laboratorybillingservices

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Expert Tips To Streamline Laboratory Billing Services & Reduce Claim Denials

Rejections and denials put a drastic impact on the financial stability of a lab business. Approximately 90% of rejections are preventable but up to 10% of claims submitted by a laboratory practice are denied.  You can take steps to reduce claim denials by knowing the most common reasons for denials. One cost-effective way is to outsource your laboratory billing services to keep your denial rate low and boost your bottom line.

What is Claim Denial?

It occurs when a healthcare provider submits a claim to get paid for the rendered services and the insurance payer declines it. While a rejection occurs when practitioners submit a claim to an insurance agency with missing or incorrect coding/data and it gets rejected. 

But, it could be tedious to meet the payer-specific requirements and ICD-10 codes while navigating the world of insurance claim forms. You can follow the following tips to keep your revenue stream flowing and reduce the number of claim denials.  

Tips to Reduce Claim Denials 

Verify Insurance 

In healthcare financials, you can not overstate the importance of verification of insurance eligibility when it comes to preventing write-offs or denials. If a long-time patient never changes his job or never experiences a change in insurance due to factors that affect the coverage etc. 

Yet the identical insurance can have coverage, member ID number, co-pay, and deductible from year to year. So, before every single visit of a patient just make sure to check a patient’s insurance.

When you outsource laboratory billing services, dedicated billing teams takes the necessary measures to maintain the highest level of accuracy. They automate the prior authorization and insurance eligibility verification. So, they help you get paid fastly when the claims go out on time. 

Accurate Documentation

Incomplete and poor documentation by the administrative staff can lead to denials and also lose your potential payments for the rendered services. As the insurance regulations and coding rules change, your documentation must meet the criteria of specificity. 

Practices must educate their staff and devote resources to fix the problems that cause claims to be rejected.

Medical Coding & Billing Experts

Medical billing and coding is a work of responsibility. You need expertise and skills to get it done in a timely manner. However, due to the extreme administrative burden, your lab staff often don’t get enough time to fully focus on billing procedures while handling medical care management duties. 

Therefore, when you outsource laboratory billing services, well-trained medical coding and billing teams optimize claim management. They stay updated with the latest billing/coding regulations and help you reduce the chances of errors. They have the vast industry experience to resolve denial and rejection problems quickly.

They keep your revenue cycle moving successfully and help you drive maximum profit margins efficiently. Moreover, if the rejections and denials rate is low, lab practice’s revenue will be at no risk.

Regular Follow-up on Denials

Claims often get sidelined and misplaced if a follow-up is not maintained on them on regular basis. Professional medical billing experts keep track of every claim and follow them. They resubmit the claim on scheduled appeal after correcting the denials and rejections. 

They ensure your claims won’t get lost and your revenue won’t get missed. They identify the problematic areas and address them on time before any problem occurs.

Leveraging Technology

Investing in EHR (electronic health record) or PM (practice management) system is time-consuming as well as expensive. There would be fewer chances that crucial data gets lost in translation if everyone is tranied to use the same system properly. 

But when you outsource laboratory billing services, you don’t need to spend money to buy new technology. Billing experts integrate efficient EHR and practice management systems and automate your complete billing cycle. 

In this way, there would be fewer chances of errors and your claims wouldn’t get denied. Moreover, this helps you save weeks or even days to get reimbursed and ensure timely payments.  

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How Can You Boost Financial Capabilities With Effective Laboratory Billing Services?

Lab practices are going through a challenging financial phase due to the changing regulatory environment. They are continuously striving to reduce operational costs, mitigate the economic impact, and optimize profits. Some are tending to outsource their laboratory billing services for achieving greater financial viability. 

Some do feel hesitation while outsourcing, they think they may lose their control over finances. But in reality, outsourcing provides you decision-making authority in the process. 

Billing experts provide a cohesive and collaborative work model designed according to the best interest of your lab business. They ideally work with your internal billing teams as an extension and streamline the billing tasks efficiently. 

