Are you startled due to high costs over the past few years?
Are declining patient collections and larger medical bills bothering you?
You must have effective strategic planning to cope with these havoc financial challenges. Studies have shown about sixty-two percent of administration costs of lab professionals are spent on insurance-related & billing procedures. This number was not a concern if collection rates were higher. But, thirty-six percent of practice showed more than ten million US dollars of bad debt in the previous year. That’s the reason lab professionals are looking for ways to recover collections of patients efficiently.
Outsourcing lab billing services may help you improve the collection rate while lowering these rising costs. Besides, high deductibles plans have become a hot topic in the United States in the last few years. These high deductibles are leading to declining patient collections.
On one side practitioners are trying hard to collect the unpaid bills and on the other side, patients are continuously trying to cover the ever-growing medical expenses. If lab professionals want to prevent crippling potential losses then the patient collection rates should be increased. The basic concept of better education and communication of owed medical debt revolves around successful patient collection strategies.
Improving Patient Collections
Lab professionals are so busy handling non-medical as well as medical processes. But, their sole purpose should be their patients rather than the mundane lab billing operations. According to a report, the twenty-third percent of patients stated they have received information about the costs and payment options during visiting the practices for seeking care services.
Though, the office staff is encouraged to discuss payment plans and every aspect of care with the patients. Enlisting an outsource billing expert helps you take the burden off of a busy employee and focus on what matters most_ your customers.
Reduction In Administrative Cost
It doesn’t always be a cost-effective solution for lab practices to hire in-house staff to oversee the billing. It keeps staff addressing more patient-related issues when they chase unpaid invoices and spend their time processing patients’ payments. Outsourcing lab billing and coding services can save the time or money that you likewise spent to hire additional staff or on their part-time salaries. This also saves your costs on training & educating staff about new billing/coding protocols and helps you address other more pressing matters.
Over the last year, the COVID-19 heightened the healthcare cybersecurity threats severely. Over the past three years, about ninety-three percent of lab practices have faced data breaches. To build trust between the consumer and practitioner the security of billing data, patients’ information, and claim data has a paramount significance. Certified billing agencies protect both patient and provider data against breaches.
Billing professionals help you gain the trust of your patients by offering heightened security measures and compliant billing services which resultantly provide numerous advantages to a lab facility.
Fewer Human Error
For filing one claim, lab practices are asked to cooperate with big insurance agencies, numerous authorities, out-of-network offices, etc. Errors in the billing codes and paperwork submission may occur if not communicated appropriately with payers which as a result further delay reimbursements.
Lab billing professionals use smart technology and advanced solutions to scan the accuracy as well as consistency. Essentially, they eliminate the possibility of human error. You get faster reimbursements when there would be fewer errors and fewer denials.
3 Ways Outsourcing Boosts Patient Collections
Many lab facilities use multiple sources or frameworks to manage billing information, patients’ records, claim history, and insurance details, etc. Overworked staff often can file incorrect data and create disputes while accessing these systems to capture data. Consequently, reject unexplained medical claims and patients also get confused or do not understand their financial responsibility.
At this point, lab billing experts have the resources and time to streamline patient and provider collections with the help of innovative lab billing solutions.
Practice Management System
Billing specialists leverage tech advancement and efficient practice management systems within your existing systems. Because, often, the administrative staff is so busy with the multiple procedures in the various departments that they create errors in the billing processes and miss deadlines that are important.
Practices do not require to install new protocols and update the previous ones when a practice management system is integrating with all existing frames.
When you provide a clear billing plan to practice. Patients become able to better understand the different payment options and their financial responsibility efficiently. Lab billing experts have the knowledge and expertise that help practitioners to create user-friendly bills.
Patients will pay on time and trust the source when they become familiar with the intent and plan of the bill. Contracting with a third-party billing agency handles your administrative duties efficiently and helps you see improvements in your collections.
Consequently, it will show that outsourcing can help you create a more streamlined workflow, lower costs, and provide the best services to your patients. So, it could be a great way to avoid bad debt and increase patient collection rates when healthcare costs are continuously rising.
Streamlined Patient Payments
Patients look for easy ways to track their finances and pay bills. Professional revenue cycle management services help you to create and maintain infrastructure. So, you become able to offer a variety of traditional and electronic methods of payments to your patients.
Patients can pay their bills through mobile phones by messages, online portal, text, and from any location scanning QR code within seconds to pay bills. This helps you enhance patient collections presenting patients choices to pay instantly that are otherwise delayed via the mail. In addition, the online portals enable the consumers to view the entire history of billing. It helps lab practices to collect the funds quickly when an outsourced billing expert uses the tech advancement in the billing system.
On one side, through one simple interface, you can also manage payment functions and all patient billing. They can access a portal where they are able to opt-out & in- similarly in various choices such as text alerts, eStatement, paper, etc. Kaiser health showed in a recent study that about sixty-seven percent of patients are worried about the surprise bill. Without financial safety nets receiving unexpected and excessive bills can be overwhelming for the patients. Lab professionals do not have to struggle with high out-of-pocket costs and chase the patients. They collect the full amount owed by offering payment plans to consumers.
Start Off 2022 On A High Note
Positions your lab business for a tremendous beginning & see excellent financial viability. Laboratory Billings offers streamlined laboratory billing services powered by advanced technology & smart solutions to boost patient-provider collections remarkably. Get in touch with our consultant today. Let’s discuss if our best-in-the-class services may be a good fit for your practice!