Optometry practitioners often face outstanding accounts receivables challenges. It reduces revenue flow and hampers practice’s functioning. Therefore, reducing burden of outstanding receivables is essential for optometry practices.
Submissions of daily claims and upfront collection of copayments from patients ensure receivables balance lower. Automated payment reminders are also useful in streamlining accounts receivable management. Outsourcing optometry billing to specialists is a perfect way to keep accounts receivables balance down to a minimum level. Reducing accounts receivable can be achieved by effective strategies. Here in below are the best strategies to minimize account receivables and improve the cash flow for optometry practice.
Daily Claim Submissions:
Claims reimbursement can take a few weeks or even months for insurance payer to process the claim and reimburse for the healthcare services. It is most important for optometry providers to submit claims on a daily basis. Delayed claim submissions lead to a huge backlog of accounts receivables, ultimately resulting in increased billing errors.
Automated Payment Reminders:
Automated payment reminders help to remind patients about their due payments and ask them to pay in time. It also enables staff to focus more on the billing and administration operations rather than dealing with this monotonous task.
Automated payment reminders can be sent through voice, text, and email messages, without any manual errors. It reduces accounts receivables balance and also timesaving.
Collection of Insurance Co-payments:
It is most critical for optometry practices to collect co-pays, coinsurance, and deductibles upfront. Providers should ensure that these payments are collected at the front desk on the same day services are provided or at the time of appointment.
Office staff must check the patient’s insurance coverage prior to the provision of services. They must also inform patients on high-deductible plans about the sum they will likely be paying from their own pockets. This strategy guarantee faster collection of payments for optometry practice.
Outsource Optometry Billing to Experts:
Perfect way to improve your revenue cycle is outsourcing medical billing. It will eliminate struggles of dealing with accounts receivables and achieve more accuracy to the process. The professionals can handle your accounts receivables more efficiently. It will improve your optometry practice’s collections. and enable you to focus on your core objective of providing patient care.
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