They save your time so you can exhibit a seamless patient-provider experience and boost your patient satisfaction. They provide you advanced lab billing solutions and automate some of the manual tasks. In this way, they improve your operational as well as clinic efficiencies. 

Here are the following major advantages of outsourcing laboratory billing services that help you drive maximum financial returns;

Accelerates Performance Medical billing is a quite extensive and complicated procedure from patient documentation, patient scheduling, insurance eligibility verification, medical coding, charge entry, clean claim submission, revenue collection management, A/R follow-up to financial reporting. It requires in-depth industry experience and vast knowledge to get it done in a timely manner. 

Despite, hiring new employees to manage the revenue cycle processes from end to end. Outsource to a reliable lab billing company, who can understand your practice needs and provide you better solutions to uplift your business financial growth. 

You will get access to certified professional billers and coders. They will file your claims without errors and help you get reimbursed promptly. Besides, they will provide you a winning edge with their profound experience and proven strategies.

Their revenue cycle specialists double ensure that you get accurate payments for the rendered services efficiently. This strategic partnership model also helps you maximize your reimbursements by 20-30%. Moreover, they are well-equipped with the required abilities to chase every dollar that is pending. 

Proper Time Management

It could be difficult for lab practices to stay on top of all the billing requirements and keep their staff working on updates on a consistent basis. Administrative staff feels overburdened due to monotonous tasks that keep them involved. 

Therefore, outsourcing your laboratory billing services can help you properly manage your time. It helps you focus on those core activities that need your attention the most.

Facilitate Continuous Growth

Flexibility to scale is the key advantage of outsourcing. A lab business can get exceptional benefits with the broad suite of solutions that outsourced service providers bring. 

Billing experts implement EHR/EMR and practice management systems to automate the billing cycle. Integrating automation and rule engine technology streamlines your workflows and reduces your workload. In this way, outsourced billing professionals enhance the accuracy and agility of the revenue cycle management. 

Moreover, without creating any obstacles in the overall revenue cycle, procedure scalability assures that a sudden influx of demands and unprecedented changes are met at the best time. 

Drive Down Costs With Flexibility  Managing an in-house team means benefits expenses and fixed costs like salaries. These expenses are just an additional financial burden as it adds to operational costs and the practice budget gets disturbed. 

Outsourcing laboratory billing services brings no fixed costs. In fact, you don’t need to hire train staff or spend money to buy technology, upgrading systems, office space, equipment, maintenance, etc. 

So, outsourcing helps you to boost the bottom line results of your lab practice and help you take your business to a new horizon. 

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The Importance Of Efficient Healthcare Revenue Cycle Management For Labs

As a lab professional, you understand the impact and value of the patient care data you generate for community patients and hospitals. The current situation of your efficient healthcare revenue cycle management for labs is challenging now, including services and systems, to ensure the practice meets the demands of the healthcare industry and your outreach lab can gain influence.

However, on the business side of things, practices often don’t have visibility to position the lab and access appropriate tools to become a profitable business entity. 

To ensure your lab claims are getting the level of visibility and proper attention needed to enhance your cash/revenue or grow your business. Take a start by asking your administrative staff the following key questions about reimbursements and write-offs:

Automated Write-Offs and Bad Debt: What dollar amount and percentage of claims end up consequently written off?

Are automated write-offs of claims sorted as bad debt since no effort to collect has been undertaken?

Which factors are causing the most issues in the billing process due to providing invalid or missing information needed for the claim?

Are claims subject to automated write-offs based on a dollar amount threshold set in the system?

Efficient healthcare revenue cycle management for labs systems and staff are continuously asked to put their efforts or attention first on working claims that can lead to increased reimbursements. Sometimes, lack of proper resources causes a policy of automatic write-off of a claim to a definite threshold that needs additional effort. 

This means that if your claim has invalid or missing information and receives a denial on the back end or below the threshold on the front end. So, an automated write-off occurs as your staff is not working to collect on your behalf.  

