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Why You Should Spend More Time Thinking About Medical Billing
By Michael Carroll
on September 28, 2018
Much has been reported on the patient impact of the Affordable Care Act (ACA), and its subsequent debates and repeals. The good news is more patients have insurance coverage or come under Medicare. However, patients aren’t the only ones affected. Healthcare reform has brought about drastic changes for individual practices, and medical billing is one […]
Keep Reading >>>Ophthalmology Billing 101
By Byrd Evans
on September 21, 2018
Medical billing is the backbone of a healthy revenue cycle for any medical practice, regardless of specialty. An ineffective billing strategy can slow cash flow, increase the rejected claim rate, and ultimately lead to large revenue losses. According to the American Academy of Family Practices’ list of 10 Ways Practices Lose Money, five out of 10 […]
Keep Reading >>>8 Common Reasons for Denied Claims in Ophthalmology Practices
By Michael Carroll
on September 7, 2018
Denied claims have a significant impact on a provider’s cash flow. The good news is that 63% of denied claims are recoverable. However, even if your practice eventually collects the funds, you’re still losing money via the administrative costs associated with reworking the claim. In fact, one study found that it costs providers $118 per claim to work […]
Keep Reading >>>3 Ways to Make Sure Your Ophthalmology Practice is Verifying Insurance Properly
By Byrd Evans
on August 31, 2018
According to Modern Medicine Network, the time it takes your front desk staff to verify insurance costs the practice about $2.55. Compare that to the $10.5 billion in uncompensated care provided by practice physicians each year, as calculated by Health Affairs. Spending $2.55 per patient to confirm they have coverage and to increase the likelihood that you’ll […]
Keep Reading >>>4 Ways to Ensure Your Ophthalmology Practice is Maximizing Its Front Desk Staff
By Michael Carroll
on August 24, 2018
The importance of front desk staff is two-fold. First, their efficiency or inefficiency has a trickledown effect. A mismanaged front desk can affect the standard of care, billing, claims and ultimately practice revenues. Second, your front desk staff is your face to the world: the first impression patients get of your practice. Did you know the […]
Keep Reading >>>Five Benefits of Outsourcing Your Ophthalmology Billing
By Michael Carroll
on August 16, 2018
Consulting. Outsourcing. Third-party vendors. Contractors. Whatever you want to call it, businesses from every industry are getting help with services that used to be handled in-house. The same is true in the medical industry, and billing is one area that has seen a wide-spread transition to outsourcing in recent years. Is it worth it? Many […]
Keep Reading >>>Transform Your Patient Statements and Get Bills Paid
By Byrd Evans
on July 20, 2018
Is getting bills paid–especially in a timely manner–a constant struggle for your practice? Do you find yourself sending out notice after notice, printing a fresh statement for your patients every 28 days as their past due fees add up and the odds of sending the bill to collections increase? While there are numerous strategies that […]
Keep Reading >>>8 Important Reasons to Verify Insurance in Your Ophthalmology Practice
By Michael Carroll
on July 12, 2018
Verifying insurance is a critical part of your everyday practice operations. It’s easy to check patient cards as they come in, but verifying their coverage with their company is a critical step that you must take before offering treatment–even if you’re working with a long-term patient. Not only is it important to ensure that the […]
Keep Reading >>>Are You Efficiently Working Patient Statements?
By Michael Carroll
on June 27, 2018
According to the CDC, Americans with high deductible health plans increased by 50 percent between 2011 and 2016. As a result, patients are responsible for a higher percentage of their health care bills. Providers and facilities are reaping the results of this shift in financial responsibility. Analysis by TransUnion Healthcare revealed that two out of three patients do […]
Keep Reading >>>How Often Should Your Ophthalmology Practice Submit Claims?
By Michael Carroll
on June 13, 2018
Did you know healthcare practices and organizations spend $250 billion each year processing a total of 30 billion healthcare transactions? Your claims submission process is critical to decreasing the economic toll of claims processing for your office. A study performed by PricewaterhouseCoopers found that the average healthcare organization spends $20 in labor to file each paper document, $120 in […]
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