The US healthcare authorities have been emphasizing the medical industry to shift their practices towards value-based care models since 2018. Therefore, healthcare providers need sufficient resources to make sure that they deliver quality patient care services.
For that purpose, they should also focus on generating sufficient revenue that can help them to achieve their business success goals. In order to drive positive business outcomes, lab technicians should adopt innovative lab billing solutions. So that they can stay afloat above all the challenges even during the time of economic crisis.
History:
The Centers for Medicaid and Medicare play an active role in this campaign. Their mission is to replace that orthodox fee-of-service healthcare model with value-based patient care services.
Therefore, they introduced such health coverage plans for their beneficiaries that could help patients to easily afford their healthcare dues. Their decision also proved beneficial for medical professionals because they realized that CMS has rewarded the overall medical industry with incentive payment plans.
That encouraged medical care providers to improve the quality of their services for patients’ satisfaction. However, in order to get completely funded from such up-to-date reforms_ healthcare providers should adopt innovative billing solutions.
Medical labs should also step towards the latest reforms so they can increase the profitability of their practice. Especially, when independent labs would take the decision to make their business more competitive then they can gain an edge.
Even if you’re a hospital that has an associated medical lab_ you also need to consider from where you can drive extra profit from your labs. Because it is a very promising field in the healthcare industry.
Somehow, most healthcare facilities are struggling to leave FFS and hence they can’t take an independent decision.
FFS( Fee-For-Service):
This financial policy for several healthcare facilities means that they can charge a single fee & an additional fee for the patients’ appointments. It covers the fee structure for; patient’s diagnosis, laboratory tests, screening, and more.
If a lab technician only prefers to drive desirable income then this is a go-to model for such healthcare providers.
However, this model just considers the volume of the patient in order to charge a single & an additional fee. Therefore, it has nothing to do with value-based care services.
Also, those healthcare organizations that don’t have upgraded medical billing systems_ find this model more feasible. Because it is difficult to deal with a multitude of branches of insurance bills.
While innovative lab medical billing solutions can help lab technicians go the extra mile. For example, if a medical lab decides to outsource lab billing services then they can get a competitive edge.
In such a case, a third-party medical billing agency would be handling all the claims of the healthcare providers. So it would be their responsibility to categorize private, public, and government medical bills.
Also, they would be responsible to collect all the payments from these insurance companies. So lab professionals won’t need to categorize their patients on the behalf of their health coverage plans.
Instead, they can equally provide a satisfactory patient experience to each of their customers. While a lab billing company would handle the complete revenue cycle management system.
So that’s how innovative lab billing solutions help lab professionals and associated healthcare providers to shift towards value-based care services.
What Is a Value-Based Care Model?
As I mentioned earlier that value-based care models allow healthcare providers to focus on the quality they deliver with their services. Because due to the new payment models, patients have increased financial responsibilities when it comes to their health.
Such health coverage plans have made patients active payers from passive receivers. So now when patients have to pay from their pocket_ then they have become more concerned about the quality of care services.
This is a common phenomenon that we can see in the world of business. So when the production increases with the demand then the customers’ expectations also increase implicitly.
Therefore, the better quality a healthcare provider delivers to the patient_ the more they can improve their business. The same goes for every specialty in the world of medical labs such as; toxicology, pathology, census entry, and molecular labs.
With an increased customer base, healthcare providers would ultimately become capable to increase their source of income. In order to deliver value-based care services, medical providers should focus on care coordination and prioritize the patients’ demands.
Significance of Lab Billing Solutions:
Innovative laboratory billing solutions help lab professionals to increase their profit margins in the following ways;
With advanced medical billing technology; practitioners can record, manage and share data easily.
They can categorize their incentives in order to proceed with the goal-oriented medical billing system.
Meet the deadlines of individual insurance companies to claim their payments at the right time.
With these solutions, lab professionals can also meet the demand of modern times. Also, they can scale up the impact of their business from the current position.
Are you struggling to shift towards new value-based care models? Laboratory Billings offers innovative lab billing solutions that can help lab professionals to increase the scalability of their business. Request a free demo of our advanced and reliable laboratory medical billing and coding solutions.
