Lab Billing

Lab practices across the world are encountering a major challenge in terms of meeting the demands of the US healthcare industry. This issue has become more serious and really complicated because of misinformation, and restricted movement that has truly disrupted the smooth delivery of laboratory billing services. Combined with a ban of the many other regulatory evolutions and elective procedures have caused a lot of damage to the medical facilities.

To counter and combat the operative or financial difficulties, certain practical actions are recommended that practitioners should make a point to follow for easy access to top-rated lab billing services. Moreover, in today’s challenging economy patients are reluctant to pay their deductibles and copayments. These issues often cause lab professionals to shut down their practices and interrupt the cash flow.

Additionally, several healthcare laboratories are already facing revenue challenges and operating on thin budgets. They should encourage themselves to adopt more specialized lab billing solutions to address revenue collection challenges.

Laboratory billing solutions is a great way to reduce the stress to improve the practice’s bottom line and generate maximum revenue. They help you to make every effort possible to create improvements and efficiencies to the billing processes.

However, your reimbursement collection process is impacted, influenced, and driven by different factors—for example, patient payments, right tools, your claim management process, billing staff’s efficiency, and your in-house billing workflow.

All these factors greatly impact your business productivity and payment collection process. Without the right resources and tools, you may find it difficult to efficiently streamline your laboratory billing services and maintain a great level of clean claims.

That’s the reason, many lab practitioners consider innovative billing solutions to improve their lab practice’s reimbursement process and stabilize revenue. Here in this article, I will discuss how lab billing solutions sustain your practice revenue, improve your reimbursement process, and strengthen the backbone of your lab business remarkably.

Improve Clean Claim:

Submitting a clean claim results in improving the reimbursement process, minimizing claim denials, and a significant increase in practice revenue. It is directly related to how timely and fastly medical professionals collect their payments from payers.

It is highly crucial that lab practitioners improve their clean claims to protect and optimize payments. It could be only possible when you have experienced, certified coding and billing experts_  who has hands-on experience in coding transitions and billing regulations.

The quickest and easiest way to do so is to adopt smart lab billing solutions to identify the most common reason for denials_ and solutions to rectify them on time before it further leads to any problem.

These solutions help you to achieve 95% clean claim rate and optimize laboratory billing services in the following key ways;

  • Verify eligibility prior to the date of service.
  • Keep patient data updated.
  • Be mindful of insurance claim filing timelines.
  • Double-check modifiers.
  • Provide detailed documentation of medical information.

Look at your Denials:

A healthy revenue cycle management is directly related to how efficiently you manage your denials. If your administrative staff lack the proper knowledge or resources to manage rejections. Consequently, it can lead to low or zero reimbursement.

The smart lab billing solutions help you to track the denials at the time of payment posting. When you determine the key grounds behind claim rejections by working on denials, procedures can be resolved in a timely manner.

To avoid denials, hire a professional team that regularly and thoroughly monitors the whole medical claim procedures. As scrutinizing for blunders lowers the chances of rejections that decrease reimbursement times.

Get to Know Your Revenue Cycle Management:

When developing financial management strategies to strengthening your practice’ backbone, you need to consider the following four methods of payments;

  • Per visit or per diem.
  • Capitation.
  • Per episode.
  • Fee-for-Service.

(Note: Due to increased emphasis on value-added care the last factor is being used less frequently.)

Familiarize yourself with the revenue cycle and other accounting details to know where your medical facility stands. The following are the key indicators you must review on a daily basis:

  • Cash flow.
  • Balance sheet and income statement.
  • Departmental costs including location and provider.
  • Accounts receivable and payable.
  • Billing and collections summary analyses.

Understanding your organization’s revenue cycle is integral for financial stability by reducing billing staff burdens and receiving timely payments while also decreasing administrative costs.

Know When to Outsource:

Every lab professional in the advanced healthcare industry faces dire consequences in handling their laboratory billing services. They must stay current on constantly changing billing regulations, coding standards, insurance healthcare plans, federal policies, etc.

If they fail to keep up to date with the recent market trends, it can lead to rejections, underpayments, and low reimbursement rates that cause loss of valuable time and cost lab practice revenue.

Therefore, outsourcing your lab billing to an experienced billing team could be a great option. It can help you to gain control over your billing, improve practice’ financial stability, streamline revenue cycle management, minimize denials, and enhance cash flow.

When you outsource your Laboratory Billings, you get access to skilled medical billers and coders. Who understand your practice needs and provide innovative lab billing solutions to streamline the whole payment collection process efficiently.

So we can say that a professional lab billing team is the backbone of maintaining a healthy RCM. And a healthy revenue cycle management leads to significant improvements in your overall operations and accelerates business productivity.

It helps you to utilize proactive billing procedures, results in efficient operations, streamlined cash flow, and ultimately a better overall practice experience for lab practitioners.

If you do not have skilled personnel and proper resources. And you find it difficult to handle billing processes then outsource your laboratory billing services to a trusted laboratory billing company is a superb option.

Wind Up:

All the aforementioned points aid you to boost your reimbursement process in an excellent way. A successful and profitable business is not possible without a professional team.

Laboratory Billings can help you to clearly define business needs or goals and give you a better picture of where your practice stands. It will help you to generate a ‘road map’

that will get you to your financial destination.

Contact us today for a free analysis of your practice’s anticipated and current revenue cycle processes. Our experienced management personnel can show you proven ways to boost revenues and save on expenses while remaining compliant of the latest payer and government regulations.