Are you dealing with constant cash flow disruption, tight margins and increased bad debt? You must adopt smart laboratory billing solutions. Because in this challenging era, it has become crucial to maintain a constant cash flow for your healthcare facility.
However, due to the constant healthcare evolutions, the goal of streamlined lab revenue cycle management may seem difficult. But there are many ways to significantly uplift the bottom line of your laboratory business.
The financial success of any healthcare facility lays the foundation for lab practitioners to offer quality patients’ care. Therefore, you should make every possible effort to ensure the optimization of revenue cycle management.
You must pay attention to your non-medical obligations. Because inefficient laboratory billing practices can cost you millions of dollars. No doubt, from patient scheduling to the reimbursement, there are many complications in the RCM process.
But you can’t ignore this aspect due to such complications. Because maximum reimbursements are key to sustain your existence in a highly competitive market.
As the success of your lab revenue collections management determines the growth and future of your practice. Therefore, laboratory practitioners must make sure that the responsibility of lab billing and coding is in the right hands.
Moreover, keep a close eye on the performance of your RCM staff. Which is crucial to ensure that they are working hard to maximize payment collections and minimize bumps along the way.
Are you looking for innovative ways to get your financial matters back on track? Following suggestions will help you to add thousands to your bottom line.
1. Synergize Front and Back-end Departments
Traditionally, there was a huge communication gap between the backend as well as front-end staff. But the modern RCM solutions have eliminated this gap and bring both departments closer for a smooth workflow.
The registration staff of your lab practice is responsible for capturing and verification of patient demographics, and appointment scheduling. They are also responsible to collect the co-pays and deductibles. Which plays a major part in streamlining the revenue cycle management.
On the other hand, Back-end operations include: managing medical claims, denied/rejected claims and revenue collection.
Although front and back end tasks are different from each other. But they are strongly connected. Because lab billers and coders use the information, provided by the registration staff and prepare the medical claims.
Therefore, both departments must work in synergy for efficient healthcare payments. You should work for breaking the barrier between both teams.
For this purpose, you should use reliable communication ways to foster collaboration among your administrative staff. Which makes the lab billing a smoother process.
2. Adopt Automatic Billing Solutions
In this fast pacing world, digital solutions play a major role in streamlining business operations. The same is true for the healthcare industry.
Automatic billing solutions not only help healthcare providers to increase the efficiency of the laboratory billing collections. But it also saves time and money.
Streamlined laboratory billing services require faster, more efficient digitization of paper-based documents.
However, it’s also a fact that paper remains ubiquitous in laboratory practices. Orthodox methods of data collection, processing and manual submission of claims always leave a hue room for errors. Which can result in frequent claims rejection, which ultimately slows down the payment collections.
Therefore, lab practitioners must implement automatic billing solutions. For instance, if you are still relying on paper claims, then stop using such out-dated techniques.
So, in order to minimize human errors and maximize reimbursements, you should submit the medical claims electronically. Here are the following benefits of e-claims:
Eliminate the need for resources lab practices devote to manual administrative
Helps you to save a considerable amount of time. That can be utilized in the core aspects of your business.
Pre-audit claim fields automatically for potential errors before submission to a payer.
Reduces human interference that ultimately reduces the chances of any errors.
File claims almost instantaneously to a payer.
Reduce postage, supplies and mailing expenditures.
3. Quality Claims Management
The optimization of the lab revenue cycle management is highly dependent on the efficient management of medical claims. So, in order to increase the payment collections, healthcare providers must invest in the training of the lab billers.
Moreover, you should closely monitor the performance of the billers and coders. Which is crucial to make sure that they are filing error-free claims in a timely manner.
Do you know that healthcare providers lose millions of dollars just because of the high percentage of claim denials? So, in order to get completely paid for the laboratory services you provide. It is imperative to maintain the quality of your medical claims.
It is the responsibility of lab billers to ensure the timely submission of claims. Lab billers should adopt innovative laboratory billing solutions to manage the claims efficiently. For example, they must have strong coordination with the front desk staff to verify the patient’s information.
They should cross-check the provided information to make sure that claims don’t contain any error. Because even a slight error in the patients’ demographic information can lead to claim denials.
In addition to this, time is the most valuable factor in the entire revenue cycle management. Because insurance companies don’t accept the claims that are filed after the due date. So, lab technicians should make sure that their billing staff is following deadlines.
4. Consider Outsourcing
Outsourcing laboratory RCM has become a popular trend among healthcare providers. More specifically, US lab practitioners are preferring to hire professional lab billing companies to achieve their financial goals.
Outsourced laboratory billing experts have in-depth knowledge and extensive industry experience to ensure consistent cash flow. They stay up-to-date with the latest trends in the field of medical coding, billing and insurance policies. Which enables them to submit the medical claims as per industry standards.
Moreover, off-shore companies hold highly trained and certified medical coders. They translate the diagnosis and treatment into standard codes with complete accuracy, which reduces the chances of claim denials. As a result, laboratory practitioners enjoy a streamline cash flow.
In addition, by outsourcing billing and coding services, lab technicians get rid of the excessive administrative burden. They get sufficient time to spend with the patients.
Off-shore RCM experts also reduce the financial burden of healthcare providers. For instance, you don’t need to invest a hefty amount in operational costs. Are you struggling with a high rate of claim denials? Then think seriously about acquiring the assistance of industry experts.
Laboratory Billings is the most suitable option for your lab business. It has been providing custom-tailored revenue cycle management services across the United States. Contact us to schedule a free demo.