These write-offs can paint an inaccurate view of your business and could be a substantial amount of your outreach business. Thereby implying the write-offs were not collectible, further muddying the financial picture is the reality that some practices commonly categorize the write-offs incorrectly as revenue adjustments instead of bad debt.

To make an efficient healthcare revenue cycle management for labs and run or grow a profitable business_ you need complete access to your lab-specific data. You need to understand the profitability of clients and specific tests to ensure your growth is focused on the proper areas. 

Outsource Your RCM:

In the event that your current RCM team can't rapidly address your inquiries in a satisfactory way, all is good and well to push for a change and consider a specialized outsourcing RCM professional. 

While choosing an outsourced partner for your lab billing, you should look for:

An efficient and automated system:

Recruiting more resources to do the billing is not a simple solution to successful lab billing. The system has portal connectivity with the outside clients and hospital, including patients, referring physicians, and insurance payors. It helps you to capture rules-driven workflow automation at the payor-specific level. 

Reliable qualified lab billing expert:

When you outsource, you get access to lab industry knowledge laboratory billing-specific expertise that will help you optimize your billing and revenue cycle performance. They are qualified and have years of experience in the healthcare field. They understand your practice needs and provide effective strategies to boost your practice’s proficiency remarkably. 

A partner that offers flexibility:

Make sure you’ll be getting dashboards that show essential data immediately, such as information to manage your lab outreach business and your KPIs. Billing experts give you visibility into how your operation is performing and provide an efficient healthcare revenue cycle management for labs. Moreover, they formulate comprehensive reporting and help you analyze or delve into the data with easy-to-use business intelligence tools.

Take a Lead:

Are you looking for an adept laboratory billing service that ensures top Laboratory revenue cycle management. Laboratory Billings, a reliable laboratory billing company is here to help you streamline your billing and revenue cycle. To learn more, visit our website today!

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3 Helpful Tips to Adapt For Improving the Laboratory Billing Services

Various practices busy with staff, patients, and doctors can achieve considerable benefits about how to restructure or simplify their daily workflow and, in the process, make laboratory billing services more well-organized. 

There could be many ways to do this, one profitable way is to outsource your billing services_ to streamline your revenue process. Before moving ahead, take a look at some key features that define that outsourcing is a better option to ensure if the practice is running optimally:

Summary:

It is a worthy exercise to assess the billing processes and system within.

Practitioners need to be sure that they are receiving the highest amount of revenue possible.

Hiring employees who work as an in-house billing team can cost extra expenses to your facility.

The decision that a medical practice makes to consider the advantages of outsourcing and approach medical billing or coding companies.

Medical billing and coding is time-consuming and high-stress work, and that can result in ongoing employee turnover.

The administrative staff has to be up-to-date about billing codes for error-free coding.

Billing software is expensive; practices get additional technological benefits when they outsource their billing.

In addition to this, outsourcing adds value across your business. There are 3 helpful tips to adopt for improving the laboratory billing services:

Focus On Core Business Activities:

The essential goal of each lab professional is to give a standard guide to the patients. In the event that you have chosen to deal with the medical billing and coding in-house, at that point, you need to invest a lot of energy in examining the performance of your regulatory staff. 

Which can redirect your consideration from the internal parts of your business. Which is to provide a satisfactory experience to your patients. Nonetheless, by outsourcing billing services, you dispose of the workload and reduce your administrative burden.

Accordingly, you and your medical services staff can invest energy with patients. While profoundly prepared industry specialists deal with your back-end tasks for example charge entry, medical billing, clinical coding, claims submission, payment posting, follow-up, and so on. 

Thus, it bodes well to employ laboratory billing services experts to focus on center skills like quality patient consideration. Subsequently, your patients will be happier with your services and may suggest you as the best medical care provider in their group of friends. Which eventually increases the chances of revenue generation and upgrades your reputation also.

