Most of the laboratory practitioners lose millions of dollars just because of inefficient management of lab billing services. Usually, it happens because of the lack of a sufficient workforce, equipment required for billing, and more importantly time. If you are finding it difficult to keep your claims process optimized then you must acquire the assistance of professional laboratory billing companies.
A reliable lab billing company stays well-versed with the recent evolutions in the healthcare industry. They provide a dedicated workforce that follows up on all claims. They try to collect maximum revenue for your practice to achieve mutual business success goals.
For this purpose, they implement every preventive measure to submit clean medical claims. When error-free claims are submitted in a timely manner, you can get quick reimbursements. This leads your practice towards long-term financial stability. Moreover, you get complete control of your lab revenue cycle management.
In addition to this, you don’t need to spend your time on hectic and time-consuming consuming tasks of lab billing and coding. Because outsourced billing experts eliminate the responsibility of your laboratory staff. And you can also get rid of the constant monitoring of your staff.
You and your healthcare staff can utilize the saved time in enhancing your patients’ encounters at your lab practice. Sometimes, laboratory practitioners feel hesitation in hiring a third party for their financial management.
If you are one of them, stop thinking like this. Because you don’t lose control over your finances because professional laboratory billing companies keep you updated with regular analytical reports.
Moreover, hiring lab billing agencies can help you to drive maximum profitability to your business in the following ways:
Reduce Financial Burden
It’s a fact that lab technicians are looking for cost-saving solutions. Because the ongoing pandemic put an unpredicted financial burden on their shoulders. As they had to spend a significant amount of money in establishing care units to isolate and treat patients.
However, the financial consequences are still there even after normal healthcare operations. Healthcare providers are looking for smart solutions to streamline their lab billing services, so they can achieve their economic goals.
But because of all the above-mentioned reasons, they may not afford the expenses of in-house billing operations. In such circumstances, hiring professional laboratory billing companies serve its purpose. They help you to save a huge amount of money in terms of salaries of in-house billing staff, training, incentives, insurance benefits, state taxes, purchase and maintenance of the latest billing software (EHR, practice management software, etc.) office workspace, and overall infrastructure required for successful lab billing.
It has been estimated that, if you have only two in-house employees as lab billers then it may cost an average of around $118,000 per year. Moreover, the net cost of innovative laboratory billing tools is approximately $5,500 annually.
On the other hand, by hiring laboratory billing agencies, you don’t need to bear any extra administrative expenses. They have state-of-the-art infrastructure to streamline your lab revenue cycle management.
So, outsourcing billing and coding services are the more cost-effective approach than building an in-house department.
Efficient Claims Management
Lab billing and coding errors are the major factors that lead to claim denials and hinder payment collections. It’s an unfortunate reality that approximately 80% of medical claims contain errors. As a result, lab practitioners lose millions of dollars every year.
However, off-shore laboratory billing companies implement effective solutions to keep your claims process tight. For instance, they don’t use orthodox methods for data collections, processing manual submission of claims.
Outsourced lab billing specialists have access to the advanced billing tools that ensure the maximum accuracy of the submitted claims. Electronic solutions reduce human errors and maximize the rate of clean claims. Moreover, they use such tools to track every single claim to know its current status.
Moreover, off-shore medical coders are responsible to ensure accurate conversion of patients’ symptoms, diagnosis, and treatments into standard medical codes.Insurance companies get information about all laboratory procedures through these codes and process the claims accordingly. Accurate medical coding isn’t just necessary for maximum reimbursements, but also important from a legal perspective.
Furthermore, outsourced lab billing experts make every possible effort to prevent the claim denials. But if a claim gets denied because of certain reasons, they immediately take actions to appeal the denied/rejected on a priority basis.
In addition to this, lab billing companies make sure that their billers and coders undergo constant training. So they can stay updated with the constant evolutions in the healthcare industry such as: regulatory changes, billing, and coding rules. As a result, they become able to prepare and file medical claims as per industry standards.
Hence, outsourced billing and coding experts save your practice from cash flow disruption and laboratory practitioners enjoy a healthy bottom-line.
Looking for dependable laboratory billing companies to maximize your revenue collections? Laboratory billings provides all-inclusive and profitable lab billing solutions. Visit here to schedule a free business consultation with our billing experts.