Lab Practice

Does your pathology practice face fewer reimbursements? Are you bogged down in a morass of paperwork? Does your practice decline in value & effectiveness? You must be thinking about optimizing your claim submission process. The easy way is to shift towards electronic claim submission for faster claim payments. The provision of electronic claim submission results in more timely payments and speeds up your claim processing.

Many lab practices are analyzing their workflow and taking a step back to enhance their bottom line. Many times money is lost and claims slip through the cracks. Modern pathology lab billings systems like at LBS are making the collection process more efficient and improve the accounts receivables. Your billing system needs improvements if it takes a long time for your pathology practice to receive reimbursements. In this article, I have highlighted some ways in which an efficient billing system can integrate with claims management to boost your workflow.

Why Does Speedy Claim Processing Matter?

Medical coders submit claims by completing the required information. They reduce the number of denials and rejections for the fields that were blanked. When the claims are generated electronically this enhances the accuracy and processes claims fast. According to a survey, claims that get delayed due to errors can cost $120 billion annually to a healthcare provider. Many providers have accepted the delays as a necessary evil when the way towards getting repayments has gotten complex and so long.

Moreover, AMA states that claims that get denied, underpaid, need to resubmit, or rejected cost $99,999 to an individual practice within a month. That’s the reason, speedy claim processing means a lot. A practitioner can achieve it by electronic submission of medical claims.

Electronic Claim Submission vs. Manual Claim Submission

What goes around in manual claim processing? When administrative staff handles the claim processing manually, this often leads to missing out on significant information or misspell names. This entire paperwork due to a slight error leads to costly mistakes. In addition to this, it generates another opportunity for errors on the payer side when they put data into their system. It also slows down the procedure of claim processing.

While in electronic claim submission, claims are processed more quickly as they are filed electronically, which ultimately lowers the chances of errors. Efficient pathology lab billing systems have a feature of electronic claim submission which allows the coders to accurately file the claims. Moreover, the scrubbing feature allows coders to double-check the claims for common mistakes and streamline the claim processing efficiently.

Benefits Of Electronic Claim Submission

  • Electronic claim submission helps to identify the claim issues and before processing by a payer pre-audit claims is filed automatically.
  • It helps to offer online claim resolution and identify claim issues before processing by a payer.
  • Cut down on claim rejections and increase accuracy.
  • It decreases supplies, postage, and mailing expenditures.
  • It helps you submit claims almost instantaneously to a payer.
  • E-claim processing enables providers to spend more time with their patients & provide better care.
  • It helps in claim progress tracking.
  • It reduces the assets needed and saves time of the pathology practice they spent on manual administrative functions.
  • Minimize disruptions to your cash flow.
  • Improve the practice’s accounts receivable.

Optimize Your Pathology Lab Billing System

Submitting Claims

Advanced technology can improve this one step of the billing process almost overnight. Billing experts integrate efficient practice management systems and EHR/EMR systems. They automate your entire billing cycle and eliminate the chance of mistakes.

With an EHR system, you can directly upload secondary and primary claim data to the website of the clearinghouse. In this way, your administrative burden would be diminished as you get the ability to submit everything in one place. At this point, you can witness an improved and faster reimbursement cycle.

Claims Tracking

Inability to track the claim process in real-time is a common problem in many pathology practices. You can monitor the process from submission to reimbursements via analytic features and detailed reporting. You can receive electronic reports like, claim level rejection reports, file summary reports, charge & revenue analysis, payer reimbursement analysis, A/R aging analysis, etc.

You can miss important data that might hold up your reimbursement and decrease the efficiency of your office workflow if you ignore these reports. Moreover, real-time tracking gives you enough time to completely focus on your patients. Clearinghouses and EHR systems help you track co-pays etc as well as check if patients are delinquent on payments. Besides, it provides you the ability to identify claims that need attention. It also enables you to follow the claim from start to finish and helps your business make adjustments accordingly.

Posting ERAs

ERA essentially eradicates the need for paper EOB. It is a form of electronic communication. It involves the information on whether a claim is denied or paid, any adjustment that the payer makes, final status, etc. It is an important piece to any claims management solution and makes the paper EOBs a thing of the past. ERAs automatically post in your existing system so that you can view details of the claim to make adjustments and can interpret remittance data received from your payers. More preferably, it enables you to reduce write-offs and file secondary claims to mitigate the error rates. Hence, an efficient lab billing system is the best way to optimize workflow in your pathology practice.

Expert RCM Services

When you bill electronically, having a team of experts is crucial to help with a successful payer setup. Reliable lab billing companies support timely billing by providing innovative solutions and efficient RCM services. Using electronic claims submission and automation enable you to increase cash flow to grow business and get paid faster for the rendered services. At Laboratory Billings, our professional billing and coding specialists reduce the need to fill lengthy forms manually. They eradicate the requirement of increasingly tiresome paperwork and automate the billing procedures. So you can get paid fast and work less.