How does a recession impact lab practitioners? From the last decade, the economic recession has become a recurrent phenomenon. The Healthcare industry has faced deteriorating outcomes and a period of economic instability following the 2020 financial crisis in the US. There is sufficient evidence that economic collapse does affect the lab businesses and patients as well. Moreover, the worldwide credit crunch and financial crisis aren’t letting the lab professionals and healthcare organizations stabilize their finances.
What Does Recession Mean For Practitioners?
There is an inevitable recession in the US that you have never seen before. Besides, right now its effects are not so obvious. But you can’t always take into consideration how this downturn likewise influences your facility financially? The expected fallout from the sharp economic downturn among those potential changes is an inefficient workforce and disrupted workflow.
However, practitioners face declining reimbursements, high expenses, ever-evolving government regulations, burnout, third-party interference, migration, decrease in motivation- these all factors are the combination of crisis-related circumstances. At this point, lab facilities can have difficulty updating technology and optimizing workflows. What makes a difference between a practice stuck in a neutral/worse situation or a booming practice?
Lab professionals may wonder how making operational changes and seeing patients is even possible. They are continuously striving to mitigate the economic impact, reduce operational costs, and optimize profits. Some are tending to adopt innovative strategies for achieving greater financial viability. Once practices understand where to put their efforts, financial improvements can be seen by improving productivity, increasing staffing, renegotiating payer contracts, or embracing value-based care.
Enhancing the Pace of Care: Time Is Money:
It could be challenging for lab practitioners to stay on top of all the billing requirements and keep their team working on updates consistently. Administrative staff feels overburdened due to wearisome responsibilities that keep them busy. Decreasing the time required to perform a particular procedure and improving efficacy can support a healthy margin as well as also save your time. Robust technology and advanced analytical data combine to help reduce the time that you manually require to file an efficient claim. Cutting-edge tools help you get clear insights into the practice functions uncovering the ways to break down the barriers that are decreasing reimbursements. When you get sufficient time you and your staff can focus more on revenue-generating tasks and other core activities of your lab business. You become able to overcome the obstacles by;
- Understanding how to reduce the potential risks & investing intelligently.
- Learning how to manage revenue in your personal life & business-maintaining a good work-life balance.
- Taking professional support from experienced billing experts who understands your unique requirements and can help you make sound decisions.
Systematic Financial Policy
Financial policies and procedures are essential to help ensure every business operation runs smoothly. When you establish good financial policies, it helps you to track the financial performance of your business respectively. You become able to view the thorough verification on the insurance eligibility check and pre-authorization reports. From this, you can reduce the claim denials and optimize the revenue cycle. With an efficient systematic financial policy, lab practitioners can witness the financial status of their business remarkably.
Enable Continual Growth
Flexibility to scale is the key point to remain financially fit. A lab business can get exceptional benefits with the broad suite of solutions when it implements advanced approaches. Efficient EHR/EMR and practice management systems help you automate the billing cycle. Integrating automation and rule engine technology reduces your workload and streamlines your workflows. In addition to this, you become able to enhance the accuracy and agility of the revenue cycle management. Furthermore, the procedure scalability assures that a sudden influx of demands and unprecedented changes are met at the best time without any barriers in the overall revenue cycle.
Strike a Delicate Balance
The priority of a lab facility must be unrivaled patient care. However, getting paid for rendered services & care is critical for staying in business. The fight to stay profitable many times can become less of a hassle with the following steps:
- Staying up with varying rules and fee schedules.
- Being more ready for future transitions, such as ICD-10, CPT, HCPCS, etc.
- Updating collection & billing policies.
- Outsourcing to specialists committed to your profitability.
Outsourcing_ A Way To Cope With Recession
Busy lab facilities have to maintain a balance of a high level of patient care to keep the doors open. They have to deal with the complicated lab billing and coding tasks as well as complete necessary administrative tasks that take a lot of their valuable time. It is difficult to hire new resources and manage cumbersome crucial billing procedures at the same time.
The professional lab billing companies utilize specially trained staff who are knowledgeable and have in-depth know-how of advanced billing and coding systems. They know individual payers & can work within each company’s specific policies and extract a higher amount of revenue in a minimum amount of time. Independent billing services are used to process, file, submit and follow up on medical claims submitted to payers to save the time of your staff. Outsourcing revenue cycle management can also pursue delinquent accounts by keeping a strict follow-up on rejected claims. When you partner with an outsourced laboratory billing company your practice gains access to scale.
Billing experts have efficient lab billing solutions that help you standardize numerous revenue cycle tasks. They utilize tech advancements such as automation/rules engines that help you to complete work faster. They identify the problematic areas in your billing operations and provide innovative ways to address them on time. Additionally, when attention needs to be shifted to more pressing issues you will gain access to highly qualified billers and coders. Besides, when a facility is facing unprecedented changes at this point the bench strength is critically significant. By working with a partner who could ensure key operations like claims management and collections. A laboratory practice can focus on its expansion without sacrificing overall patient satisfaction and day-to-day financial activities.
Alleviate Your Financial Stress
Laboratory Billings_ a trusted name in the US healthcare industry is here to reduce the worry off your shoulders. Our billing experts provide an efficient plan to deal with all types of economic realities and help you see booming times in the future. Contact us now to see how we help your practice stay profitable!