The current revolution of the healthcare industry has brought about a variety of difficulties for patients and providers. For today’s value-based healthcare environment efficiency is a guiding principle for medical practices. However, practitioners rely on inefficient laboratory billing services that fail to collect maximum practice revenue effectively.
Across the United States, many aspects of healthcare regulations such as value-based compensation models, introduction of more time-consuming federal norms, new payment models, continuous alteration of billing rules, etc, can cause reimbursement losses for medical facilities.
Practitioners should outsource their medical billing and coding services in order to streamline their billing operations, enhance revenue, and improve medical care management.
Read on to find out how to drive maximum revenue by outsourcing laboratory billing services;
Establish a Clear Collections Process:
When you hire a medical billing outsourcing company, expert billing specialists establish an efficient collections process to ensure the financial health of your healthcare organization. They provide a step-by-step approach that helps you to streamline billing/coding procedures and improve the revenue cycle efficiently.
The collections procedure include the following steps; establish clear terms, collect patient information, verify addresses, get an agreement within new-patient paperwork, remind patients about co-pays, verify eligibility regularly to avoid claim denials, collect balances and co-pays due based on deductibles upfront, available payment options, send reminders, etc. You can also check fast fake id quick delivery.
Although this is a time-consuming and detailed procedure thereby outsourced laboratory billing services specialists help you collect reimbursement more quickly by implementing a standard collections process. They eliminate lack of communication with payers, better know when to send claims to collections, and improve the overall collections process efficiently.
Minimize Coding Errors:
During claim preparation, medical coding experts use standardized codes such as; ICD, CPT, HCPCS Level II, etc, to make the processing of claims easier & avoid mistakes. However, errors can still occur due to missing, mismatched, and incorrect codes.
Moreover, some errors can be so difficult to identify such as; non-specific/insufficient diagnostic codes and incorrect modifiers, etc. Furthermore, other problematic mistakes that could be an accidental or intentional source of errors are; under coding and upcoding.
Often it becomes difficult for practitioners to stay updated about the recent coding regulations while handling other hassles of medical billing. Therefore, when you outsource laboratory billing services, billing specialists help you to get familiar with the latest transition of medical coding. They use correct modifiers in the claim to get complete reimbursements.
Certified qualified coders always double-check the medical claim before submission to avoid ambiguity and contradiction in a procedure. They ensure correct codes are used and cross-check the medical coding resources. In this way, they help you minimize coding errors and improve the due reimbursements collections efficiently.
Manage Claims Properly:
All medical claims contain approximately 70% of errors, these costly mistakes lead to the rejected claims because of strict regulations of insurance payers. Practitioners wait for months for payments of rendered services due to time-taking procedures of submission, denials, editing, and resubmission, etc.
Claims should be complete and accurate at first to save effort or time wasted in resubmitting/editing claims. Some of the common mistakes include; incorrect provider information, incorrect patient information, missing denial codes, inaccurate insurance information, unclear claim number references on a denied claim, poor documentation, no EOB on a denied claim, duplicate billing, etc.
When you outsource laboratory billing services, billing experts keep connected with insurance companies to stay updated with new policies. They communicate with the rendered providers and ensure that information is complete, consistent, and clear.
They double-check medical claims before sending them to payers and minimize the chances of errors. In this way, they keep a strict follow-up on insurance claims to stay aware of any error encountered by payers.
Moreover, they verify the (EOB) Explanation of Benefits, so errors could be identified on-time and no claim can be returned which don’t have proper denial codes or EOB attached.
If it happens, they contact the representative to solve the problematic claim issue before any problem occurs.
Promptly Handle Rejected Claims:
It is important to understand the denied and rejected claim before jumping up to the details. A denied claim is one that is unplayable due to the errors caused after processing and violation of the payer-patient contract. While a rejected claim is one, due to errors that hasn’t been processed and thereby preventing the insurance reimbursements.
Therefore, the payer will return the claims in both cases with an attached explanation of the problem. A denied claim before resubmission must be appealed while a rejected claim can be resubmitted after correcting. But this whole process is labor taking and time-consuming.
When you outsource laboratory billing services, billing specialists take your responsibility and reduce your stress. They minimize the occurrence of denials, check the errors, and remove them efficiently. They stay in touch with a payer’s representative and clarify problems.
So, this process helps you to minimize resubmission or appeal time and expedite the claim editing process effectively.
Ensure Maximum Revenue:
Medical practices should follow suit to maximize revenue and efficiency because the healthcare industry is continuously changing. Thereby, when you hire a trusted medical billing outsourcing company, it helps you to keep current with the latest healthcare norms. Billing experts help you to identify problems, track performance, and implement new ways to rectify them efficiently.
They track pending accounts receivable and track outstanding accounts to improve the effectiveness of collections procedure. They utilize advanced methodologies and provide predictive analysis to view the efficiency of your revenue cycle effectively.
Medical billing professionals stay on top of all the new healthcare industry changes. They understand recent billing and coding protocols and streamline clean claim processing excellently.
Moreover, they identify the potential receivable challenges and establish clear methods to handle the problematic A/R remarkably. They utilize efficient ways to track issues like; frequent changes in contact information, regularly declined payments, late payments, etc, and help you get paid in a timely manner.
Take an initiative:
Medcare MSO is an experienced medical billing outsourcing company in the United States. Our dedicated billing experts understand your business needs and provide efficient laboratory billing services to drive maximum revenue for your medical practice. To learn more about us, visit our website https://medcaremso.com/services/laboratory-billing-services/ now!