No one likes hunting someone down in order to get paid for an outstanding bill. It's time consuming, and can honestly be a little awkward at times. But, it's also a very important piece to your practice's profits, so it's important to have the right optometry billing processes in place in order to make the collections process as easy as possible on your staff and your patients. Let's take a look at 4 things you should be doing in your practice to help ensure timely payment collections.
There has been a lot of energy surrounding the approach of ICD-10, but it is time to replace the 30-year-old ICD-9 codes and improve the healthcare industry! All HIPAA-covered practices have to implement the new codes by October 1, 2015 which means that you and your staff should start training now in order to be prepared. While the much needed change can be scary, we want to encourage you to look forward to the new codes and the ways in which they will improve your claims management.
4 Reasons ICD-10 Will Help Claims Management in Your Practice
1. Better Care for Patients
ICD-10 includes an increased number of more specific codes which will help your practice better document each patient’s clinical information more accurately. More accurate patient information means that you’ll be able to better understand each patient and provide them the best care possible, which both you and your patients will be happy about.
2. Better Financial Status for Your Practice
You’re more than a practice, you’re a business, and finances are important. With more accurate documentation of care, you’ll be able to get more accurate reimbursements. In addition to getting better reimbursement, you’ll also decrease your audit risk exposure. More specific codes mean that those participating in Meaningful Use can relax a little more when getting audited.