A collection that's special to our readers, contributors and us especially for special news.
Top 5 Factors That Slows Laboratory Billing Services
When you think of maximizing revenue generation and going beyond your revenue goals then you have to go through extremely labor-intensive procedures of laboratory billing services. Time is money when it comes to laboratory revenue cycle management. Therefore, when it comes to lab medical billing services then practitioners must ensure that they have adequate billing software and protocols in place.
Highly competitive lab practitioners also make sure the eligibility is completed and any referrals or pre-authorizations are obtained prior to billing procedure. However, if not completely monitored, then many roadblocks can slow down the submission and subsequent payment of submitting billing.
Here are the top 5 factors that can impact laboratory billing services negatively and cause obstacles in revenue collection procedure.
Incorrect Patient Information:
Documentation is the constructive step of revenue cycle management. If the front desk staff doesn’t collect accurate information from the patients about demographics and insurance coverage then it may cause a series of errors in the further procedure.
A single incorrect digit or letter can result in the loss of hundreds of thousands of dollars. These errors can slow down the process of laboratory billing services quite a bit. As a result, you can track down the patient or referring physicians to obtain the correct information and cause delays in the billing procedures for days or weeks in the worst-case scenario.
In order to minimize these obstacles, providers must ensure the availability of reliable billing software and sufficient administrative task that can manage these procedures. To combat the insurance ID card discrepancy, obtain a copy of the patient’s insurance card and upload it to the medical billing software. To help remove errors that occur due to misspellings of names, incorrect addresses, and other documentation problems, the front desk staff must obtain a copy of the patient’s state ID or driver’s license and upload that to the billing software as well. You can also adopt an advanced laboratory medical billing solution to streamline your revenue cycle and maximize your profits. To learn more about reliable laboratory billing services, I recommend you to follow the given link: medcaremso.com/laboratory-billing-services
Inactive Insurance Plan:
It is an important step to obtain active medical insurance policy information to submit bills to the payers. If a patient submits an insurance card that turns out to be inactive later then it can slow down the procedure. However, if patients are not eligible for specific for any service from your lab then they should contend with through their insurance payers. If you later find out that they no longer are covered by the plan or they have provided wrong insurance information then you will not be able to get paid for your services. It will adversely impact your bottom line as you can’t pay medical bills until active coverage is obtained.
Dismiss Eligibility Verification:
Practitioners should adopt innovative billing solutions to make improvements in laboratory billing services. Medical billing software will enable you to verify the eligibility of an insurance policy quickly and efficiently. It will help to confirm the network payer status.
In this way, your front desk staff can verify eligibility proactively while improving accuracy in the billing procedure. You can also avoid any problems weeks later one the claim gets back to you after denial from the payer. Advance billing solutions can reduce a half-hour phone call to a payer into a 1 minute (or less) verification online. It will help your administrative staff to save time and dedicate it to other resources. Consequently, you can save money and streamline lab revenue cycle management as a whole.
In-network and out of network insurance policies have different requirements regarding the claim submission procedure. Many insurance policies do not cover payments for out of network services. Therefore, the front desk staff should check the in-network and out-of-network status of the patients in advance. It will help providers to estimate the progress of laboratory billing services. Also, it would provide insights into the claim processing of the out of network versus in-network payers for payment and denial trends.
Improper Denial Management:
If denial management services are not handled properly then it can cause delayed revenue. If a claim is submitted to an insurance carrier for payment and it is denied for a coordination of benefits update from a patient. Therefore, practitioners should consider denial management as an integral part of laboratory billing services.
Having said that, a proper denial management system simply helps to resolve issues with the denial claims and help you track down issues. In that case, if you identified issues with patient information or any documentation errors then you can easily request patients to update the information.
However, if the denial recovery system is left maladjusted then it could lead to unnecessary delays in payment. With adequate billing software, this type of denial management system can be easily managed, worked, and result in efficient payment.
If you are experiencing problems with resolving obstacles in your laboratory billing services and need assistance from medical billing specialists. MedcareMSO is just a single click away. Contact Us To request a free quote of reliable, efficient, and advanced laboratory billing services.
Get the Latest & Recommended articles in your InboxFor proper Patient and Appointment management systems, laboratories could also use Appointment scheduling softwares like Acuity Scheduling to inprove the efficiency.
Copyrights © 2024 Inspiration Unlimited eMagazine
Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 1st September 2020.