How can you Easily Improve your Molecular Lab Billing Services?
Lab practitioners face dire challenges to keep their claim processing tight. Due to constantly changing billing standards, it’s difficult for lab practitioners to stay on top of all these changes and improve their molecular lab billing services.
Often, the claims denial rate touches an alarming level that negatively impacts the revenue cycle management process. However, it is estimated that an average practice loses about 10–15% of its net profit every year due to underpayments.
If you don’t have a sound lab billing process, you don’t get paid. Your future will be gloomy if you take preventive measures and the right approaches to improve your business operations. In order to get the best results or improve your practice efficiency and effectiveness, consider these tips to optimize molecular lab billing services.
1. Use Advanced Methodologies
Claim follow-up, tracking, managing denials, reducing AR days are some cumbersome tasks. And your laboratory billing team must have hands-on experience with HIPAA compliance and coding regulations. However, to avoid billing errors or claim denials, you can use automatic tools that save your time and improve your practice efficiency.
2. Adhere to Compliance Standards
To safeguard your patient’s healthcare data’s security, privacy, and confidentiality, a HIPAA compliance process plays an essential role. HIPAA is one of the most essential healthcare standards that necessitate the standardization of billing codes. As a lab practitioner, it’s your duty to strictly stick to HIPAA’s guidelines and protocols. Which results in building patient trustworthiness and improves their satisfaction.
3. Use Technology as an Advantage
Molecular lab billing services that strive for efficiency and effectiveness may find advanced tools beneficial. By utilizing advanced billing tools you can reduce the chances of errors that most of the time occurs when using manual claim processing systems. By electronic tracking system, you have the opportunity to quickly determine the state of a claim. It will also help to determine the new trends in denials.
4. Collect Full Information
To improve billing efficiency, make sure that your front-end staff collects full and accurate information from the patients. For documentation purposes having a patient’s full name, address, birth date, multiple phone numbers, and work information are some of the key parts. When you collect data from patients, double-check and verify each information. Hence, it will reduce the chances of error and denial and result in a maximized payment collection process.
5. Avoid Coding Errors
An efficient lab billing process revolves around putting accurate codes. However, careless coding mistakes are costly mistakes. A miss digit, wrong coding, under coding, upcoding, or even tiny error leads to claim denial and delay in reimbursement. Make sure that your billing team puts the correct code that helps you get paid fasts and increase your practice’s overall cash flow.
6. Hire the help of Specialists whenever Possible
One of the best investments that you can make to improve the efficiency and revenue of your practice is hiring molecular lab billing services. The professional billing staff spends all their time and energy managing your lab billing, so you can pay more focus on providing care services to patients. They collect all overdue and underpayment on your behalf so you can collect payments fastly and timely. But before hiring any company, make sure they are specialized in your area of care.
Conclusion:
All the above-mentioned solutions help you to improve your laboratory billing services. We all know that managing billing and coding procedures in-house is a very challenging and time taking task. If your practice lacks skilled personnel and advanced billing tools, outsourcing is the best option for improving your payment collection process.
Outsource your molecular lab billing services to Laboratory billings, a leading agency that can quickly remedy a “sickly” lab billing process. Our professional smoothly handles the claim settlement process and ensures a streamlined cash flow.
