The major factor to assess the financial success rate of laboratory practice is medical billing. However, it becomes so difficult due to increased federal guidelines, billing regulations, and market requirements. Hiring laboratory billing companies may be exactly what you need to streamline your billing operations and grow your business.
As the healthcare industry is continuously evolving, practitioners are facing interruptions in cash flow due to claim denials. Every new rejection leads to revenue loss. That’s the reason many lab practices look at denials like the painful financial drain for their business.
You must identify the reasons behind the claim rejections for better claim denial management. Reducing and avoiding the claim denials can improve the cash flow.
In addition to this, practitioners find it difficult to manage the duties that have significant importance, i.e, handling medical care management. They face the same problems throughout their lab practice billing process. They should look for ways that help them to survive and adapt according to market needs.
Therefore, hiring trusted laboratory billing companies is a good financial investment. Billing specialists divide your responsibilities and take your duties. They help you shift your focus back to what is significant_ your patients.
Following are some of the advantages of outsourcing that can impact your practice positively and make your business more profitable:
Reduce Lost Revenue:
Denied claims that slip through the cracks and get unresolved lead to huge revenue loss. According to the size of lab practice, it can cause a loss of hundreds to thousands of dollars to a lab practitioner.
Outsourcing improves your reimbursement rate and stops denials in their tracks. Billing experts implement more automated claim denials management processes that can also help providers navigate a plethora of different payer rules and codes. They provide quality denial management to help you reduce revenue lost.
Given below are the 7 steps for reducing revenue loss:
- Gather accurate data at the front end.
- Confirm that services will be reimbursed.
- Go to real-time reporting.
- Accept partial payments if necessary.
- Do not lose revenue due to untrained personnel.
- Document everything for full reimbursement.
- Collect payment from self-pay patients as soon as possible
Increase Clean Claims:
Leading laboratory billing companies can help you enhance your clean medical claims rate as high as 99% with quality care management. Because error-free claims are necessary to speed up the reimbursement process and enhance your revenue.
Outsourcing helps you to file clean medical claims and aid your lab facility to earn a huge amount of reimbursements for each claim. In this way, it helps you to optimize claim management and minimize patient responsibility balances.
Lower Accounts Receivable:
It is very important for a lab practice to collect payments before they remain in A/R for more than 30 days. Because those accounts that pass 30 days in A/R sometimes go unpaid.
When you outsource, billing experts help you understand where you are in terms of A/R. They provide you innovative solutions and the quickest ways to minimize the days your accounts remain in A/R. They help you collect outstanding A/R and provide more options to your patients for paying their bills.
Return Focus to Patient Care:
Many lab practitioners have shifted their focus to maximizing revenue instead of providing quality patient care. Moreover, the hectic billing and coding procedures have made it difficult for them to focus on what matters most_ their patients.
But when you hire efficient laboratory billing companies, billing experts save your time and help you focus on other core expertise of your business. They provide an opportunity to lab professionals to do both, handle billing operations as well as manage medical care management.
Practitioners can pass the administrative responsibilities to dedicated billing specialists like training, staffing, etc. So, they can entirely shift their focus on patient care.
Partner with Billing Experts:
Outsourcing not only makes it possible to avoid administrative responsibilities like monitoring and training staff. But it also helps you to hand over your medical claims to professional billing experts.
Trained medical billers and coders stay up-to-date with the recent market trends. They help you get familiar with the latest billing regulations and coding transitions. They help you concentrate on your claim processing with detailed attention.
In addition to this, they identify common mistakes, ensure nothing goes unnoticed, provide solutions, and optimize your claims process or revenue.
Reduce Staffing Costs/Turnover:
Manual processing of medical billing enhances the costs that are utilized to hire/train staff, buy tools, upgrade systems, office spaces, staff salaries, benefits, maintenance, etc.
Hiring leading laboratory billing companies costs low as compared to traditional billing processes. You get access to qualified, trained billing experts and it eliminates the need to hire skilled resources. They remove the cost of retraining constantly revolving staff and reduce your stress.
Educate Patients on Billing:
Billing experts provide you effective approaches to educate your patients on their billing issues. They help you recover and collect those payments that have gone unpaid.
Your patients must understand their responsibility and their bills how the total adds up. Moreover, the efficient method to enhance the payments of patients is to provide them the resources. So, they can get familiar with the simple ways to pay their bills efficiently.
Manage Collections:
Laboratory billing companies can do more than just help you give attention to your patients. They help you streamline collection procedures and aid to reimburse those dues which have fallen behind.
They provide you best payback options and dedicate themselves to provide you support 24/7. They increase the likelihood that your lab practice will receive payments on those seemingly impossible medical bills.
Moreover, they provide specialized billing solutions and compassion to your patients without sacrificing the resources at your facility.
They provide corrective steps and actionable implementation by rectifying mistakes. They also help you determine the weaknesses or strengths of your billing department, so aid you to increase practice collections.
Wrap Up:
Laboratory Billings is among the leading laboratory billing companies in the United States. Our dedicated billing experts provide efficient RCM services by using the latest technologies to reduce denials rate and improve your business revenue. To know more about our laboratory billing and coding services, visit our website!