The COVID-19 pandemic has raised many eyebrows of the healthcare practitioners in the last 4 months. This pandemic has hampered the cash flow of healthcare organizations which means that the lab billing services provided to the patients are not effective enough. This is where practitioners must try to evolve.
According to a statistic, a US-based billing company stated that 91% of the physicians prefer outsourcing their services to a reliable billing company. The reason is that they prioritize the overcoming of the financial challenges that this pandemic has brought them.
In this section, I have highlighted 4 effective ways in which outsourcing lab services to a reliable billing company can bring benefits to a practitioner.
1. Minimal administrative workload
If a practitioner trusts a reliable billing company like one from this website to outsource laboratory billing services, he will invest fewer dollars in comparison to the in-house billing services. Furthermore, a fully functional laboratory billing company stays up to date with the recent advancements of medical coding, CPT coding, modifiers and subsets.
As a result, a practitioner does not need to invest his time in dealing with his competencies (claim submission and cash flow maintenance). The biggest negative impact is the time consumed by the medical professionals in informing the patients about their financial responsibilities as well as their medications. The time invested is considered to be wasted as the core competencies are not highlighted as well as destabilization of the financial aspect of the healthcare organization.
2. Utilization of billing codes
The laboratory billing services are based on two massive and effective barometers. They are called ICD (International Statistical Classification of Diseases) and CPT (Current Procedural Technology) code. The CPT codes are designed to provide a set of creative classifications for the medical service providers, patients and coders.
The billing specialists stay updated about all the billing and coding advancements. Therefore, they comply with evolving billing regulations and find ways to improve cash flow. This is important in bringing financial stability within a healthcare organization.
3. Consistency in claim approvals
If a practitioner considers outsourcing laboratory billing services to a reliable billing company, it has a massive impact upon the RCM (Revenue Cycle Management). The phase of revenue cycle management probation starts after the finalization of medical codes. Usually, the laboratory creates a medical bill for the insurance company through a clearinghouse.
Once the medical bill is received, the claim handlers utilize the advice from the medical practitioners to visualize the billing procedures such as patient eligibility, insurance details, claim submission, implementation of billing codes, etc.
The claim approval means that the payer reimburses the service provider as per the initial demands for a portion of the implemented billing services. If the claim is denied, it is sent back to the EOB (Explanation of Benefits), who must rectify all the billing errors and resubmit the claim. In numerous cases, the resubmission of claims may happen frequently until the payer agrees on partial payments or installments.
4. Association with an effective billing organization
The laboratory professionals who deal with the lab billing services must have a complete understanding of the services they are delivering to the patient. The laboratories should utilize effective billing software by integrating EHR (Electronic Health Record) and streamline information consistency.
They should allocate appropriate capital investment to implement an effective system for the billing services. If the practitioner is unable to afford the investment or innovative software, he should consider outsourcing the billing services. A laboratory billing company will take over the responsibilities regarding a fixed subscription rate. This billing organization also becomes effective in improving operational capabilities. Therefore, a simple innovative software will not bring welfare to the organization. The practitioner must find innovative ways to organize his billing data and develop skills to collect information regarding it.
Conclusion
The laboratory has a massive responsibility on its hands regarding the fate of medical services. They take considerable steps in improving efficiency, improving cash flow and look into the innovative methodologies for the growth of the medical business. However, there are many laboratories that suffer from expertise and resource deficit. This means that the billing procedures are unable to be implemented appropriately. Therefore, he must look into innovative billing solutions to keep the consistency of implementation. As a result, the practitioners have a massive opportunity to improve lab performances.
Do you want to improve your lab performances? You don’t need to look further than our medical billing agency. We provide all we can to ensure the success of laboratory management. Furthermore, we provide innovative features to ensure improvement in cash flow. We provide effective lab billing services to the patients to generate positive patient perspectives as well as encounter the financial challenges of the clinical laboratories. If you want to know more about our billing services or you want to know ways about improving your medical practice, contact us today to schedule a free demo.
