Continual cash flow and healthy accounts receivables are critical for your eye care practice during the unprecedented novel coronavirus (COVID-19) pandemic. Now’s the time to look at your AR and aging bucket to prevent serious cash flow problems down the road.
Medical billing rejections and denials are often used interchangeably; however, there is a distinct difference. A rejected medical claim fails to meet specific formatting, billing criteria, and data requirements.
Because a rejected claim has never been processed by a clearinghouse, insurance payer, or the Centers for Medicare & Medicaid Services (CMS), the claim is not considered “received” and it did not make it through the adjudication system.
In an era of declining reimbursements, high-deductible health plans, and constant industry challenges, profit margins are tighter than ever for most optometry and ophthalmology practices. Healthcare professionals should be able to focus on patient care—instead of medical billing paperwork and payments.