The healthcare industry is that always undergo drastic changes and is difficult to predict as well. Recently, the restrictions related to the ongoing pandemic. And the major shift in billing and coding trends has entirely changed the way that a lab business is run.
In this time of uncertainty, healthcare providers particularly in the United States got a chance to know. Whether or not they have successfully converted their laboratory practices into businesses. Because, only healthcare businesses, having optimized cash reserves, strong financial viability stood strong against the uncertainties caused by the pandemic.
For example, the majority of the lab practitioners have to shut their practices just because of the economic downturn. Now, things are going towards normalcy. Just like other businesses, healthcare facilities have started their non-emergency services again. The laboratory practitioners seem to be more committed to providing quality care to the patients. More importantly, they are seriously looking for innovative solutions to keep their lab billing & coding services on the right track.
They have completely realized that without achieving success in the financial aspect of their lab practice. They cannot stand strong in the highly competitive healthcare market. Moreover, according to the industry experts, this time is an opportunity too. As healthcare practitioners have a chance to learn from past mistakes that negatively impact their revenue cycle management. And end the with the high rate of claim denial inconsistent cash flow and unpredicted revenue loss.
No doubt the healthcare billing and coding services have undergone major changes in terms of automation and other digital evolutions. It is expected to witness a great surge in the future too. Therefore, it is crucial for laboratory practitioners to embrace innovations to always stay ahead of the curve.
It has been estimated that approximately 80% of healthcare administrators are planning to invest in artificial intelligence-driven systems since 2020. And the ongoing financial crisis works like fuel to fire. So, while moving forward in 2022. Healthcare providers seem more serious about adopting smart and proven strategies for sustainable & successful management of lab billing tasks.
According to the revenue leaders in the US healthcare industry. They are more focused on ensuring efficient medical claims management without compromising the patients’ health. Additionally, here are the much-needed improvements in medical billing services. That almost every healthcare provider wants in the upcoming years.
Patients’ Financial Responsibility
Gaps in patients’ education regarding their financial responsibility are one of the major areas that need improvement. As we all know the fact that patients’ copays and deductibles make up a major portion of the revenue collections. Laboratory practitioners find it immensely challenging to collect patients’ copays. Hence, this is the first area of the healthcare industry that needs special attention and of course improvement.
Practitioners associated with the well-reputed healthcare facilities have said that: one of the major reasons for patients’ reluctance in paying their dues is complicated medical bills. Sometimes, medical invoices can seem difficult to understand even for well-experienced professionals.
Therefore, patients find it challenging to have a complete understanding. That is how much they are supposed to pay for the medical care services they received. Which ultimately impacts the overall revenue collections of laboratory practice.
The best solution for this problem is the availability of sufficient resources in a healthcare facility. That can educate the patients about their financial responsibility with compassion. Thus healthcare providers need the services of the highly trained administrative staff, having extensive experience to deal with patients effectively. Moreover, it is also important to educate your patients about the costs of healthcare services during appointments.
In this way, they will get a better understanding of their copays and will make an informed decision. When the patients make an informed decision, the collections become easier to handle. Eventually, it streamlines the revenue cycle management of your healthcare practice.
Personalized Lab Billing Services
One can’t deny the fact that patients are the major reason that you have stepped into the healthcare business. It’s a misconception that a patient’s financial experience has nothing to do with the success of your lab practice.
As a healthcare practitioner. You must understand the fact that patients having a negative experience while paying their medical bills, usually never return back. This simply means that you have lost the opportunity for revenue generation.
Healthcare providers believe that in the past, patients & lab practices suffered a lot due to the generic approach towards lab medical billing services. Therefore, it is the right time to invest in a more personalized financial experience for the patients. So, they have improved faith in the system.
For this purpose, you should adopt a custom-tailored approach when it comes to dealing with patients. For example, more secure and digital payment options will be in high demand in the future. Because due to the rapid shift towards remote bases healthcare services, patients need more versatile payment methods. By which they can pay their bills without any inconvenience.
Moreover, make sure that your billing staff prepare and submit clean medical claims. Because inaccurate information regarding a patient’s payer network. Or dealing with several primary and secondary insurance carriers can lead to significant delays in collections. It also negatively impacts the financial experience of your patients.
The best solution to combat all such issues is to have a financial advisory care unit in place. That provides 24/7 guidance to the patients, want to know more about your financial policies.
Automated Billing Systems
Gone are the days. When laboratory practitioners used manual methods for patients’ data collection, keeping patients records, submission of claims and even follow up with the insurance companies.
It’s pertinent to mention here that using such orthodox methods always leave a huge room for errors. That eventually results in frequent claim denials and healthcare providers lose millions of dollars annually. So, automation of the manual billing systems has become the goal of every lab practitioner.
As we have already discussed that, providers are thinking of making tech investments to unleash maximum productivity and profitability. That was being locked in the inefficient RCM systems. It has been observed that lab technicians across the United States are trying to support their billing teams by ensuring their access to cutting-edge billing tools. That can also help them in managing the overall administrative tasks efficiently.
Additionally, laboratory practitioners are looking for one-stop solutions i.e. most improved practice management solutions. From patient scheduling to payment posting and all in between, that can lighten their work burden by automating their manual and tedious processes. Incorporating technology in the revenue cycle management not only relieves the excessive administrative burden of your staff. But it also improves the claims management process by eliminating unnecessary billing and coding errors that occur during manual functions.
In upcoming years, technology is likely to transform the entire healthcare industry. Constant staff education and training will become the need of the hour. Because the best use of the automated billing systems isn’t possible until your staff have a complete understanding of its use.
Partnership with Expert Billing Teams
Laboratory practitioners around the world are looking towards envisioning and implementing their financial goals. However, the overall success of a healthcare practice is highly dependent on the two factors. Providing standard medical care to the patients as well as streamlined revenue cycle management.
Both are undoubtedly crucial processes that require expertise and more importantly a considerable amount of time. But with the adaptation to the value-based models, healthcare providers have to stay engaged in their medical obligations. They don’t get sufficient time to spend managing and monitoring the back-end tasks.
That’s why the trend of outsourcing laboratory billing services to competent RCM companies has become a new normal in the U.S. Due to its immense benefits, the majority of healthcare providers are likely to acquire the assistance of professional billing service providers.
Dedicated billing teams can help you to set and achieve your revenue goals. Off-shore billing companies walk the extra mile to translate their clients’ specific goals into reality. They work as an extension to your administrative teams & provide fully tailored laboratory billing solutions, after carefully assessing your needs.
Outsourced billing experts work diligently to keep your claims first-pass acceptance rate high as much as possible. In this way, you can combat the revenue loss. And break the growth barrier of your laboratory practice in a much shorter span of time.
Furthermore, reduced capital costs is another driving factor behind the increasing trend of outsourcing RCM services. Healthcare providers find outsourcing the best way to catch up with their revenue targets. Without spending a hefty amount on managing an in-house billing department.
Are you looking for the best way to maximize your profitability without utilizing extra resources? Then partnering with Laboratory Billings will be the best decision you’ll ever make. We provide the assistance of efficient billers and coders at affordable rates. So, don’t look further and make the best deal for your lab practice.