Better Control Over Finances:

At the point when the lab professionals work together with the outsourced lab billing agencies, then they get insights into the inventive procedures. That can assist them with accomplishing their financial objectives. Since an efficient lab billing company consistently offers totally transparent solutions. 

For that reason, billing experts give standard scientific reports to lab experts, so they can assess their revenue development with real-time information. These reports likewise give them bits of knowledge into the proficiency of their inside and outer work process_ and assist them with foreseeing the future development of their business. 

So in the event that you have chosen to recruit a laboratory billing company. At that point, you'd likewise become able to distinguish key areas of opportunities and strength for development with the assistance of advanced lab billing solutions.

Get Paid Faster:

The essential goal of each business is to create the maximum reimbursements and increment cost investment funds. Essentially, lab specialists must likewise embrace solutions that accelerate your collections and help you gather your payments fastly.

Therefore, when you outsource laboratory billing services, billing professionals help you to upgrade the effectiveness of your whole revenue collections management. They cross-check the provided data to ensure that the claims don’t contain any mistakes that cause rejections. Thereby, they make sure of the timely submission of error-free claims and help to get paid faster.

So you don't have to face issues while upgrading, recording, or adjusting a patient's healthcare data. Since everything is very much overseen in the cloud-based billing solutions.

Take a Lead:

At Laboratory Billings, our billing experts provide systematic procedures to manage the medical claims, accelerate cash flow, ensure the maximization of revenue collections, and streamline your laboratory billing services. Want to know more about us, then contact us, today! 

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Importance of Laboratory Billing Services to Maximize Revenue

Every lab practitioner who runs their lab practice understands that running a healthy business is not that easy. Before any other priority lab practitioners focus on providing more quality care services to their patients. Improving your laboratory billing services and generating more revenue is essential to running a successful business. 

To improve your business productivity, you must ensure that your billing and coding are handled properly; however, lab practitioners spend most of their time providing care services to patients. This can be challenging for lab practitioners to focus on billing processes at the same time. For this reason, it's essential for lab practitioners to hire the services of an expert company to maximize their revenue. 

Here in this article, I will discuss how a professional billing team is essential for improving your practice revenue.

Reduce Errors and Redundancy

According to the US healthcare industry’s latest survey, about 70-80% of claims contain billing and coding errors. That results in a delay in the reimbursement process, and thousands of dollars remain uncollected. 

The laboratory billing services providing team helps in eliminating errors and redundancy in the system. They utilize advanced claim scrubbing tools and ensure a clean claim process. They verify and double-check each information before sending the claim to the payer. Clean claims and collection workflow increase the revenue of lab practitioners.

Provide Analytical Reports

A professional laboratory billing services providing team provides a monthly report on your RCM. Which include the following details; 

Which procedure were submitted 

The ratio of denial claim

How many claims required additional information

Total collected amounts

Detail of outstanding accounts 

These reports tell you about your business health as well as give feedback about your business productivity. It will help you identify your lack areas so you can make strategic solutions to improve your revenue cycle and practice productivity.

Regular follow up

The laboratory billing services providers are constantly connected with insurance payers. Even when the claim is sent, they conduct regular follow-ups to keep track of all the payments. With a regular follow up it might be possible that your claim gets denied and a delay in the reimbursement process.  A successful follow-up process includes;

Avoid missing claims which is the biggest reason for claim denials.

Without any hassle, help your lab practice to recover outstanding accounts.

Minimize days in accounts receivable.

Contribute to the financial stability of your medical practice and ensure a streamlined revenue flow.

Help to recover payments that are still pending due to needed additional information.

The professional billing team efficiently handles all your overdue payments or underpayments. They utilize a digitalized system to track claims and accounts receivable and ensure you collect all your payments as soon as possible.

Streamline Billing and Payment Process

To manage a healthy revenue cycle, proper billing and payment collection is an essential part. To save your valuable time, efforts and reduce stress, you can outsource your billing services to an expert team. Proper lab billing services help you maximize your collections and ensure a clean claim submission process that reduces errors and denial. 

