How to Increase Efficiency and Revenue with Laboratory Medical Billing Services?
Whether you own a hospital or a small laboratory, it is important to have efficient systems to make your patients and customers happy with your services. On the other hand, when you’re giving the best services to the patients, it can be daunting to keep up with the billing services manually or with your old-school programs.
And that is when laboratory medical billing services come to help. Medical laboratory billing services are specialized services that provide billing and coding support to medical laboratories. Laboratories can effectively manage their collection process. And you can also ensure that you are receiving the test payments on time. You can not only be efficient in your routine lab work, but you can also Increase Revenue with Laboratory Medical Billing services.
Benefits of Laboratory Medical Billing Services:
Increased Efficiency
With outsourced laboratory medical billing services, the medical staff and physicians can keep their focus on their core duties, i.e., treating patients instead of handling medical billing tasks. It is necessary for effective medical billing to have a deep insight into medical codes and individual payer policies. For in-house billers, it is rare to remember all the intricacies of coding and keep up with the changes. This stage will assist you in scaling operational revenues, raising internal productivity standards, and boosting firm profitability.
Increase Revenue with Laboratory Medical Billing Services
Healthcare practitioners can save their revenue and time by outsourcing laboratory billing services. This way, they don’t have to look out for new employees, infrastructure, buying and upgrading new billing tools, salaries, and maintenance.
The billing experts are well trained and have sufficient knowledge of art technology to perform required tasks. Therefore you don’t have to spend time training workers as the outsourced person would have enough experience and qualifications.
When there are skilled resources for medical billing, the productivity level multiplies. Reducing overhead cost, error-free billing promptly, and increased reimbursement results in improving revenue stream.
Reduction of Errors
Billing mistakes and inefficient collection policies can lead to huge revenue losses. Even the smallest error in patient history and information, duplicate billing can cause late reimbursement for a worker’s lab practice. However, the billing expert is well-trained and experienced in dealing with the complex entries of billing and coding. They have done rigorous training sessions to work on current trends and regulations.
We identify and solve common errors using claim scrubbing tools before passing claims to specified insurance companies. By efficiently completing their tasks, laboratory medical billing services can minimize rejected claims and ensure steady reimbursement.
Compliance with Regulations
To collect accurate patient payments and stay compliant, we require billing and coding. Billable details extracted from patients’ records and provided with codes. A governing body has a set of standards for laboratory billing compliance to ensure effectiveness, accuracy, and timeliness in the test results, billing methods, and processes. The billing software helps maintain high accuracy and reliability, be it billing, coding, or patient reports.
How to Choose the Right Laboratory Medical Billing Service
Research and compare services
Choosing the right option helps with increased revenue with Laboratory Medical Billing services. First, research and shortlist those you think will work for your business well. It needs to be more adequate to do a basic review search. Many dishonest people on the market could cost you money and important time. Let it not be the case for you. Examine the billing partner in-depth by looking for feedback from medical professionals rather than the general public. Once you come up with a few options, the next thing to do is compare their services to check whether they’re the right ones for you. Evaluating services based on price, rating, and billing cycles is a good idea. The seamless and effective billing services provided by CureCloudMD, which lowers denials and boosts revenues, rank among the best and most reasonably priced options available.
Check for certifications and experience
The most important thing to ask from medical billing companies is How long they have been providing their services? Reviews from the clients? Are you satisfying them with your services? The rule of thumb is to go for companies that have been in a market for longer, showing that they have come to the successful path where they have enough satisfied customers. Certification is also another key factor when looking for Laboratory billing solutions.
Consider the pricing model
Before outsourcing lab billing services, the lab practitioners must know the service cost and average receivables time. The wise thing to do is bargain for the percentage of the total revenue they asked for. If they charge 9% or less, you must hire them, but if they asked for more than 9%, then it is rather expensive to your budget, and you should look for other options. You must be aware of the hidden charges, as many lab billing services charge additional charges in the beginning, patient collections, and termination.
Check how many billers have been assigned to your work
Many billing companies assign a single biller to each account. Others appoint several billers.
Each way could have advantages and disadvantages; having a single biller do your account work can build a personal relationship with him, and he will give your undivided attention to your company. On the other hand, you can perform several tasks with several billers at a time. This solely relies on the size of your practice and the link you would like to create with your biller. Also, you want to learn about each biller assigned to your account’s credentials, years of experience, and specializations. By doing so, you can ensure it will work out well for you and the medical billing business.
Tips for Successful Laboratory Medical Billing
- Incorporate billing software that updates persistently. Usually, codes are updated annually, but government payers and insurers make amendments occasionally.
- Collect fees from patients at the time of check-in. It’s much more convenient to receive payment upfront than to collect a bill in the future.
- Check eligibility and ensure proper authorizations when an appointment is scheduled.
- Code asserts often. Getting work to pile up before billing allows more to go unchecked, and discrepancies get harder to resolve as time goes on.
- Scrub claim daily. An expert biller should check claims individually to detect errors before submitting them. The process becomes much more efficient when they add a scrubbing procedure.
- Keep track of claim logs until they are paid. Labs cannot bear a loss of up to 25% of revenue because of rejections and denials that have yet to be addressed or reimbursed. The system should provide a method for tracking claims and a procedure for handling outstanding claims.
- Evaluate reports, analyze the problems, and discuss results with the employees. We should evaluate denials and rejections to see if there are any problematic payers so that we can determine the underlying problems and fix them right away. It is critical to find a solution and ensure that everyone on the team is aware of it when issues are discovered so that no one repeats the same mistakes in the future.
Conclusion
Medical laboratories face many challenges, such as coding, collecting data, reporting, etc. Doing these tasks manually can be a daunting task. Increase Revenue with Laboratory Medical Billing to automate your lab billing process. The software works efficiently and accomplishes your tasks, including coding compliance, billing, robust reporting, denial and claims, account receivable management, and many more.
Affan Sabir has an experience of more than a decade in providing revenue cycle management services to well reputed hospitals, labs & healthcare professionals.
A track record for helping clients improve their revenues drastically has made the author first choice for medical practitioners seeking to reduce their accounts receivables and get the best returns for their hard work from insurance companies.