Have you ever wondered that although you have a considerable customer-base still your accounts suffer from bad debt? On the other hand, another toxicology lab near you has comparatively less loyal customers but they are happy with their earnings. When we studied the situation to discover the reason behind this discrimination. Then our team showed the results to the head of business development at one of the leading toxicology labs. Surprisingly, he was left with an expression of “ah-ha”. Because we showed him two accounts that we did experiment on. So when he observed that the account with 50% fewer test orders was at the disposal of higher revenue. While the account that was relatively more number of payers than the previous one_ was less profitable. Certainly, it’s a common scenario in a toxicology practice. This phenomenon impacts the growth of any business to such an extent that it can rotate the picture of your business and competitors completely. So if you think that right now your accounts are incapable of generating more income than your competitors. Then you’d also be experiencing a different situation someday. Only, if you use the right strategies to streamline toxicology billing services_ then this move can become a “game-changer” for your net profit. But how would you bring that change to your business? Here is a complete roadmap that can help you increase business growth with more efficiency and productivity;
1. Adopt Innovation:
A recent study by IBISWorld has predicted that there are 3.5 percent chances of growth for toxicology labs in 2022. The only ingredient that is required to make the recipe of your “growth plan” tastier is “innovative medical billing solutions”. Because when you look into the accounts that aren’t getting profitable anyway. Then surely it is a red flag for the sustainability of your business. A series of misfortune i.e. lower reimbursements, ongoing regulatory changes and more discriminating healthcare consumers makes it difficult to manage business operations. In order to deal with this increased pressure, practitioners need to make informed decisions. For better insights, practitioners should shift towards innovative medical billing solutions. So they can become better able to analyze the loopholes within their healthcare revenue cycle management system. With these strong insights, you can improve your decision-making capabilities. More often, these toxicology billing solutions consolidate the clinical and business data that reside in various lab systems into a single location. So you can well organize your customer’s data, improve analysis and deliver insights on dashboards for easy access.
2. Comply With HIPAA:
The primary responsibility of every healthcare practitioner is to deliver quality care services to the patient by also taking care of their integrity. Compliance with HIPAA regulation is essential to make sure that you and your partners are safeguarding patient’s healthcare information with a secure system. When a healthcare facility declares compliance with HIPAA rules with proper certification then it ultimately increases the trust level of your business. The more trustworthy you are, the more loyal customer-base you have. Innovative billing solutions that lead lab managers to measure and report on almost any metric with the execution of your workflow in a secure way. Such solutions are the “ultimate prime tools” that make your business growth dream become an inevitable “truth”.
3. Improve Insights For Better Decisions:
Remember the experiment of two accounts from different practices that I mentioned earlier? Let’s rewind it again. Now, I’m here to explain that how did we conclude an answer to that experiment. We focused on the following qualities of both the accounts (say Account 1 VS Account 2);
- Revenue drivers.
- Insurance (network vs. out of network, Medicare, HMO vs. PPO).
- Test mix.
- Premium Services.
- In-office phlebotomists.
When the team studied both the accounts while considering these qualities in order to estimate their profitability. Then they compared both the accounts on the basis of these statistics. They also performed an internal and external audit to determine the profitability on the front end. Finally, our team forecasted a pipeline opportunity with estimated volume, revenue and start date to estimate the capability of the accounts. With this information, they estimated the following terms;
- Profitable margins.
- Non-profitable margins.
With this setup, they processed this data into an automatic revenue cycle management system. Where they could easily evaluate the insurance payer mix, claim denial, and reimbursements rates along with average payments. So they could easily find out that Account 1 had more customers but also more passive payers. Due to this factor, they had to proceed with a larger data system and delayed payments as well. As a result, they were doing more but producing less. On the other hand, when they studied Account 2, it had more potential to bring in new profitable results faster. When we removed further lids from the situation. We came to know that lab managers of Account 2 were using analytical toxicology billing solutions. Hence, they were also able to categorize information and leverage “Big Data” in a smart way.
You can also do the same to shed away the administrative workload from your shoulders and bring in more revenue. Simply, consult with reliable laboratory billing specialists who provide analytical solutions to make your medical billing system more proficient. Got a primitive insight into the best performing toxicology medical billing system? Laboratory Billings is the most trusted lab billing company that offers reliable solutions to enhance the profitability of your practice. Get in touch with us to step towards the progress of your toxicology lab business.