How do Laboratory Billing Services Improve your Payment Collection Process?
A profitable and successful business is not possible without an efficient medical billing and smooth collection process. To improve the payment collection process healthcare services providers face dire consequences and challenges. But laboratory billing services overcome these challenges with their expertise skills and advanced billing tools.
Every year, an average lab practice loses approximately 10–15% of its net revenue due to underpayments. The most common reasons that result in uncollected payments are;
- Incorrect/inadequate information or error in the claim.
- The insurance providers don’t receive the claim.
With the passage of time and technological advancement, it became more challenging to collect payment both from insurance providers and patients. This causes most of the time due to changing coding regulations, changing federal policies, an increasing number of patients, and rising documentation requirements.
Here in this article, I will discuss how laboratory billing services improve your reimbursement rate and ensure that your lab practice is on the way to achieve financial success.
1. Use Advanced Methodologies
Monitoring, reviewing, follow up, tracking claims, and managing denials are some of the most challenging tasks in the billing process. And your billing and coding team must be well-experienced in working with HIPAA regulations. To avoid denials and errors you can use advanced billing tools to make a streamlined billing process.
Laboratory billing services use advanced medical billing tools and ensure a clean claim process with minimal or no error. They track each claim throughout its complete journey and identify the loopholes where adjustments need to be made. Then they provide effective solutions to overcoming these loopholes that improve your lab’s efficiency.
2. Double check Information
It’s the duty of your front-end staff to collect accurate information from the patients. A tiny error (incorrect information, miss coding, misplacing number, etc) can lead to expensive claim denials that result in heavy revenue loss.
Laboratory billing experts collect accurate information from the patient with no billing and coding errors. Because they are experts in managing the complex procedure of billing. That reduces the chances of denials and improves the overall reimbursement rate.
3. Make an Easy Payment Collection Process
Patient satisfaction is an essential part of running a successful business. So to improve patient satisfaction, you must provide multiple or friendly payment options to your patients so they can easily pay their dues without any difficulty in the process.
Laboratory billing services provide different payment options (debit card, credit card, PayPal, website, online portal, cash, etc.). That will improve the payment collection process and increase patient satisfaction.
4. Work on your Denials
The most hectic, challenging, and time taking task of managing the revenue cycle is working on your denials. To improve accuracy and reduce denials, lab practitioners and front-end staff must establish a proactive strategic plan.
When a medical claim gets denial first of all you need to find out the reason behind claim denial and then take a proactive solution to reduce these denials in the future. To avoid discrepancies and common errors, you should utilize the automatic claim submission process. It will minimize coding and billing errors and improve your staff’s efficiency and productivity.
The billing professionals efficiently handle all your denials on behalf of you and ensure a smooth collection process.
Conclusion:
By taking advantage of the above-mentioned tips you can surely optimize your payment collection processes with the help of the right laboratory billing services. We all know it very well; managing billing-related tasks in-house can be very challenging and hectic for many lab practitioners. That’s why lab practitioners prefer to outsource their services to a reliable agency according to their special needs. It will improve your cash flow and overall practice efficiency.
If You want to outsource your difficult collection to a reliable company. Outsource to Medcaremso. Our professional and highly experienced team utilizes advanced medical billing tools and ensures a smooth collection process in a timely manner.
