Do you feel stressed when dealing with laboratory medical billing as a lab owner? Laboratories are a vital component of the healthcare industry and give constructive support to physicians by diagnosing and detecting illnesses in patients.
Lab technicians already have countless tasks on their plates to perform. They experience challenges while dealing with the in-house billing process of laboratories because of its complex coding.
To establish a strong connection between clinical labs and insurers, you need to hire outsourced medical billing companies or laboratories so that you can take the burden off your shoulders. Outsourced medical billing companies deal efficiently with problems such as error-free claims, payment structure, financial responsibility, monitoring claims submission and adjudication, statements follow-up, etc.
One of the prime concerns of laboratories is how to increase revenue. Establishing a fully unified revenue cycle management system is vital for your laboratories, which is challenging to achieve with an in-house billing system. Outsourced laboratory billing services come up with maximum reimbursement by reducing costs and timely claim submissions.
Advantages of outsourced laboratory medical billing
Performing laboratory medical billing in the healthcare sector is a challenging task due to its unique characteristics. Most clinical and pathology lab owners outsource their billing services to maintain cash flow and streamline revenue.
Outsourced Medical Billing Companies help in increasing revenue in the following ways:
Cost-Effective:
Outsource Laboratory medical billing companies directly cut costs by eliminating in-house billing department costs, software and hardware, direct claim processing, and collection costs.
Fix Variable Expenses:
If you need to build your billing department, you have to bear the expenses of your employee’s salaries, and spend a hefty amount of office expenditure. Labs have to pay for these expenses either way, whether a business is slow or blooming. On the other hand, outsourced lab billing companies charge a small percentage, which means you are paying less money and boosting your revenue growth.
Faster recovery of Money:
Outsourced Laboratories’ medical billing companies have skilled billers and coders who handle these projects on a priority basis. They run each bill quickly, resubmit rejections immediately and fix errors accurately.
Stress-free Environment:
Take the stress off your employees; submitting the bill is not correcting errors. Keeping a check on the process, and reimbursement at the appropriate rate is a hectic job to perform. By outsourcing lab billing services, you can provide a stress-free environment for your employees and ensure efficient work.
Enhance Consistency:
Labs are burdened with different responsibilities that you cannot afford to indulge your employees in multiple tasks. Because of hectic routines, employees are at a higher risk of falling sick due to restlessness and constant severe physical and mental exercise. This results in employees taking off from work often which affects work consistency. You cannot afford to pile up your claims or hire employees to avoid disturbance in the billing process. So outsourced laboratory billing service is the ultimate solution; they process your bills consistently and on time. They try to maintain cash flow and maximize revenue opportunities.
Ever-changing regulations in the healthcare industry:
ICD-10, GCPCS, CDT, and CPT codes are changed and removed yearly; some new codes are also added. Laboratory medical billing companies stay up-to-date, are aware of the changes, and notify you in advance. Without a billing service provider, not only will you have to look after your lab but be on a constant lookout for any changes which will eventually result in generating less revenue.
Payments Reminders:
This is part of the laboratory billing company’s specialty; they send payment reminders weekly or monthly for timely payments to boost your revenue growth. Usually, laboratory billing companies execute up to 30% better collection of bills, which is a complete suite of billing services.
Follow-up and Transparency:
Laboratory medical billing companies are extremely devoted to submitting clean claims and collecting your outstanding amount on time. They are also dedicated to submitting rejected and denied claims faster to maximize profitability. Also, take follow-ups daily for an effective billing system.
Looking for the best-outsourced laboratory medical billing company?
Medcare MSO, an industry-leading billing service provider, is a fully updated revenue cycle management (RCM) solution to meet all laboratory medical billing service requirements. It is a combination of intelligence, analytics, and a trustworthy team to make sure of a successful payment process and take the stress off you and your employees. They provide optimized and customized solutions designed perfectly to solve your problems. They focus on affluent AR recovery, clean claim submission, and error-free billing and coding.
Here’s what they can give you in terms of goals:
- 99% of the clean claim’s submission
- 100% payer contract implementation
- 90% AR recovery every 30 days.
- Outstanding client services
- Proper documentation improvement support. Increases
- Reduce denials and secure expected revenue
- Save time and resources and streamline your workflow.
This laboratory billing company has no hidden fees, set-up fees, or startup charges that will add to your account balance. When you outsource laboratory medical billing to Medcare MSO, you are working with a trusted partner whose focal point is to make sure of your success.
For further details, contact Medcare MSO through email at info@medcaremso.com.
Press Release Distributed by The Express Wire
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