Just like other specialities, toxicology billing requires a unique set of expertise. Due to this factor, laboratory practitioners find toxicology coding and billing as a time-consuming and tough task. Therefore, they always look for advanced lab billing solutions to keep their financial revenue collections management optimized.
Are you struggling with the constant revenue leakage and high rate of claim denials? Then you must closely monitor the productivity and efficiency of your existing toxicology billing system. Once you find the areas of improvements, you can overcome such challenges by implementing smart solutions.
For example, advanced toxicology billing solutions can help you to streamline revenue collections management and increase the opportunities for revenue generations.
In short, without having efficient billing and coding processes in place, you cannot stay financially fit. So in order to streamline the cash flow, make sure that your billing system possesses the following traits.
1. Transparent Medical Billing
Transparency is the factor that contributes to the success of toxicology billing services. So, whether you have an in-house or off-shore billing team, you must stay open and transparent about lab bills.
Moreover, you should make sure that the medical bills are easy to understand for the patients. They should clearly state the medical codes and prices to get an estimate of the total bill without difficulty. Not only lab technicians but also the patients shouldn’t find the medical bills difficult to read.
Because It’s not easy to collect payments from your patients if they don’t understand their financial responsibilities. Therefore, it is essential to keep the cost of treatment transparent for your patients. So they can better decide whether or not they can afford this treatment from your laboratory practice.
For this purpose, you can introduce online communication portals that can help patients to get the answers to their queries. In this way, they will get a better idea about the copayments and deductibles. Which enables them to pay their dues without any confusion.
2. Automate Documentation Process
If you want to boost the efficiency of toxicology billing services, then you should invest in training your registration staff. Because they are responsible to collect the patients’ personal and insurance information. This information is used in preparing medical claims. Even a minor error in this data can result in claims rejection/denial.
So, in order to eliminate the root causes of denials and revenue loss, you should adopt innovative solutions. That helps you to streamline the flow of accurate information in the entire RCM process.
Lab practitioners should leave the traditional methods of information collection and keeping patients records manually. You should jump towards the automatic documentation process. Because it is the best way to elevate the efficiency of the toxicology billing system.
For this purpose, you should implement an Electronic Health Record (EHR). The main purpose of using EHR is to keep the patient’s records including medical history, treatments, prescriptions, radiology images, and lab results of patients in digital format. That can be accessed in real-time by authorized users.
Moreover, EHR provides many advantages such as:
- Enables lab technicians to exchange information in a secure manner.
- Quick access to patients’ records.
- Increase treatment effectiveness.
- Patients can access their medical records through their portals.
- Increases accuracy of medical documentation i.e. lowers mistakes caused due to handwriting and legibility issues.
- Eliminate the risk of theft, misplacement, damage, or alteration of sensitive data.
By automating medical documentation, you can easily keep your toxicology billing and coding services optimized. As a result, healthcare providers enjoy a streamlined cash flow.
3. Ensure Compliance With HIPAA Regulations
In order to avoid legal troubles, all healthcare organizations are required to keep their operations compliant with HIPAA regulations.
You should make sure that every member involved in dealing with patients’ confidential health information strictly follows the HIPAA guidelines. However, it’s not easy for healthcare providers to keep their toxicology lab billing services compliant with federal laws.
Because they have to stay engaged in providing quality care to the patients all the time. The best solution is to hire a HIPAA-compliant lab billing company.
Professional off-shore billing companies guarantee that every software or application used in the RCM process is fully HIPAA compliant. Which keeps your business running smoothly without any inconvenience such as privacy issues, cyber-attacks, civil or criminal lawsuits.
4. Attention To Detail
Medical coding plays a crucial role in maximizing reimbursements. Because insurance companies get detailed information about a particular injury, treatments, medications, or lab laboratory services through medical codes. Therefore, you should make sure that medical claims are submitted with an accurate and precise set of medical codes.
As it is unrealistic for a medical coder to know every single medical code. Because there are thousands of codes that exist in the world of laboratory billing. Therefore, you should hand over this responsibility to highly trained medical coders.
But it’s also a fact that in this challenging era, it’s very challenging to hire an in-house billing team. Because it requires a hefty investment as well as a considerable amount of time.
Therefore healthcare providers are stepping towards outsourcing toxicology billing services. Outsourced medical coders undergo constant training to stay updated with the latest or deleted codes. They have strong knowledge, as to where to find commonly used codes for their procedures.
They ensure the accurate translation of patients’ diagnosis and medical services into universal medical alphanumeric codes. Which can prevent the claim denials and save your lab practice from heavy fines and federal penalties.
5. Efficient Claims Management
In addition to filing the clean claims in a timely manner, you should continuously follow up with all the claims. You must have access to the advanced tracking software to monitor each and every medical claim i.e. paid, unpaid.
It will help you to ensure that billers and coders are using the right information to prepare “clean claims”. In this way, you get a better chance to catch the potential errors before submitting claims to the players.
Otherwise, the wrong would pass on to the insurance companies will result in denied/rejected claims. Real-time claim monitoring is essential to get paid in a timely manner and keep your laboratory business afloat.
Laboratory Billings is a first-rate lab billing company in the United States. That has been providing customized toxicology billing solutions to uplift the bottom line of your practice. Schedule a free demo of our reliable services.