How you can Overcome Billing issues with special Molecular Lab Billing Services?
No doubt, laboratory billing, and coding is a complex process that requires much time or effort. Due to constantly changing coding regulations, lab practitioners are facing severe challenges even in the most professional environment. Add to that when these complex procedures are carried by untrained billing staff it can lead to errors and denials. That can lead to loss of time and revenue in unimaginable proportions.
Even a tiny error in billing or coding is blamed for most claims denials or delays in reimbursement. However, frequent errors may negatively impact patient-provider relationships.
Especially for small practices with limited time and resources, it can be challenging to get the right billing. Since lab billing is often the lifeblood for a lab’s revenue stream. Any substance that contributes to an increase in medical billing errors needs to be addressed and identified as quickly as possible. However, having experienced and reliable lab billing services is a tremendous asset for any lab practice. That’s why lab practitioners prefer to hire special Molecular Lab Billing Services. They have the expertise and a full understanding of the complex procedure of billing.
5 Ways to Prevent Medical Billing and Coding Errors:
To sustain business and growth every lab practice needs a steady flow of incoming revenue. Part of that includes ensuring there are no errors causing damage to the business growth. Here are five helpful strategies that lab experts use to prevent common billing errors.
1. Check for mismatch in Patient Information
Lack of data or patient information is one of the leading causes of claim denial. Trivial errors in patient’s name, gender, ID card number, birth date, phone number ground for claim denial. The professional lab billing team double-checks all the patient’s information before submitting a claim to the insurance company.
2. File claim within Designated Deadlines
Timely filing plays an essential role in the lab billing process. There is not much you can do if you are late. Because if you do not follow timely limitations your claim gets denied. And these timely filing denials are the most difficult to appeal. The Molecular Lab Billing Services providing team, spend their valuable time and revenue to manage your billing process in an efficient way. They ensure that they submit a claim within the limited timeline so you get reimbursed for providing services as soon as possible.
3. Stay Updated on Coding Rules
Medical codes are constantly updated and changed with the passage of time. Due to changing coding regulations, the denial rate has increased for many lab practices. Especially when new codes are added, with thousands of CPT codes it is easy to accidentally choose the incorrect code when completing claims. However, billing professionals spend their time and make the right effort to stay updated on any coding changes.
4. Use Advance Billing Tools
Using advanced billing and coding tools may help your lab to perform billing procedures effectively without errors. The Molecular Lab Billing Services providing team utilizes the best lab billing tools helps to identify inaccurate information and ensure an error-free claim submission process. It will help you to reduce denials, outstanding claims and also eliminate your administrative teamwork. If you manage billing procedures in-house make sure that your billing staff knows how to utilize these tools effectively.
5. Make sure Insurance has been Verified
Issues with not verifying a patient’s insurance or healthcare coverage plan are almost always the main source of denied claims. Sometimes, your front-end staff will assume that there is no change in coverage plan or no one checks their eligibility, then your medical lab may be in trouble. But billing professionals implement a step that verifies the patient’s insurance at every visit. They ensure that there are no insurance-related issues such as services not authorized, terminated coverage, maximum benefits reached, or services not covered by the plan.
Key Takeaways:
Hiring expert assistance is one of the best solutions to get rid of complex procedures of billing and coding. It will help you to generate more revenue while providing more quality care services to your patients that as results improve patient satisfaction. If you want to outsource your Molecular Lab Billing Services to a highly professional and most reliable company. Let Laboratory Billings be your go-to source for an error-free billing solution.
Contact us today to learn about our billing services and find out how we can help you accelerate your RCM.
