No one can deny the fact that cash flow shortages are the number one reason for businesses failures. Because, the long term survival of any business is not possible without achieving financial stability. Similarly, laboratory practitioners are also facing immense challenges to keep their business on the right track.
After the current pandemic, most healthcare providers have suffered from a host of social-economic challenges. They had to stay engaged in the patients’ care and didn’t get sufficient time to manage medical claims efficiently. Which resulted in high rate claim denials, constant revenue leakage and obviously cash flow disruption.
So, in order to recover from the current economic situation, you should implement a strategic savvy revenue cycle management system. Which is important to streamline the cash flow of your practice.
For this purpose, successful laboratory billing and coding is the key to strengthen the bottom line of your practice. Therefore, you should never take this aspect for granted.
However, if you are finding it difficult to manage an in-house billing team while providing quality care to the patients. Then you should hire a lab billing company that’d offer you services and dedicated resources according to your business size.
Outsourcing is a more proficient solution for your organization. Because you would get stress-free from hiring, recruiting, and training employees in your office premises. While a professional billing company would be handling your accounts and keep you up-to-date with your financial progress.
However, here the following solutions you can adopt to collect your hard-earned revenue.
1. Offer Flexible Payment Options
The more flexible payment methods you offer to your patients ensure that you get paid quickly. You must understand that the patient’s bad experience on the financial side can leave a negative mark on your laboratory practice.
So it is important to conduct a quick analysis to determine the patient’s feasibility to pay. You should offer easy to access payment options. For example, you can ask your clients to pay via credit, debit cards, or any other online methods.
In addition to this, you must follow a systematic procedure to aware patients of their financial responsibility. For this purpose, you must share clear terms and conditions with your patients. So they can get a better idea of their financial role.
Moreover, reminding them about co-pays, deductibles, or due payments through proper channels is another best option to maximize revenue collections.
2. Integrate EHR/ EMR
It has become a traditional method to manage all your documentation on the papers. Therefore, you don’t need to rely on the old and inefficient manual system. Collect your patient’s information from the automatic solutions and manage it on cloud-based solutions for EHR and EMR.
So whenever needed, patients can also update their information from online portals. Also, lab technicians can follow-up with the latest information and closely monitor real-time changes in the patient’s healthcare data.
In this way, lab technicians would never rely on outdated information and prepare medical claims by using the right data. With 100% accurate information, medical claims would also get reimbursed easily.
Therefore using automatic solutions is the best way to ensure the efficiency of independent laboratory billing services.
3. Stay Updated With Latest Coding Guidelines
Laboratory billing and coding is an ever-evolving environment. Therefore, billers and coders should stay abreast of the real-time changes in the US healthcare system.
So, in order to keep pace with the ever-changing medical industry, coders must undergo constant training. Because regular training keeps them updated about the new, deleted or modified medical codes.
In this way, medical coders become better able to prepare claims with an accurate, highly specific set of medical codes. Which also enables them to file the claims by following the latest guidelines provided by the insurance payers and federal legislations.
As a result, lab technicians can successfully increase their sources of revenue generation. And discover potential areas of profitability throughout their revenue cycle management system.
This approach will leave no room for any reason that can cause claim denial or rejection. It will help laboratory billing specialists to prepare the maximum number of clean claims and collect optimized revenue.
Moreover, medical coders should use the latest classification of coding systems (i.e. ICD-10) with high precision and accuracy.
You should pay special attention to the process of medical coding because it is also very important from a compliance perspective.
Coding errors such as: unbundling, upcoding and over-coding can land you in legal troubles. You have to face federal penalties and heavy fines because such coding practices are considered as medical frauds.
4. Timely Claim Submission
It is essential to prepare accurate medical claims and submit them to the insurance company promptly. If the administrative staff would not process the medical bills within the given time window of insurance payers. Then they would not be able to receive reimbursement for their laboratory services.
Therefore, lab practitioners should monitor their revenue cycle management closely. Because it is the best way to identify and eliminate any information silos that can impact administration negatively.
Moreover, lab billers should also make sure that they file error-free claims. They should follow the federal regulations, payer’s guidelines and latest laboratory billing standards while submitting claims. In addition to this, they should file the claims before cross-checking the following information:
Patients’ information (Name, date of birth, address, phone number, etc. ).
Insurance information (insurance ID, Policy, patient’s eligibility verification).
Duplication of claims.
5. Regular Follow-up
Most of the lab technicians leave the ball in insurance companies’ court after submission of medical claims. They don’t follow up the claims that negatively affect the entire revenue cycle management.
Therefore it is important that your billing team has access to the advanced tracking software to monitor the submitted claims. They should track every single claim until you get paid.
Want to scale up the revenue collections for your lab practice? Laboratory Billings is here to offer you a highly transparent and completely customized solution for your revenue cycle management. Contact us to make the best deal for your lab business.