They use automatic tools like automate eligibility checks, charge-entry, payment follow-ups, and reminders that lead to accuracy. The billing professional prepares bills in less time, and timely submission streamlines the collection process. 

Conclusion:

Managing the billing processes in-house can be time-taking, expensive, and involve consistent efforts to manage different resources. When lab practitioners outsource their lab billing services to experts, they gain access to professionals who are well-versed with all billing and coding requirements. The billing experts stay up-to-date on coding regulations and ensure a HIPAA compliance process. They handle all complex billing procedures on your behalf so practitioners can pay more focus on improving the quality of care that dramatically streamlines revenue due to eliminating errors, reduced overhead cost, and improved the collection process.  

[laboratorybillingservices]

Importance of Laboratory Billing Services to Maximize Revenue

Every lab practitioner who runs their lab practice understands that running a healthy business is not that easy. Before any other priority lab practitioners focus on providing more quality care services to their patients. Improving your laboratory billing services and generating more revenue is essential to running a successful business. 

To improve your business productivity, you must ensure that your billing and coding are handled properly; however, lab practitioners spend most of their time providing care services to patients. This can be challenging for lab practitioners to focus on billing processes at the same time. For this reason, it's essential for lab practitioners to hire the services of an expert company to maximize their revenue. 

Here in this article, I will discuss how a professional billing team is essential for improving your practice revenue.

Reduce Errors and Redundancy

According to the US healthcare industry’s latest survey, about 70-80% of claims contain billing and coding errors. That results in a delay in the reimbursement process, and thousands of dollars remain uncollected. 

The laboratory billing services providing team helps in eliminating errors and redundancy in the system. They utilize advanced claim scrubbing tools and ensure a clean claim process. They verify and double-check each information before sending the claim to the payer. Clean claims and collection workflow increase the revenue of lab practitioners.  

Provide Analytical Reports

A professional laboratory billing services providing team provides a monthly report on your RCM. Which include the following details; 

Which procedure were submitted 

The ratio of denial claim

How many claims required additional information

Total collected amounts

Detail of outstanding accounts 

These reports tell you about your business health as well as give feedback about your business productivity. It will help you identify your lack areas so you can make strategic solutions to improve your revenue cycle and practice productivity.

Regular follow up

The laboratory billing services providers are constantly connected with insurance payers. Even when the claim is sent, they conduct regular follow-ups to keep track of all the payments. With a regular follow up it might be possible that your claim gets denied and a delay in the reimbursement process.  A successful follow-up process includes;

Avoid missing claims which is the biggest reason for claim denials.

Without any hassle, help your lab practice to recover outstanding accounts.

Minimize days in accounts receivable.

Contribute to the financial stability of your medical practice and ensure a streamlined revenue flow.

Help to recover payments that are still pending due to needed additional information.

The professional billing team efficiently handles all your overdue payments or underpayments. They utilize a digitalized system to track claims and accounts receivable and ensure you collect all your payments as soon as possible.

Streamline Billing and Payment Process

To manage a healthy revenue cycle, proper billing and payment collection is an essential part. To save your valuable time, efforts and reduce stress, you can outsource your billing services to an expert team. Proper lab billing services help you maximize your collections and ensure a clean claim submission process that reduces errors and denial. 

They use automatic tools like automate eligibility checks, charge-entry, payment follow-ups, and reminders that lead to accuracy. The billing professional prepares bills in less time, and timely submission streamlines the collection process. 

Conclusion:

Managing the billing processes in-house can be time-taking, expensive, and involve consistent efforts to manage different resources. When lab practitioners outsource their lab billing services to experts, they gain access to professionals who are well-versed with all billing and coding requirements. The billing experts stay up-to-date on coding regulations and ensure a HIPAA compliance process. They handle all complex billing procedures on your behalf so practitioners can pay more focus on improving the quality of care that dramatically streamlines revenue due to eliminating errors, reduced overhead cost, and improved the collection process.