The current pandemic affects the financial well-being of healthcare facilities across the world. Moreover, the rapid changes in terms of payers’ policies, billing, and coding guidelines have forced laboratory practitioners to adopt innovative solutions to optimize clinical billing services.
Because the streamlined lab revenue cycle management is highly dependent on the efficiencies of billing and coding processes. Therefore, lab technicians should have sufficient resources and equipment to ensure the timely submission of medical claims.
An efficient clinical lab billing system helps you to save your laboratory business from revenue leakage and other financial crises. Healthcare providers can also streamline their operational capabilities and boost their business profitability.
Moreover, by streamlining the clinical lab billing services, healthcare providers can build profound relationships with patients as well as insurance companies. However, billing and coding require great attention, time, and effort.
While laboratory practitioners are mainly responsible to provide quality patient care services _ so they cannot follow-up with their claims aggressively. But don’t worry, you can get rid of the excessive and hectic administrative responsibilities by acquiring the assistance of highly-trained lab billing specialists. Therefore, healthcare experts always prefer to outsource clinical lab billing services.
In this way, well-experienced clinical billing specialists will take responsibility for your most time-consuming tasks and enable you to spend a considerable amount of time in providing quality care to the patients.
Furthermore, outsourced billing experts have the extensive industry experience to drive higher profitability from your lab revenue cycle management. No matters whether you prefer to outsource or keep your clinical laboratory billing services in-house, you should closely monitor the administrative tasks to ensure efficiency and accuracy. Here’s how efficient clinical billing services can add profitability to your business.
- Eliminate Errors
Accurate medical codes and accurate patients’ demographic information are the fundamentals of “clean claims”. Only if accurate, highly specific, and precise medical codes are mentioned in the claims then it would get accepted by the payers.
Therefore, billers and coders should make sure that they capture accurate information, use up-to-date and correct medical coding protocols to eliminate all the errors.
If your coding staff ignore errors i.e. incorrect, mismatched, or missing codes then claims get denied. Which leaves a negative impact on the lab RCM. Therefore, you should prefer to adopt reliable clinical lab billing solutions that eliminate all these errors from your revenue cycle management system. Otherwise, clearinghouses can catch these errors easily and deny claims.
- Streamlined Claim Management System
Do you know that almost 80% of all medical claims end up in the form of denials due to errors? Strict insurance policies and ever-evolving coding protocols_ collectively create a lot of challenges for the claim reimbursement procedure.
Due to the increasing rate of claim denials laboratory practitioners lose millions of dollars every year. But if your clinical billing services are on the right track, your hard-earned revenue will never remain uncollected.
So, in order to increase the efficiency of your revenue collections management, you should hand over the billing and coding responsibilities to only certified and highly trained lab billers.
Because it has become difficult for healthcare providers to file and submit clean claims in a timely manner. Even if a small mistake or error occurs throughout the procedure. It causes the claim to end up in the form of denial.
After collecting the required information, it is the responsibility of lab billers to rectify the already existing errors and eliminate them from the system. Moreover, In order to improve the accuracy of your medical claims, it is crucial to submit the claims electronically.
Because it is a more efficient way to transmit claims with maximum accuracy. It’s pertinent to mention here that, less human interference decreases the chances of claim denials, which leads to streamlined cash flow.
Instead of spending a hefty amount and time on the implementation of electronic systems, recruitment of billing staff to operate them, and bearing the operational costs associated with the in-house billing department. You should outsource clinical billing services to a reliable lab billing company.
So, you will get favorable results for your laboratory business just at the fraction of your existing expenses.
- Prevent Claim Denials
The optimization of revenue collection management is only possible through the submission of clean medical claims. Therefore, clinical lab billers and coders should assign appropriate values as per the coding protocols by following the payer’s fee schedule.
The most common reasons for claim denials are the incorrect patients’ demographic information e.g. name, date of birth, gender, age, phone number, address, insurance ID, policy, etc, coding errors, and duplicate billing.
To prevent your practice from such factors that can cause payment delays, practitioners should implement innovative clinical billing solutions. It will allow them to prepare “clean claims” (claims without any kind of error) that will successfully get reimbursed.
The effective management of medical claims prevents the claim denials/rejections. However, if a claim gets denied lab billers should appeal the claims timely. Because, if they fail to appeal claims in the given time window of the insurance payers, then they will also lose their cash flow opportunities.
- Streamlined Cash Flow
Laboratory practitioners should have a well-defined plan for their revenue cycle management. Which enables them to establish a step-by-step procedure that clarifies all the procedures. In this way, they can evaluate the accuracy, preciseness, and efficiency of each component of the overall clinical billing services.
It can greatly drive improved results from revenue cycle management by ensuring the authenticity of every attribute involved in the clinical billing process. However, by outsourcing clinical lab billing services, a dedicated team of certified lab billers would commit to supervise your coding and billing procedures.
Because you will be satisfied that a professional organization is handling your medical claims and pursuing them further for reimbursements. Which streamlines the cash flow of your practice.
Dealing with reduced reimbursements and increased medical debt? Laboratory Billings provides the most compelling and effective clinical billing services to help you deal with financial challenges and improve business growth. Contact us to know more about our services.