TOP 5 CHALLENGES WITH OPTOMETRY BILLING

Since people are in need of eye care in the last few years, technology and healthcare are also advancing for the problems pertaining to eye care. Healthcare providers are getting top-notch techniques to improve life expectancy and optometry is not an exception to it. Age related conditions like cataracts and presbyopia are getting complicated with the changing lifestyle and these conditions are impacting the cognitive, behavioral, and physical abilities of patients. Optometry practices have the same goals as any other small business – when they try to thrive. A thriving business focuses on revenue growth while providing a better experience to its customers. Even patients of optometry practices need better experiences when it comes to payments, and insurance claims.

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Inefficient staff for data recording: With EMR and EHR are getting normal day by day, medical staff inefficient in recording patient data in the real-time world is becoming redundant in the optometry care market. Collecting and recording required information with appropriate codes is a necessary step that may ruin the entire billing and coding process if you ignore it.

Medicare and Medicaid billing: With millions of patients getting covered under Medicare since 2015, optometry patients are also getting covered by government carriers. Although most private optometrists don’t cover services under Medicare and Medicaid provisions, they still need to manage their revenue cycle to make sure the claim settlement ratio is well-maintained.

Bad debts and Account receivables: About 30% of the annual revenue of an optometry clinic is lost to bad debts due to irregular follow-up and customer dissatisfaction. Optometry clinics and practitioners need to have regular follow-ups and fulfil data requirements to manage account receivables.

Medical Billing Service Providers: It’s a common picture that many optometrists outsource their medical billing and coding process to professional teams. Every medical biller and coder cannot be equipped with equal capabilities and skills to deliver consistent service and specific needs of your optometry medical billing. Inefficient medical billing and coding company can be one of the challenges your optometry practice may face.

HIPPA Compliance: Following the rules and reforms of HIPAA for patient health information i.e. PHI protection is important for any covered entity. Sharing medical information with insurance companies and carriers like Medicare and Medicaid for claim settlement makes an optometry practice to be a covered entity.