The decision to outsource your Laboratory Billing Services processes is stressful and complicated and can affect your staff, patient flow, and ultimately overall profitability. Additionally, resolving medical claims successfully has always required a certain set of skills and abilities. However, in the face of significant bottom-line anxiety from shrinking margins and shifting payment structures, it is now imperative to research the advantages of a more efficient reimbursement process.
If you are currently using an external third-party associate for any part of the revenue cycle, this could be the perfect time to broaden their scope and evaluate the benefits they can provide in terms of technology. The function of an external partner is to be automated and simplified using the benefits of machine learning and artificial intelligence.
Beyond providing insights to patients via testing and other services, the lifecycle of healthcare revenue is probably the most important process in all labs. The complex billing requirements of labs are a challenge, and staying up-to-date is a constant issue. There are three issues that can be effectively handled when working with an external vendor.
Laboratory Billing Services
Locating Highly Trained Specialists
If you choose to partner with an external company, you get the skills and expertise of a highly skilled team dedicated to providing customers with the most efficient rate of assistance with billing. It is possible to be sure that they are equipped with the most current knowledge and skills in their specialization and a thorough understanding of each insurance provider and their latest changes and updates.
Power to Gain Economies of Scale
It’s never easy to plan for staffing and resource requirements as company levels change, and with an outsourcing resolution, you will no longer need to worry about that. It’s the responsibility of the external company to expand or reduce according to your requirements. The savings and efficiency are passed on to you, without the hassle of everyday human resources issues.
According to an AMA survey, 92% of physicians say they believe the system of prior authorization causes delays in care for patients and can lead to care abandonment. Furthermore, when an insurance company denies an application, it could cause delays of anywhere up to two months. So, slicing through the process of prior authorization and then identifying and fixing problems, can result in huge benefits in the reimbursement process by reducing the number of denials.
Transparency and FolloXw-Up
An external vendor earns a commission from the collected payment and is extremely motivated to file flawless claims as well as quickly collect the outstanding payment. They are eager to quickly investigate and submit new claims to increase your profits as well as their own.
How Outsourcing Billing Enhances My Bottom Line
The goal is to earn the most income from the services provided in the agreements between your laboratory and insurance companies. When you use an associate from a third party, you can avail of the following benefits:
Practical guidance through an evolving reimbursement landscape–With rules and regulations constantly changing, it is possible to reduce the administrative challenge of directing the billing cycle and count on a professional’s expertise in your reimbursement decisions.
In-house billing is sensitive to revenue disturbance from unexpected staff transitions. When you outsource your support, you are less prone to disruptions in cash flow.
Your bottom line is dependent on the efficient and exact processing of various components of your bill. Working with a professional third-party firm increases your reimbursement and earns the highest possible payments quickly.
Through partnering with a third party, you gain expertise and knowledge that improves the speed of reimbursement, as well as expert analytics and contract management to better manage your business. But the real value for you and your lab is the ability to focus on the things you do best: patient treatment! Contact us today to find out more about the possibilities available through RCM to increase the revenue of laboratories.