Maximizing Ophthalmology Revenue Cycle with NextGen EPM Support

Whether your ophthalmology office is seeking more efficient patient record management solutions, wants to streamline clinical workflows, or improve billing and revenue cycle management, EPM software can be a game-changer.

Those of you who have already implemented NextGen EPM are aware of its numerous benefits. But are you maximizing its full potential?

To ensure you’re getting the most out of NextGen EPM in terms of revenue cycle benefits, you’ll want to target every step of the finance and billing process, from the initial scheduling phase to reimbursement. Seeking NextGen EPM support can help you optimize each step, ensuring you get the most out of your software.

Improving Finances for Your Ophthalmology Practice

You didn’t likely become an ophthalmologist because of your interest in medical billing and coding. However, without this aspect of your business, your practice can’t succeed. Navigating the complexities of your revenue cycle is part of the deal, and when you get it right, you can prevent money leaks.

Addressing Challenges in Ophthalmology Revenue Cycle Management

In healthcare today, ophthalmology practices must focus on all aspects of their business while ensuring optimal patient care. This balance between financial sustainability and patient care can be challenging, which is why it's essential to implement systems and solutions that enhance automation and overall efficiency.

There are certain drivers that are creating ongoing hardships, including rising operating costs. While many businesses can adapt by simply raising prices, most ophthalmologists operate based on fixed pricing. Furthermore, sticky or reversing third-party payments are exacerbating the issue. Practices within urban markets where there is an excess of providers are feeling the effects of payers having more pricing power than doctors.

While a high level of patient care is the top priority, you can’t continue operating a practice without being profitable. The key is optimizing revenue and patient care by leveraging the necessary technology and support. You’ll also want to take advantage of templates and dashboards, like TempDev’s revenue cycle dashboard.

Boosting Revenue via Specialized NextGen EPM Support

There is no denying the power of NextGen, thanks to its time-tested, robust range of features. If implemented correctly, practices can achieve greater efficiency, which can be both a benefit and a challenge. For those without NextGen EPM expertise, customizing this software to meet the growing needs of your individual practice can be challenging.

One of the first steps to improve NextGen revenue cycle management is to leverage templates, dashboards, and reports. As you streamline workflows and automate processes, you not only reduce the risk of errors but also make it easier to complete accurate coding and documentation requirements.

For example, when using TempDev’s revenue cycle NextGen EPM report, you can see all relevant metrics in one place. Quickly and easily view claims denials by reason, payments, and adjustments (categorized by payor or financial class), and other aggregate revenue cycle data.

At a glance, you can identify potential problems, trends, and address the root causes of underlying issues. For example, if you can see the most common reason claims are being denied, you can intervene. Perhaps poor medical coding is a persistent issue, resulting in incorrect invoices. And for some, failure to collect is something that needs to be addressed immediately.

The Advantages of Customized NextGen EPM Support

While NextGen EPM has built-in workflows and templates designed for ophthalmology, you may require custom tools and templates adapted to your unique needs. For example, the TempDev team created specialized solutions to document retinal imaging and procedures, which is just one example of how TempDev supports specialists.

TempDev collaborates with your practice to develop templates that optimize your workflows by addressing your specific needs. You may want to remove unnecessary items that aren’t of value to you, add new fields, and share fields across other templates to streamline documentation.

Consultants also work with individual practices to streamline workflows and billing processes, helping to save time and increase revenue. By seeking and receiving this level of NextGen EPM support, you can get the most out of your software. This partnership can help identify trends as you track financial performance. In turn, you can take advantage of custom development services that make sense for your practice, which will help improve productivity and increase ongoing revenue.

How TempDev Can Help Your Ophthalmology Practice

TempDev is the healthcare industry’s premier consultancy for EPM revenue cycle management. It supports all aspects of NextGen software and tools, including the specialized needs of various professionals.

Expert consultants stay ahead of industry trends, helping practices implement the latest and most effective solutions, including those related to AI in terms of ROI and revenue management, as well as EPM data security and compliance. Consultants can guide you through changing insurance policies, which ophthalmology is particularly vulnerable to because of constant coding and coverage updates.

A comprehensive revenue cycle assessment of your ophthalmology practice can result in advanced system configuration, workflow redesign recommendations, and training on best practices. These changes encourage long-term success, especially when analyzing:

• Appointments

• Charge lag

• Claim submission

• Claim lag

• Accounts receivable

• Unapplied credits

• Denials

Maximize ophthalmology revenue cycle processes with expert NextGen EPM support. Benefit from hands-on guidance and training to ensure sustainable growth. Contact us via message or by calling 888.TEMP.DEV today.