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Ophthalmology Blog

Up-to-date weekly advice for ophthalmology practices, other specialty practices, ambulatory surgical centers, academic eye hospitals, and optical practices

How Often Should Your Ophthalmology Practice Submit Claims?

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By Michael Carroll on June 13, 2018

Did you know healthcare practices and organizations spend $250 billion each year processing a total of 30 billion healthcare transactions? Your claims submission process is critical to decreasing the economic toll of claims processing for your office. A study performed by PricewaterhouseCoopers found that the average healthcare organization spends $20 in labor to file each paper document, $120 in […]

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Primary Modifiers That Your Ophthalmology Billers Must Know

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By Michael Carroll on May 30, 2018

Managing the claim denial process is not only a headache for practices, it will affect your revenue stream. A report from the American Academy of Family Physicians found the average denial rate in the US to be between 5-10% . That means if your practice averages $500,000 per year, you are at risk of losing between $25,000 […]

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Questions Your Billers Should Ask When Verifying Insurance

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By Michael Carroll on May 23, 2018

According to Healthcare Finance, “eligibility expired” is one of the top five reasons medical claims are denied. Hospitals lose $262 billion per year on denied claims. Now, think about how much it costs for an employee to spend 10 minutes of their time verifying insurance. For front desk staff making $15 an hour, the practice will spend $2.50 […]

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Do You Have an Effective Deductible and Coinsurance Payment Strategy?

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By Byrd Evans on May 16, 2018

“Cash flow has never been more important than it is now,” noted Medical Economics. The increase in high deductible and coinsurance health plans has placed a much greater financial burden on patients. As a result, medical practices are feeling the cash flow pinch. As of June 2017, 40% of adults in America were on high deductible plans and […]

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Are You Properly Documenting Surgical Service Claims?

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By Michael Carroll on May 9, 2018

Americans spent $3.2 trillion on their healthcare in 2015, an increase of 5.8% from 2014. That’s 17.8% of gross domestic product (GDP). Compare that with $27.2 billion in 1960 and just 5% of GDP. Costs are rising exponentially. Combine that with legislation change and uncertainty, stringent new quality measures required by Medicare and Medicaid as well as […]

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What Emotional Intelligence Means to Eye Health Practice Managers

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By Byrd Evans on April 25, 2018

Running a busy eye health practice (whether the doctors are optometrists, ophthalmologists or both) is a challenge. This kind of physician’s office is generally open most weekdays throughout the year, except for a few holidays. The volume of patients to be seen each day goes up and down and employee turnover will affect the level […]

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Does Your Practice Have More Debt Than You Think?

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By Michael Carroll on March 29, 2018

It’s a familiar scenario. You sit down to review financials for your practice, but there’s always a caveat. Your billing staff explains the revenue and debt shown is not completely accurate because of unapplied credits. Whether we’re talking about a small medical practice or large corporation, it’s impossible to gauge financial health without accurate reporting, […]

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Patient Payment Optimization in Your Ophthalmology Practice

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By Michael Carroll on March 22, 2018

“Revenue cycle, patient accounting and collections make up the financial engine of a healthcare provider organization—and payment processing is the fuel,” stated Patient Payment Optimization, a recent whitepaper from JP Morgan Chase. It’s true. Payment processing is at the core of every practice’s accounting workflow. Recent healthcare reform has placed more of the financial burden […]

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