make informed decisions about business and how to maintain your financial independence in the future –whether these business decisions involve staffing or adding more services to your practice.
How to Choose the Right Ophthalmology Billing Partner for Your Facility
Here are some critical tips to remember as you select a company that will partner with you to boost your bottom line:
Expertise in your specialty
Ophthalmology comes with unique billing and coding challenges. This means it’s important to find a medical billing company that has coding expertise in your type of practice. They’ll have a better knowledge of your specialty’s requirements for documentation, coding, compliance, and more. Failure to go with a company that has expertise in your specialty may result in coding inaccuracies and claim denials.
Revenue cycle management support
You need a partner that can support your facility throughout the entire revenue cycle management process – from before a patient’s appointment to the final reimbursement for claims. The vendor you choose must excel at every stage of revenue cycle management, including claim submissions, follow-up, payment processing, patient invoices, accounts receivable follow-up, and more.
The company you select must securely handle all your data (you will be entrusting them with sensitive patient and financial data). Top companies can provide secure, HIPAA-compliant billing processes to ensure that your data is kept confidential. Companies will also prioritize transparency so you know exactly what is going on with your finances at all times. In addition, you want to know the company you choose is really fighting for every dollar and that you can see those efforts every time you look at your books.
Work with a billing company that offers quick responsiveness and customer support when you need it, especially when you face problems along the way. You will always need quality customer support and helpful resources to enable you to achieve consistent success.
Quality for your money
While you want to find a competitive price, you also need to know exactly what you are paying for. The cost of outsourcing can vary based on the specific size and scope of your facility. When discussing the cost of services with a vendor, examples of things you’ll consider would be the specific services included each month, any additional clearinghouse fees, or charges for co-pays.
By bringing together the best healthcare revenue cycle management and medical billing professionals, Coronis Health has the workforce and technology to provide the most current and innovative solutions to optimize the billing process, minimize errors, lower your costs, and comply with the latest regulations.
Ready to Partner With Ophthalmology Medical Billing Experts? Contact Coronis Health Today!
Outsourcing your billing and coding is one of the most significant financial decisions your facility will ever make. Use this information to make the right decision, so you find a company that will help you achieve your financial goals. To learn more about how Coronis Health can help you achieve your bottom-line objectives, contact us today to request your free financial check-up.