First stage of a typical revenue cycle for optometry medical billingFirst Stage of a Typical Revenue

First Stage of a Typical Revenue Cycle for Optometry Medical Billing The Healthcare Financial Management Association (HFMA) defines revenue cycle as "All administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue." The revenue cycle comprises of the entire life of a patient right from preregistration to payment. An organized revenue cycle management for optometry medical billing ensures hassle-free administration. Patient access is the most significant component of the healthcare revenue cycle. Revenue can be gained or lost in patient access even before care is delivered. Putting emphasis on front-end administrative and financial operations takes care of this problem. Preregistration - The First Stage of a Revenue Cycle Preregistration is the first patient encounter where efficiency and accuracy impacts the practice’s revenue. Collecting demographic and insurance information prior to registration is called preregistration. Preregistration marks the first stage of revenue cycle for optometry medical billing. Using preregistration to clear patients financially before they are scheduled for treatment protects payer reimbursements, creates opportunities to collect payments and improves patient satisfaction. This results in faster revenue realization and accelerated cash flow. Some tasks which need to be carried out at this stage are:  Gathering accurate patient demographic, insurance and clinical data  Conducting real-time check with the payer system for verification of insurance information  Making the patients aware of their financial obligations  Notifying them in advance of what documents will be required Benefits of Preregistration

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Accurate, complete and timely registration helps in smooth functioning of front, mid and back offices. This enables your clinical staff to treat patients without encountering delays. Preregistration gives way to seamless reimbursements which is crucial to the economic growth of both, large and small practices. It helps to gather accurate and timely collection of information. As the treatment of a patient advances, the ability to collect information as well as cash greatly decreases, which lowers the revenue generation process. As a healthcare service provider, it's highly imperative that you have an efficient revenue cycle management (RCM). Omissions to Avoid in Preregistration Incomplete or inaccurate insurance information is the most common mistake which results in denials from payers. The patient's name could be spelled incorrectly or there could be a possibility of a mismatch in the patient's date of birth or gender. Preregistration helps in accurate billing of the insurance and decreases the number of denied claims which improves the financial position of the clinic. MedicalBillersandCoders.com helps physicians to streamline their practices. Their billers can apply standard CPT, HCPCS procedure and supply codes, and ICD-CM diagnosis coding as per CMS guidelines. A dedicated billing and coding team ensures timely filing of claims, managing denials, following up with insurance companies and other tasks. Their billers are equipped with the demands of ICD-10 coding and HIPAA 5010 medical reporting compliance. MBC constantly provides a proactive outlook for opportunities and challenges in optometry billing management.

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