Decrease your AR days for Optometry Billing Service

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Decrease your AR days for Optometry Billing
Service
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Most optometry billing services seem to be
riddled with more debt and heavy obligations from
both insurance companies as well as patients.
In several cases, accounts receivable (AR)
spirals uncontrollably, which is a burden that
most practices can ill-afford. When cash flow
is affected badly you need to adopt stringent
measures to bring AR under effective control.
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How much can you afford to allow remaining in
AR? Whether it is Optometry billing or any other
related medical billing, it is important to keep
an eye on your accounts receivable. Setting your
own goal for AR makes perfect sense as there is
no practice that does not have a few unpaid bills
for services rendered. This happens in the case
of billed insurance plans where outstanding
amounts are invariably placed under accounts
receivable. It can also happen in any office
management system where a sale is posted
automatically soon after an order is placed for
an item.
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How to keep a check on AR? It all depends on
formulating a strict office policy regarding
payments, and sticking to the policy religiously
at all times. No matter how good the patients
are, or how telling the need is to attract new
business, no optometry billing service can afford
to bend its own rules. Being gentle yet firm is
where the trick lies, and insisting on full
payment is justified during the visit unless the
patient has his or her insurance approved well in
advance. Even while the patient is inquiring over
phone, the staff needs to be instructed to check
on the insurance status of the patient, and
convey the examination fees and payment terms
upfront.
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• Tips to remember
• Stay at it, and delegate one of your staff to
  periodically review the accounts receivable
  reports.
• Whenever payments fall due for more than 30 days,
  don't hesitate to call the patients or insurance
  companies and keep following up until the payment
  is made.
• Keep sending statements periodically, even with
  strong policies there are bound to be lapses and
  delays on the part of the insurance companies,
  which need to be followed up diligently.
• Ensure that billing is routine, and the billing
  date is maintained consistently every month.
• Make sure that you have a clause mentioning
  interest is chargeable for payments remaining
  unpaid for more than 30 days. Even if you don't
  actually charge any interest, it helps with
  speeding up the payment process.

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888-357-3226
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