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The Key to Building a Successful Lab Revenue Cycle Management

Are you lagging behind your financial goals? If yes, then don’t worry, it’s not too late. By implementing smart solutions, you can easily accelerate the lab revenue cycle management of your practice. 


For this purpose, you should re-evaluate some of your practice’s most important metrics.  For instance, you should closely monitor the productivity of the lab billing system. Because the financial stability of your healthcare facility is highly dependent on it. 


If you get to know the high rate of claim denials due to certain reasons, you should never leave it unnoticed. Because If you’re not paying attention to your denial rate – you’re putting your practice at risk.


Moreover, lab practitioners should always keep in mind that the success of revenue cycle management is the heart of any healthcare organization. They cannot survive for a long time period without achieving financial stability. Because streamlined cash flow is crucial to meet the overall expenses of their laboratory practice. 


Therefore, you should adopt innovative lab billing solutions to keep the denial rate minimum.  Because healthcare providers lose a significant amount of their hard-earned revenue just because of inefficient claims management. 


So, in order to plug the constant revenue loss, you should stay engaged in thoughtful preliminary planning regarding operating standards for RCM.  


Before further discussions, let it be clear that lab RCM is the process of patients’ data collection, medical coding, charge entry, submission of medical claims, follow up, payment posting etc. You should adopt innovative laboratory billing solutions to keep this process on the right track. 


Are you searching for effective tips to streamline the billing system?  Here are a few quick and easy ways to get your practice paid in full more efficiently.


  1. Document Electronically

Accurate documentation is the fundamental requirement of successful lab revenue cycle management. Your registration staff plays a crucial role in enhancing the quality of entire revenue collections. Because they are responsible to collect the patient’s demographic information as well as co-pays and deductibles. 


So, you should hire a well experienced and qualified front desk staff for this responsibility. Because you can’t afford negligence in the frontline processes.


Lab billers and coders use this information to prepare and submit claims. If the front-end staff process the wrong information, it can slow down the laboratory billing services. 


In addition to this, laboratory practitioners should shift towards Electronic Health Records (EHRs) to maintain the accuracy of information flow. It is one of the best lab billing solutions that can help you to maintain, use, and secure patient health information at a central location. It also helps to keep accurate patients’ records. 


  1. Insurance Verification

Obtaining insurance verifications and pre-authorization are the most critical aspects of overall lab revenue cycle management.  You should implement smart laboratory billing solutions to streamline these processes. 


Make sure that your administrative team stays connected with the insurance companies. They should verify the patient’s insurance eligibility carefully. You should instruct your patients to bring their insurance/ health cards at every visit to your healthcare facility. 


Because it is possible that there is a change in the coverage plan and you don’t aware of it. If your billing staff process the claims with outdated insurance information then they will be rejected or denied. 


However, comprehensive patients’ insurance eligibility helps you to avoid claim denials that can occur due to such reasons. 


  1. Avoid Coding Errors 

Medical coding is a crucial step that involves the accurate translation of medical and diagnostic procedures into standard codes. These codes are used to prepare billable medical claims that are submitted to the payers. 


If lab billers have filed error-free or clean claims to the payers then they succeed in collecting payments for their services. However, most of the time claims get denied due to the wrong medical codes. Because it is a complicated and time-consuming process.


It’s worth mentioning here that there are some coding errors that can land you in serious troubles. For example, if your laboratory practice is deliberately involved in coding errors such as: medical coders use the codes for more expensive medical services than actually performed. 


Then you can face federal penalties, heavy fines and imprisonments because such errors are considered as medical fraud and abuse.  


So, in order to avoid such inconvenience, you should hire certified medical coders to execute this task. They must have in-depth knowledge about the ICD-10, CPT and HCPCS codes. 


  1. Efficient Claims Management 

Timely, accurate, and full reimbursement is the most critical metric for keeping the lights on at your laboratory practice. So, in order to manage the medical claims as per industry standards. It is important to stay on top of the latest changes in the billing and coding field.  


Moreover, to streamline the lab revenue cycle management, it is important to ensure timely submission of medical claims. It requires a specific set of skills and knowledge to execute this task properly. 


Therefore, lab practitioners must have a well-trained and dedicated staff who is able to decipher lab reports, being adept in medical coding, understand claim denials and accurately provide viable laboratory billing solutions. 


If practitioners find it hard to maintain, hire and train a proficient staff to manage their in-house lab billing department then should consider outsourcing.


Outsourcing lab billing services would help you to reach out to the industry experts that have core competencies for quality lab revenue cycle management. It will help laboratory practitioners to run their administration through the help of lab billing specialists. 


They are well-experienced and well-versed with the dynamics of insurance companies and billing guidelines. Therefore, they always succeed to sustain the proficiency of revenue cycle management. 


Moreover, outsourced lab billing specialists allow healthcare providers to concentrate on their patients without excessive administrative burden. Because they no longer need to stay engaged in the hectic and time-consuming billing tasks. 


Laboratory Billings is a top-notch lab billing company in the United States. That has been helping healthcare providers to keep their lab revenue cycle management optimized. Visit our website to know more about our reliable billing and coding services. 


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