Revenue cycle management is the process that manages claims processing, payment, and revenue generation. It necessitates using technology to keep track of the claims process at every point of its cycle, so the provider that’s billing can follow the progression and tackle any issues, allowing for a steady stream of revenue.
What can Revenue Cycle Management do for your Practice?
The process includes keeping track of claims and making sure payments are collected. Additionally, revenue cycle management addresses denied claims, which can cause up to 90 percent of missed revenue opportunity.
Medical revenue cycle management involves everything from determining patient insurance eligibility and collecting co-pays, to properly coding claims using ICD-10. This type of administration could become taxing for physicians, becoming essential to have a structure in place that you can delegate this job to professionals and focus on your practice.
The Optometry Revenue Cycle Process
Optometrists face unique challenges during the revenue cycle process that often require additional knowledge and skills to navigate an ever-changing billing landscape:
- Decision-making between “medical” and “routine” billing tracks
- Coordinating benefits between medical and vision plans
- Lab contracts that create “chargebacks” and negative remits
Staying on top of this process is difficult and requires both expertise and attention to detail. With the existence of both medical and vision payers, intricate regulations, and a tough reimbursement process, optometrists and practice managers have to use every trick in the book to get the money owed to them. However, in the fast-paced environment of an optometry practice, spending the necessary amount of time is not always possible.
What can AMS do for your Revenue Cycle Management
With years of experience in optometry billing and with optometry EHRs, AMS is ready for any challenge. We will navigate the complex world of optometry billing and provide the information that you need to get the most out of your revenue cycle. For more information about our revenue cycle management, contact us at our Durham, NC office.