6 Ways Innovative Lab Billing Solutions Benefit Your Practice
Due to the widespread economic damage after the COVID-19 pandemic. Practitioners must adopt more efficient solutions to address revenue collection challenges. Several healthcare laboratories are already operating on razor-thin budgets and the revenue crisis from spring 2020. Combined with a ban of the elective procedure and many other regulatory evolutions have caused a lot of damage to this industry.
While the thought of outsourcing your laboratory medical billing services may sound scary but it presents a wide range of benefits. In order to combat modern industry challenges, practitioners should encourage themselves to adopt innovative lab billing solutions. These solutions can impact financial health, reputation and growth of medical lab in the following ways:
1. Drive Customer Satisfaction
Laboratory revenue cycle management is a time consuming and daunting job. One missed code or medical billing error can lead to hundreds of thousands of dollars to get lost in outstanding balance. Not to mention efforts and time spent on back and forth with insurance companies to submit medical claims in order to get reimbursements. As a medical lab practitioner, it should be your top priority to provide satisfactory diagnostic services to patients. Once you adopt all-rounder lab billing solutions i.e. outsource laboratory medical billing services then you can find sufficient time and resources to focus on the aspect that matters most –– to deliver quality care services to your patients.
2. Timely Payments
Often, it takes months to reimburse healthcare services. If medical practitioners are trying to operate on a profit then they should strive to timely file and submit claims. On the contrary, most of the medical practitioners feel it extremely challenging to accurately prepare claims and submit them on time. Especially, when the insurance payer returns claims in the form of denials or rejections then it becomes more difficult to reanalyze these claims and appeal in the given time window. Therefore, when you opt for reliable lab billing solutions then you become better able to get stress free from administrative work. A laboratory medical billing specialist handles all aspects of your revenue cycle management process including interactions with insurance companies, billing reviews and medical coding. It allows you to streamline your payment collection process without leaving any dollar uncollected on the table.
3. Ensures Regulatory Compliance
Most frequently, federal, state and local governments introduce evolving industry regulations, payer policies and compliance policies. If you are tasked to consistently educate and train yourself and also stay juggling with every aspect of your medical facility then something is bound to fall through the cracks. Therefore lab billing solutions are essential to help you comply with ever-changing rules and regulations. Otherwise, you could lose your medical license or end up paying a huge settlement.
4. Less Expensive
When you handle all of your revenue cycle management procedures in-house then you need to invest a capital amount to hire full-time staff and implement equipment. Lets add the cost of salaries, incentives, paid leaves, vacations of the employees, all these costs collectively cause a huge burden on the lab’s investment budget. Although, medical billing solutions for laboratories i.e. outsourcing RCM reduce workload. Since most of the medical billing companies charge a fixed percentage from the net revenue they collect on your behalf. As a result, you can achieve your revenue goals without having to lay off or furlough anyone.
5. Streamline Cash Flow
The most defining phrase for a successful business is “Cash is king”. In order to drive profitable results for your practice, laboratory practitioners should maintain their revenue cycle management operations throughout the year. No matter the season, if your in-house medical billing staff is not successful to streamline your operational capabilities because of their vacation, leaves or any other reason for absence. Then it will impact the financial aspect of your business in a significantly negative way. If most of the RCM staff take off the same time then remember that there is a pile of medical claims just sitting there. By outsourcing laboratory billing services, you can make sure that your practice’s administrative tasks are being continuously executed. In that case, you can get control over a dedicated workforce that is continuously dealing with your medical claims and helping you to achieve revenue goals.
6. Reduce Workload
Operating at a medical laboratory is a lot of workloads. There are customers to deal with, hires to make, daily administrative operations to manage and comply with complicated healthcare regulations. At the end of the day, it leaves medical practitioners very little time to focus on the core objectives of your business financial management. Reliable lab billing solutions allow you to shed away excessive administrative burden from your shoulder to the medical billing industry experts. It also puts the number crunching and tallying into the hands of trained and qualified laboratory medical billing specialists. It also enables you to avoid costly medical billing and coding mistakes.
Medical laboratory practitioners should focus on their core capabilities deliver satisfactory patient care services. Alongside they should also not neglect their business medical billing and coding services that are responsible for the financial growth of their business. Therefore, lab practitioners should also tend to adopt innovative lab billing solutions such as outsourcing medical billing services to acquire help of industry experts. They can help you drive profitable results at the fraction of your existing IT expenses. You would not need to invest a capital amount to hire and deploy in-house staff. It would also prevent work fluctuations due to employee turnaround and absence. Thus, it removes every hurdle in the lab revenue cycle management that hinders revenue flow across your business.
At Medcare MSO, we have more than 13 years of experience of providing reliable and innovative medical billing solutions for medical laboratories. Click here https://medcaremso.com/laboratory-billing-servicesto learn how our dedicated team of lab revenue cycle management is here to help you address a host of financial challenges with well-established, faster and reliable lab billing solutions. Request a free demo with our medical billing consultants by giving us a call: +1 800 640 6409