Have you ever felt so overwhelmed when it comes to managing the paperwork at the time of a patient’s arrival? The bureaucracy and behind-the-scenes mechanisms involved in the lab revenue cycle management system have become much more complex than the previous industrial norms.
So how does a lab technician can deal with these complications and keep its business running smoothly? Having said that, medical lab technicians should adopt reliable and advanced laboratory medical billing solutions.
In this way, practitioners can streamline their workflow and reduce their administrative workload by adopting smart lab billing solutions.
With these solutions, lab technicians can make a well-structured roadmap in order to execute their business operations. But how does a lab technician can make these wonders actually happen? Are these solutions enough to reduce the complications involved in managing a medical lab?
In this article, I have provided the complete information that would answer all your questions. So you can get powerful insights into the strategies that you can use to improve revenue growth and collect maximum reimbursements.
So here are the 8 proven ways, you can optimize your lab’s revenue cycle management and boost your income.
1. Outsource Lab Billing Services:
If you want to ensure that you can get rewarded for the services you provide to the patients every time. Then you should improve your laboratory billing system.
These days, it’s not that much easier to operate a medical billing system as it used to be in the past. Due to the advanced reforms in the healthcare industry, changes in the medical codebook and unique payer requirements. It has become more complicated to handle a lab billing process.
Instead of delving into the further complications, it’s better to outsource lab billing services to a reliable medical billing company. Otherwise, if you’d prefer to manage on-premise lab revenue cycle management. Then get ready to chase up after the payment of a single patient for weeks or months.
Since a general insurance company takes months to finalize the complicated case and the significant medical history of the patient. During this time, there should be a dedicated person from the practitioner’s side who would follow-up with the insurance companies. That person would be responsible to keep sending reminders and alerts to the insurance payers.
So they can make sure that they can convert each of your medical billing claims into reimbursements. But when you outsource the billing and coding system to a reliable medical billing company then you can take advantage of their RCM services for your lab.
In this way, you don’t have to take stress about your reimbursements anymore. All you have to do is just focus on expanding your patient base and increase your business growth.
2. Clarify the Collections Process Upfront:
It is important to communicate clearly with your patients. It will also contribute a lot to increase the efficiency of revenue cycle management. Make sure that you don’t keep any information hidden from your patients related to their financial responsibilities (be it their copays or deductibles).
So how would you make sure that your patients have understood what they have to pay? First of all, guide your registration staff to understand the nature of each patient. They should focus on effective communication with the patient. This communication should be polite, general and comprehensible for the patient.
Secondly, you can also share the concept of paperwork involved with the patent (that is related only to the patient use). So they can fill out all the essential forms even before the visit.
So when the registration staff would get the sign of the patients after clarifying the payment system. Then it’ll also witness that the patient is informed of the payments due. In order to execute timely collections, you should keep the track of all the information (that you’ve collected from the patients) into an EHR. With the help of this cloud-based technology, you’d become better able to organize patient’s insurance information.
3. Strive For Success:
Every healthcare insurance company has a unique set of requirements. Therefore, practitioners should make sure that they meet the demand of each individual payer. This strategy is essential to maximize your claim success rate and ultimately your reimbursements.
Now how would you manage each individual payer? Simply, you should create a well-organized system to align the information of each individual insurance carrier. Then with the help of fully-customized medical billing solutions_ you should establish a good relationship with payers.
When you’ll fulfill the criteria of insurance companies and always deliver accurate information to them then they’ll start trusting your practice. Definitely, you can take advantage of this support and collect reimbursements quickly.
4. Track Denials:
Even if you’re handling your revenue cycle management system in your office or you opt to outsource medical billing services. In any case, you don’t need to give up on claims that return back to your office in the form of denials.
Implement an automatic solution that keeps the track record of every claim that was either rejected or denied. Then check out the deadline of the appealing process for each claim. If there is time_ there is hope.
So when you’ll have an efficient system that keeps checking on the reimbursements status of every claim. Then it’ll give you insights into the solutions that can improve the first-pass rates of your denied claims. Hence, you can recover your revenue that wasn’t collected initially due to some errors that caused denials.
Also, it’ll give you an opportunity to learn from your mistakes and help you to adopt preventative measures for the future. So you will not only become capable of improving your existing accounts but also secure the future of your business.
Have you decided to improve the revenue growth of your business? Laboratory Billings is the best lab billing company that offers innovative, completely customized and transparent medical billing solutions. Visit our website and reach out to us_ so we can organize your accounts and contribute to your increased productivity.