Lab Practice

You are being told that to succeed in the healthcare business, you have to manage the revenue cycle without compromising on patient care. Yes, it’s right. The success of your molecular lab practice is highly dependent on these factors. But have you ever thought about the challenge a laboratory technician faces, while managing both medical and non-medical obligations?

Keeping a perfect balance between core competencies and molecular billing services isn’t a piece of cake. It may sound simple and easy. But in reality, it’s quite challenging. However, it’s also a fact that healthcare providers can not trade off any one of the important factors. Because showing negligence in medical claims or patient care could result in losing revenue opportunities, cash flow disruption, and collapsed businesses.

Is your molecular laboratory business making slow progress towards revenue goals? It’s definitely pointing at cracks in your molecular lab billing system. So, stop procrastination and adopt the right molecular laboratory billing solutions i.e. outsourcing RCM services. Such innovative solutions help you to overcome the growth obstacles and unleash profitability to its fullest potential.

Signs of a Slow Lab Business

In this challenging era, slow business growth is not a new thing in the healthcare industry. If you are struggling with the following major issues, it is an alarming sign that your business is moving towards the verge of a financial crisis.

Low Patient Volume

One can’t deny the fact that improving the patients’ lives is the primary objective of every healthcare practitioner. And having a loyal customer base is the first step towards success. Things to think about! How can you survive without getting sufficient patients in the door during check-up hours? Low patient volume is a major dent in your lab revenue stream and success as a whole.

Frequent Claim Denials

Laboratory practitioners leave millions of dollars on the table annually just because of the inefficient management of medical claims. No doubt, due to the growing complexities in the field of billing & coding, claim denials have become a common phenomenon. But if the denials percentage exceeds the specified limits i.e. more than 5%. Then you can face a critical financial crisis. It’s pertinent to mention here that, medical claims get denied due to the following reasons:

  • Incomplete/inaccurate patients’ demographic information.
  • Lack of prior authorization/Invalid insurance information.
  • Inaccurate medical codes.
  • Late filing of claims.
  • Failure to keep pace with the latest evolutions i.e. federal laws, payers’ policies, new, deleted or modified medical codes.

If your molecular practice is constantly struggling with the high rate of claim denials. Then it’s a clear sign that your laboratory billing system isn’t capable enough to generate maximum revenue. Which ultimately results in cash flow disruption and economic instability.

Increasing Accounts Receivable

Is your healthcare practice heading towards bad debt reserves? It’s also a sign that your practice isn’t making enough profits, required to keep your business options running smoothly. Lack of an inefficient denial management system & claims backlog is the major reasons behind medical accounts receivable. When denied claims are left unattended, they are converted into a pile. As a result, healthcare providers lose their hard-earned revenue.

Actionable Tips to Facilitate Rapid Financial Growth

Are you feeling overwhelmed due to the growth plateau of your molecular lab? Don’t worry. In this article, I’ve mentioned smart tips to convert your lab practice into a successful business.

1. Provide Patient-Centred Care

In order to achieve more, healthcare providers should pay special attention to the patients. Addressing and listening to the concerns of patients respectfully, ultimately enhance their satisfaction. When your patients are satisfied with your care services, they will eventually recommend you in their circle. That results in an improved reputation and obviously attracts more patients to visit your lab practice.

Additionally, lab practitioners should focus on patient-focused care. In which you give your customers more control over care decisions. For this purpose, you should facilitate your patients to actively participate in the care process. For example, a thorough discussion about diagnosis with the patients & their families is a crucial element to make them feel satisfied.

2. Streamline Molecular Billing Services

Medical billing plays a crucial role in streamlining the lab revenue cycle management & overall success of your healthcare practice. So, in order to add value to your molecular lab billing services.

You should implement the following billing solutions.

Collect Accurate Patients’ Information

As we have already discussed, wrong patients’ information is still the main reason behind claim denials. Therefore, make sure that your registration staff is efficient enough to collect error-free demographic information. Including; name, gender, age, date of birth etc.

Avoid Upcoding/Undercoding

In order to save your healthcare facility from financial and compliance issues, you should hire certified medical coders. You should make sure that your coding staff isn’t involved in mistakes. Such as; the use of medical codes for more expensive or less expensive healthcare services than actually performed.

Claims Scrubbing

To prevent the claims denials and streamline the molecular laboratory billing services. It is important to perform claims scrubbing before submitting them to the insurance agencies. In this process, professionals double-check the claims to set them free from errors. That later results in delayed, partial or denied payments.

Ensure Timely Submission of Claims

It is the responsibility of your billing staff to submit the claims before reaching the deadlines. Because usually, payers don’t accept the medical claims that are being submitted after the given time frame. So, time is the most valuable factor in molecular billing services.

Regular Follow-up

After claim submission, throwing the ball in payer’ court isn’t a healthy practice at all. Billers’ role doesn’t end with submitting the claims. They should stay connected with the insurance payers to know the status of the submitted claims, either paid or unpaid. If a claim gets denied, it must be handled on a priority basis. As a lab technician, make sure that your billing team rectifies the errors. And resubmits the denied claims in a timely manner.

3. Acquire the Assistance of Industry Experts

The latest healthcare reforms in terms of billing and coding have made lab RCM more complicated than ever before. Moreover, just like other specialities, molecular billing requires specific expertise and knowledge. Without the assistance of the molecular lab billing experts, healthcare providers can’t keep their financial management on the right track.

Therefore, acquiring the services of industry experts has become the need of the hour. Here’s a question that arises: how can a lab technician, who is already dealing with the economic challenges, maintain an in-house lab billing department? It’s a fact that managing in-house billing services requires a hefty investment in terms of both time and money. So, instead of spending time and money, you should outsource your molecular billing services to a trusted outsourced RCM company.

In his way, you will get rid of excessive operational expenses and the administrative burdens associated with managing medical claims. You can utilize your extra time and resources in redirecting your focus on the core aspects of your business. Which is to provide quality medical care to the patients. Meanwhile, outsourced billers and coders having extensive experience and in-depth knowledge will take care of your financial health. They enable you to get maximum return on medical claims & keep your business afloat.

Looking for much-needed assistance in managing your billing and coding tasks? Then get in touch with Laboratory Billings. It’s a Laboratory Billings in the United States with a proven track record of getting molecular labs out of debt. Consult with our experts to make your healthcare practice successful.