Common Myths about Outsourcing Toxicology Laboratory Billing Services

Laboratorybillings
3 min readJun 8, 2021

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Lab billing is one of the most crucial components of any healthcare practice. But it seems challenging for many small and medium-sized practices. When you have limited resources and staff who are managing both administrative tasks and toxicology laboratory billing services at the same time. And you are not able to hire someone who specializes in lab billing. If you already have specialized staff but are not updated on all the latest billing changes. It may result in errors that lead to expensive claim denials, delay in payment, fines, audits, or other penalties.

Outsourcing Toxicology Laboratory Billing Services

Many healthcare practices relied on hiring the services of professionals, which has overall proved to be exceptionally beneficial. But there are still some practices that believe in some myths about outsourcing. But before rejecting the idea, it is essential to correct these myths about outsourcing.

Myth: When you outsource, you may lose control of your practice’s revenue process

Truth: The outsource companies provide the services of reconciliation and generating revenue. They offer a complete transparent billing process so you can know the state of your billing process in terms of performance and revenue generation. So to improve lack areas, you can plan your own strategies with the help of an outsource partner. They ensure that the lab practitioners are well informed about all happenings. You may not lose control; in fact, you can gain more control that can actually boost your total revenue significantly.

Myth: Only established lab practices should outsource

Truth: Small and average practice owners think that they outsource toxicology laboratory billing services after they have been established for a while. But in reality, if they outsource at the early stage when they are getting started, they can manage their revenue cycle more efficiently. However, a new practice required a huge staff, resources, infrastructure, and equipment to handle the billing process. But when you outsource, you don’t need to spend revenue on all these things because billing professionals handle all billing-related tasks on your behalf.

Myth: Lack of knowledge on the services

Truth: The most crucial and abundant aspect that can be considered is- that many lab practitioners think that billing companies lack proper knowledge especially about recovery management. But in reality, that’s not true; the outsourced company is laden with expertise, skill, and knowledge. They are well-versed with all billing requirements and stay up to date on all changing regulations. They have full command on advanced billing tools that make the billing process more accurate, error-free, and efficient.

Myth: Outsourcing won’t save any time

Truth: The billing professional spends their valuable time and efforts to concentrate on your billing process. They submit medical claims quicker than your internal staff. They regularly follow up with rejected or denied claims and ensure that you don’t miss filing deadlines for appeal. The sooner you submit an error-free claim, the sooner you collect payment. They also free up your staff’s time so they can focus more on other key business areas to improve their productivity and optimize toxicology laboratory billing services.

Myth: Lab billing is really a just data entry

Truth: The truth is that lab billing and coding is a complex process. It’s not just a data entry; a medical coder requires a complete understanding of codes related to treatment diagnosis and medical records. They translate that information into ICD-10 or CPT codes. They must have the proper knowledge about which codes are available and valid so they don’t overbill or underbill, resulting in the accurate submission of codes. When you pay for outsourcing toxicology laboratory billing services, you pay for individuals who have experience and expertise in lab billing.

Key Takeaways:

One of the best investments that you can make to improve your business operations is outsourcing. Because an outsource company has professional billing staff who handles all complex procedures billing and collects payment both from patients and insurance companies on your behalf. So you can better focus on providing quality care services to your patients.

If you want to improve your revenue stream, outsource toxicology laboratory billing services to Laboratory billings. We have certified coders and billers who ensure a consistent, accurate, transparent, and efficient lab billing process.

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Laboratorybillings
Laboratorybillings

Written by Laboratorybillings

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The best laboratory billing services that meet the needs of the advanced healthcare industry and allow the future growth of your laboratory business.

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