How do molecular lab billing services improve collections and cash flow at your medical practice?
As a healthcare service provider, you understand the impact and value of patient care data you generate for community patients and hospitals. However, to improve the business side of your lab, you aren’t always provided with the proper billing equipment and visibility to position the molecular lab billing services to be a profitable business entity.
However, now it’s time to challenge your current RCM position, including services and system, to ensure fast reimbursements and gain more profitability. Nowadays, healthcare service providers face an enormous challenge to keep their claim processing tight. Often, the denial rate of medical claims touches an alarming position when medical practices, irrespective of the size, do not optimize their RCM.
Each year, an average medical practice loses about 15% of its revenue due to outstanding accounts. There are two significant reasons due to which claim results in nonpayment's-
1. Incorrect or inadequate patient information.
2. The insurance company does not receive the medical claim.
Due to which an average practice loses about trillions of dollars annually. However, to improve your practice efficiency and profitability, you need to establish an action plan. Because if you do not take the correct strategies and suitable approaches, your future will not be gloomy. That’s why all over the United States, healthcare service providers prefer to hire expert assistance.
Here in this article, I will discuss how molecular lab billing services prove to be a strategic solution to improve your business revenue stream.
1. An automated and efficient System
To improve your business profitability, simply hiring more staff is not a solution you need to implement advanced billing tools and equipment into the process. But make sure that your lab staff knows how to use them because if they don’t know how to handle them properly. It will result in inefficiencies and errors in the billing process that result in heavy claim denials, and your practice can face revenue leakage.
On the other hand, when you hire expert assistance, it will help you save costs and lighten the workload by implementing automatic solutions. The billing tools will automatically check for common errors and allow you to file and check the status of the medical claim. It also allows for eliminating overhead costs while improving your practice revenue. You can keep track of all your revenue growth and analyze your ROI.
2. Accept multiple payment methods
Molecular lab billing services improve your payment collection processes by providing multiple payment methods. However, the payment methods include debit or credit card, cash, online transfers, mobile payments, PayPal, portal options, etc.
According to the latest survey in the US healthcare industry, about 79% of patients want to pay their dues via smartphones. So when you provide friendly payment options according to your patient’s needs, it will improve their satisfaction and overall payment collection rate.
On the other hand, if you use paper bills and receive checks in the mail, you miss out on opportunities to collect payments. You can increase your payment collections by following these steps;
1. Allow patients to pay via payment plans.
2. Let patients pay via your patient portal.
3. Increase security and lessened Fraud risk
You might think that outsourcing the payment collection process puts your lab practice at risk. But if you choose a reliable and reputable company, it will help you increase security that directly improves patient trustworthiness and practice overall reputation.
However, professional molecular lab billing services provide a very transparent billing process. They ensure HIPAA compliance,100% secure payment posting, and lab billing processes to safeguard against any hacking attempt.
Key Takeaways:
The Healthcare industry is constantly changing with new high deductible health plans. However, efficient revenue cycle management is of utmost importance in healthcare. That is why lab practitioners are finding it more difficult to collect payments from patients. Hiring expert assistance is the method used by lab practitioners to monitor incoming payments from patients.
If your current lab billing team finds it challenging to manage molecular lab billing services in-house. Outsource to Laboratory Billings. Our professionals have lab billing-specific expertise and extensive industry knowledge who can help you streamline your revenue and billing performance.
