Revenue collection is one of the most difficult and necessary procedures of laboratory practice. However, it also remains one of the most frustrating parts of healthcare organizations from large multi-specialty to small independent pathology practices.
In addition to this, the complicated tasks of medical billing/coding, reimbursements, bad-debt write-offs, and patient responsibility put huge financial pressure on pathologists.
Moreover, the latest developments have arisen new challenges for practitioners, they have limited time for administrative tasks. No doubt, patient care is and should be the priority of your practice. But practitioners should also concentrate on optimizing collection rates and focusing on revenue cycle management.
Among top ideas for strengthening laboratory practices, A comprehensive response to rectify these economic troubles is to hire a reliable lab billing company. Billing experts submit, track, and collect on your behalf from the insurance agencies. Thereby, they reduce your administrative burden, eliminate your stress and guide you to build a profitable business.
Before moving further let’s have a look at some of the challenges associated with your RCM process.
- Billing and coding errors.
- Health information technology challenges.
- Lack of staff training.
- Failure to monitor the entire claims process.
Strategies To Stabilize Finances of Your Practice
Here are some approaches that help you accelerate the financial growth of your pathology practice efficiently.
Mitigate Billing/Coding Errors
Often, your team focuses on providing quality care services and doesn’t provide the much-needed attention to medical billing. It can negatively affect your bottom line in the following ways;
Risk of Penalties
Regardless of how accidental the errors are, your practice can incur penalties for fraud although these mistakes are simple.
Your staff has to spend extra hours to resolve the issue because of billing errors. This may influence your revenue stream and put a significant impact on the financial stability of your business.
Persistent errors can trigger billing audits and investigations that can be damaging to the reputation of medical practice. This may cause a loss of time and drive patients away from practices.
What’s the solution?
Subsequently, the reliable solution to all these problems is outsourcing your pathology billing to a third party service. Experts in coding and billing services help you get familiar with the errors to avoid them on time.
They are niche expertise as well as have broad capabilities to handle your tedious billing and coding procedures. They help all healthcare facilities get every last dollar and increase profitability so they can stay independent.
It is also helpful for a practitioner to engage well-trained and qualified medical billing staff. Who knows the significance of the quality of the data they deal with every day.
Having a competent medical billing process in place can save your staff time. This helps you maintain financial stability in a quickly changing landscape.
New Tech Advancement
Healthcare technology has altered the way practices perform. However, without the technology, it would be time-consuming to use paper-based methods to enter data. It also increases the risk of mistakes in financial details and patient data. Accessing patient documents digitally also saves your time and enhances productivity.
Unfortunately, various medical facilities don’t have the capital to invest in the latest technology. Some providers end up consolidating when they aren’t able to implement technology while others outsource.
Billing professionals allow faultless medical billing for the development & smooth running of the healthcare business. They help you to put billing infrastructure and advanced technology in a frame to successfully manage claims.
An experienced medical billing team understands the importance of technology within revenue cycle management. Embracing new tech advancements streamline RCM, facilitate provider-payer interactions, and help you avoid bad debt. It is likewise more useful if the medical practices have IT experts onsite at all times to manage any IT-related problems.
An optimized medical billing and coding process can bring about positive effects on your business. Therefore, you can remove obstacles on your way to attain your financial objectives.
Medical billing experts with the integration of up-to-date tools and recent technology uplift the practice management system efficiently. They have the right expertise to assure precise medical coding and accurate medical billing.
In addition, they provide innovative medical billing solutions which assure the least or no errors in the whole coding and billing process.
Regular Staff Training
If your staff has not adequate training, they might not capture patient’s data accurately and not bill correctly. The administrative staff must be responsible to properly capture the demographic information of patients in the front-end office. They must know how to translate the information for filing successful insurance claims. Therefore, increasing your staff productivity from time to time is also an important task for labs.
Taking the perspective from the RCM process, the most accurate information upfront begins with patient registration and scheduling. This gives the foundation by which bills can be invoiced and settled in the most effective manner possible.
However, it can save a healthcare organization money in the long run as the staff training might be expensive and time-consuming. Coders will need to stay sharp with the unique abilities they acquired if they want to proceed for strengthening the bottom line.
So, a well-trained team can lessen billing and coding inaccuracies by making the entire process of billing more streamlined.
Monitor Claims Process
Another integral aspect of revenue cycle management is to strictly monitor claim processing at every step of its life cycle. Practitioners wouldn’t able to recognize any error if they don’t watch the claims closely. Besides, they wouldn’t be able to figure out a coding issue, consequently, revenue will be lost.
Outsourcing your medical billing services allows you to identify why a payer is denying claims routinely for a given procedure? Dedicated billing teams provide automated billing solutions which eliminate the need to spend hours researching the issue. They automate the entire billing cycle and save time for other important duties.
Furthermore, a smooth claims process helps a healthcare organization to be financially stable. It can also improve revenue cycle management efficiently.
It is better to go ahead rather than sticking to the traditional conservative methods as healthcare innovations are on the rise. It will also level up the medical coding and billing standards and will be advantageous for introducing interoperability.
You’ll be all set to outsource your pathology lab billing services just follow the steps in this article. Your business will enjoy all the profits these services can provide once you have the right service provider and the right set of tools in your hands.
LaboratoryBillings.com is here to support your lab medical billing needs and is ready to answer your queries. Our purpose is to simplify your healthcare revenue cycle management by performing claims tracing analysis or implementing best practices. Contact us, today to learn more about our services!