Dr. Chung, back row, center, with his practice team. Dr. Chung says Revenue Cycle Management (RCM) has made a huge difference to his ability to be paid in a timely manner.
Revenue cycle management services enable you to focus on patient care while speeding reimbursement.
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By Allen Chung, OD
Dec. 6, 2023
When you have $100,000 in bills waiting to be reconciled, you may be leaving significant money on the table. In our practice, that is exactly what we faced in 2020 when we realized the need for extra help in submitting insurance claims and performing reconciliation.
We found just the help we needed when we partnered with Revenue Cycle Management (RCM). The results have been impressive, with our accounts receivables reduced by more than 40 percent compared to when we handled all the billing work ourselves.
Alleviate Strain & Pressure on Doctors & Staff
As eyecare professionals, you sign up to help and care for your patients. Your support staff’s most important work is serving patients. When billing tasks become overwhelming for your workforce, attention is diverted from patients. RCM takes care of all the back-office billing operations, allowing us more time to focus on patient care.
This ability to enhance our attention to patient care has significantly contributed to the substantial growth of our practice since we started using their services. Our annual revenue and patient volume have doubled in the last four years, and the support we get from RCM plays a crucial role in that sustained growth.
An Improvement-Minded Team Member Devoted to Your Practice
When you partner with RCM, you get a dedicated billing expert devoted to your practice. They guided and supported my staff from the beginning, providing expert advice on tasks such as correctly filling out paperwork for medically necessary contact lenses. These pointers, along with the many other services from the RCM team, have helped us recapture money that would otherwise have been lost.
Bills Never Pile Up Anymore
RCM ensures bills are always dealt with and payers reimburse us promptly. All we have to do is post the receipt on our EHR, and the RCM team takes care of billing the payer. When we post an exam receipt to our EHR, they handle billing for those exams, contact lenses and related services.
Shortly after signing on with RCM and having them handle the reconciliation process, we were able to capture around $10,000 that would likely have otherwise been lost. And that was just the beginning. Over the last four years, we have realized significant advantages in time, money, staff and doctor quality of life from partnering with RCM.
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Transform Efficiency & Free Up Staff
Before outsourcing our billing to RCM, our opticians handled all the billing work, and three hours per week of my time was spent just reconciling claims.
Now, all my staff has to do is post the receipt and provide any missing information needed to submit the claim that RCM doesn’t have access to. Once the receipt is posted, the RCM team bills the payer and reconciles the EOBs for us upon reimbursement.
I almost think of the RCM team as another employee. If we are fully booked, the fact that our staff doesn’t have to do the majority of billing work makes all the difference in providing excellent patient care and satisfaction. The incredible support from the RCM team helps free up 2-3 hours per day for my staff overall, which they can now devote to our patients.
Now I can focus on patient care and growing the business side of the practice. Our office is still learning and growing, but with help from RCM, we are well-primed to provide patients with undivided attention while ensuring we are always paid in a timely manner.
Allen Chung, OD, is a partner with Focal Optometry in San Diego, Calif. To contact him: allenchung.od@gmail.com
