Did you know that 9 out of 10 charts audited have an opportunity? Those opportunities include significant revenue potential for your practice or audit protection. In this episode of the Power Hour podcast, Eugene Shatsman sits down with Dr. Viktoria Davis to uncover quick wins that can help you get paid more for the work you do in your practice while protecting your valuable business assets.
Dr. Davis, a successful practitioner in Minnesota, shares her expertise in identifying common areas of underbilling and overlooked billable services that could cost your practice thousands of dollars. Together, Eugene and Dr. Davis delve into the complexities of different level billing codes, including levels 4 and 5, and discuss their potential associated audit risks. Dr. Davis also reveals the most frequently underbilled services in optometry and guides you on correctly utilizing higher-level codes to ensure you receive the reimbursement you deserve.
In addition to billing tips, Dr. Davis shares valuable insights on practice management, such as the advantages and disadvantages of remote billing operations and how to choose the right approach for your practice. She also discusses the importance of accurate and compliant charting, emphasizing the need to avoid shortcuts that could lead to claim denials or audits.
Whether you’re already doing significant medical billing or looking to expand into this area, this episode is packed with actionable insights to protect your practice and boost your bottom line. Tune in to hear steps you can take to get paid what you deserve from insurance companies.
Key Takeaways:
- Identify and eliminate underbilling: Learn about the common areas where practices underbill and the most overlooked billable services that could cost you money.
- Navigate billing code nuances: Understand the complexities of level 4 and 5 billing codes and the potential audit risks involved. Get guidance on how to use these codes correctly to maximize reimbursement.
- Charting with ‘shortcuts’: Discover how to avoid using shortcuts that could lead to claim denials or audits in your charting. Learn best practices for accurate and compliant documentation.
- Remote billing operations: Explore the pros and cons of remote billing operations and how to determine the best approach for your practice.
- The future of medical billing: Gain insights into the evolving medical billing landscape and what it means for your practice. Stay ahead of the curve and adapt to changes in regulations and technology.
- The Power Audit: Dr. Davis also introduces the “Power Audit” service, now available to the general optometric community. The Power Audit starts with 10 medical, non-vision plan charts to have a team of billing and coding experts review with a fine-tooth comb to uncover hidden revenue opportunities.
In this episode:
00:21.13 Becoming an expert in billing coding
02:29.61 Self-taught and learning about offered resources
03:53.68 A practice without vision plans
07:39.91 Mistakes that cost money at a billing practice
11:37.73 Common underbilled services
14:11.92 Level 4 fears
18:07.37 Significance of auditing
20:03.76 Auditing with EHR
24:27.46 Charting with ‘shortcuts’
26:36.14 Remote billing operations
29:07.40 Choosing practice levels
30:09.66 More underbilled items and ROI findings
35:02.57 The benefits of insurance and cash pay for certain services
38:27.56 Workflow recommendations inside a practice
41:57.55 The future of medical billing
45:21.83 Selecting audit-friendly charts
Connect with Dr. Victoria Davis:
Dr. Davis grew up in Novato, California, and graduated from Novato High School. She attended Gustavus Adolphus College in Minnesota, earning a magna cum laude degree in biology. She received her Doctor of Optometry degree with honors in 1999 from Pacific University College of Optometry in Oregon, where she was awarded Outstanding Student in Physiological Optics and Outstanding Clinician. Dr. Davis completed an internship in pediatric eye care in Washington. She was named “Minnesota Young Optometrist of the Year” in 2005 and served on the Minnesota Optometric Association Board from 2010-2012. Currently, she is president of the South Central Optometric Society and serves on various committees. In 2021, she was named “Minnesota Optometrist of the Year”. Dr. Davis lives in Madelia with her husband Steve and their two children. She enjoys reading, sewing, and dancing with the Mankato Ballet in her spare time.
Website – https://www.madeliaeyes.com/wp/
Connect with Eugene Shatsman:
Website – https://www.eugeneshatsman.com/
LinkedIn – https://www.linkedin.com/in/eugeneshatsman
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