3 Leading Ways Optometry Practices Improve Revenue Cycle Management

By Chloe From Clearwave | April 29, 2024

Today’s healthcare landscape is becoming increasingly competitive for optometry practices. The best way to stay ahead of the curve is by implementing effective strategies that streamline your revenue cycle management processes. Keep reading to learn three leading ways optometry practices can improve cash flow and boost their financial performance!

1. Capture Cleaner Data for Improved Claims Processing

One of the most critical aspects of revenue cycle management in optometry is ensuring that you capture accurate and complete patient data from the very beginning. By investing in modern, user-friendly patient intake systems, you can streamline the data collection process and minimize the risk of errors or omissions.

Implementing electronic patient intake, like self-registration kiosks and online patient pre-check, not only saves time for your staff but also ensures that the data is captured cleanly and consistently. Giving your patients ownership of their data has been shown to reduce the likelihood of rejected claims or delays in payment. Kristal Niblett, Billing Manager at Annapolis Neurology Associates, recently shared how self-registration has helped their practice reduce billing costs and payment stalls in a conversation on “Show me the Money”. Part of the fix? When patient data is entered directly into a digital system, it eliminates the need for manual transcription and reduces the risk of errors associated with illegible handwriting or inconsistent data formats. 

In the conversation, Niblet shares that  when you capture patient information correctly from the start, you minimize the risk of revenue leakage due to claim submission errors, incomplete documentation or mismatched patient identifiers. This can allow your practice to maintain a healthier financial position and focus on delivering high-quality care to your patients. Better data accuracy for patient phone numbers and home addresses also improves post-service patient communication and billing. If you don’t have the right information, you can’t get in touch with patients for critical care follow up or to send bills to collect on services performed.

Accurate data means fewer claim rejections, faster reimbursements, and a more stable cash flow for your optometry practice. Watch the full conversation here or follow the link and register to download the slides!

2. Implement Multi-Factor Insurance Verification

Another key aspect of effective revenue cycle management in optometry is Multi-Factor Eligibility™ insurance verification. By proactively verifying patient insurance coverage for healthcare and vision, you can ensure that you receive payment for your services at the point of care, reducing the risk of denied claims or unpaid balances down the line.

Traditionally, insurance verification has been a time-consuming and manual process, involving phone calls, faxes, and waiting on hold with insurance companies. However, with the advent of real-time, multi-factor eligibility verification tools, optometry practices can now streamline this process and improve their revenue cycle management.

Real-time insurance verification tools allow your staff to quickly and easily confirm a patient’s coverage and benefits before their appointment. These tools integrate with your practice management system and can retrieve up-to-date information on a patient’s eligibility, copays, deductibles and covered services. 

Multi-factor eligibility verification not only saves time but also provides your patients with a clear understanding of their financial responsibility, improving transparency and patient satisfaction. By verifying insurance coverage in advance and focusing staff only on patients that require attention, your practice can:

• Simplify co-pay collection determination between vision and medical benefits
• Reduce claim rejections due to eligibility issues
• Minimize the risk of providing services that are not covered by the patient’s insurance
• Collect accurate copays and deductibles at the time of service
• Improve patient communication and education regarding their financial obligations
• Streamline your billing process and reduce the time spent on manual insurance verification

It’s important to find an automated eligibility verification tool that can identify patients with vision eligibility benefits. For example, Clearwave’s multi-factor eligibility tool can instantly determine when to collect from the Vision co-pay vs. medical, in real-time, to streamline collections and reimbursement for optometry practices. For optometry practices, verifying VSP (Vision Service Plan) coverage is particularly important, as it is one of the largest vision insurance providers in the United States. VSP offers a range of plans with varying coverage levels for eye exams, lenses, frames, and contact lenses. Integrating VSP verification into your revenue cycle management process can ensure that you are accurately billing for services rendered and maximizing your reimbursements. By prioritizing proactive and real-time insurance verification, optometry practices can reduce claim rejections, improve patient collections and streamline their billing process. 

3. Promote Premium Services to Boost Revenue

In addition to optimizing your claims processing and insurance verification processes, promoting premium services can be a highly effective way to improve your  optometry practice’s revenue management. Many patients are unaware of the full range of services and products available to them, and by educating them about these options, you can not only enhance their vision and quality of life but also generate additional revenue for your practice.

Successful optometry practices have found unique ways to  promote premium services without increasing ad spend. See the tactics they use and how you could implement a similar approach to attract potential patients and provide them with the information they need to make informed decisions about their vision correction options. While you may not offer LASIK consults unless you’re operating a hybrid eye-care practice, consider how you can take a similar approach with your optometry practice, promoting other services and consults to increase patient awareness for other services and solutions that you offer.

This approach allows you to diversify your revenue streams, reduce your reliance on insurance reimbursements, and create a more sustainable and thriving practice.

Embrace Innovation and Optimize Your Practice’s Revenue Cycle Management for Long-Term Success

Improving revenue cycle management is an ongoing process that requires a commitment to innovation, efficiency and patient-centered care. By focusing on capturing cleaner data, implementing proactive and real-time insurance verification, and promoting premium services, optometry practices can optimize their revenue management processes and position themselves for long-term success.

As you evaluate your own practice’s revenue cycle management strategies, consider partnering with a trusted provider like Clearwave to streamline your workflows, improve your financial performance and deliver an exceptional patient experience. With the right tools and a dedication to continuous improvement, your optometry practice can thrive in today’s dynamic healthcare environment. Schedule a demo today!