Multi-Specialty Ophthalmology Practice Doubles Practice Income
Problem
Busy six physician practice losing substantial money due to inexperienced and overwhelmed billing staff, untimely claims submission, and poor follow up and collection performance. Accounts receivable increasing over three year period and high staff turnover has all contributed to the problem. Only 40% of AR was under 30 days and 21% over 120 days.
Solution
Outsource billing to Eye Med Management Solutions. Complete take-over of billing services, AR management, and follow up on old unpaid claims. Eye Med Management Solutions worked with front office staff to improve patient intake process to obtain correct patient insurance information and created a process to check patient insurance eligibility. Also, front office now collects co-pays, deductibles, and other out of pocket patient expenses at time of service, as well as collects outstanding patient balances.
Result
Practice has increased collections by 50% consistently since outsourcing with Eye Med Management Solutions. 90% of claims paid within 30 days and over 120 days AR dropped to only 3%.There was an immediate increase in cash flow and accounts receivable are now under control. The billing process is streamlined and efficient and claims are submitted timely.
Rural Ophthalmology Practice Unable to Find Experienced Billing Staff
Problem
Growing rural ophthalmology practice with ASC unable to find experienced ophthalmology billing staff and practice resources are limited. Physicians and the practice administrator are unable to dedicate the time necessary to train new employees to oversee billing and collections as the practice grows.
Solution
Outsource billing and AR management to Eye Med Management Solutions.
Result
Client experienced an average of 40% increase in collections consistently. The physician and administrator can now focus on delivering great patient care and managing staff. There is open communication between Eye Med Management Solutions and the client on all billing activity. The practice receives monthly financial reports with all collection and accounts receivable data.
