How Can Outsourcing Laboratory Billing Services Get Your Lab Practice Back on Track?
In this challenging era, healthcare heroes are busy saving people’s precious lives while risking their own lives. They honor us all with their commitment, dedication, and professionalism. But unfortunately, healthcare organizations worldwide face unexpected and sudden challenges in terms of poor financial management and revenue collection. In such circumstances, outsourcing laboratory billing services is the best solution to keep a lab practice on the right track.
Off-shore lab billing experts reduce your excessive administrative responsibilities and allow you to focus on the patients’ care mainly. Based on their extensive industry experience, billing experts keep your revenue cycle management optimized and prevent revenue leakage.
No-doubt, laboratory billing is a time-consuming and hectic process. Moreover, the constant evolutions in terms of federal laws, insurance policies, lab billing, and coding rules have collectively made this process more complicated than ever before.
Moreover, lab billing and coding is a full-time job. That’s why lab technicians find it difficult to manage this process along with their medical obligations. In such circumstances, hiring a professional lab billing company serves its purpose.
Here’s how you can increase your growth index by outsourcing laboratory billing services.
Improve Clean Claim Rate
The optimization of a lab revenue cycle management is highly dependent on the submission of clean claims because error-free claims are essential to maximum reimbursements in minimum time. It is also a fact that lab practitioners lose a significant amount of their revenue because of the high rate of claims denials. Undoubtedly, claim contradictions have become common due to the regulatory changes or lapses in lab billers’ training.
But when the denial rate exceeds its specified limits, you may have to face dire consequences. Moreover, it’s a fact that resubmission of denied claims is more time-consuming and hectic as compared to filing the claims for the first time. A professional laboratory billing company has a dedicated and well-experienced lab billing team to scrub your claims for errors and track them all the way to reimbursements.
They double-check the claims to ensure that requests don’t contain incorrect patient demographic information, wrong medical codes, duplicate billing, incorrect modifiers, missing deadlines, etc. As a result, they file clean claims that ensure timely reimbursements.
In addition to this, the sole purpose of a laboratory billing company is to boost your lab practice’s profitability. Their responsibility is to ensure that their billing team undergoes thorough training to get the- in-depth knowledge to submit medical claims properly. Outsourced lab billing experts reduce the current denial rate as well as prevent such occurrences in the future.
By outsourcing laboratory billing services, you don’t need to invest a significant amount of money in hiring, training, salaries, incentives, bonuses, paid leaves, annual increments, purchase, and software/hardware maintenance to sustain an in-house lab billing team. That handles your revenue cycle management.
The primary responsibility of a lab business is to deliver quality care services to patients. But it’s a fact that managing prior authorization, billing operations, customer service, and providing care to the patients simultaneously is quite burdensome for you and your administrative staff. It may divert your attention from your core aspects. On the other hand, by outsourcing lab medical billing services, your staff get rid of spending more time keying in information and preparing medical claims.
They can utilize this saved time in improving the patients’ satisfaction by spending a considerable amount of time responding to their queries. Moreover, you get the services of a dedicated workforce at a fraction of your existing IT costs.
Ensure Transparency in Collection Process
Reliable laboratory billing services providers ensure that lab practitioners stay well-aware of their revenue cycle management growth index.
They establish a transparent collection process and educate healthcare providers about the ongoing changes in the healthcare industry. They provide regular analytical reports to keep lab technicians updated with their revenue collection management’s current status.
Outsourced laboratory billing specialists use smart software solutions that integrate with your systems and ensure smooth information flow. They also provide you transparency through the provider portal of their software system. So you can keep check and balance on your revenue cycle management.
Billing Services for Lab Practice: Streamline Cash Flow
By outsourcing lab billing services, you can boost the productivity of your lab practice. You get quick reimbursements with minimum effort and investment. Because outsourced lab billing experts help you save a hefty amount in terms of operational costs, they have advanced technology to optimize the billing and coding processes. Which decreases the chances of errors, and laboratory practitioners enjoy a streamlined cash flow.
Laboratory Billings is a 100% HIPAA compliant lab billing company in the United States, which has provided transparent and reliable laboratory billing services to enhance the cash flow of your practice. Contact us to schedule a free business consultation with our lab billing experts.