Running a successful lab business requires a perfect balance between patients’ care and particularly revenue cycle management. So, in order to stay financially fit and remain attractive to your patients, you should adopt innovative laboratory billing solutions.
One can’t deny the fact that healthcare providers are trained to treat patients. They rarely have the financial background and experience required to manage the revenue of their practice efficiently. Therefore, they must rely on experienced billers and coders for efficient revenue collections management of their healthcare facility.
However, in addition, to streamline the cash flow of your lab practice, healthcare providers must understand the profit margin formula. Which is the difference between your revenue (the amount of money your lab practice brings in) and your costs – and take control of it to succeed.
So, understanding how to increase revenue margin is crucial for the financial stability and healthy bottom of your lab business.
Why is Revenue Cycle Management Essential?
The reason is quite simple_ the long term survival of any healthcare business is not possible without the optimization of the revenue cycle management.
If you would only focus on dealing with the patients and neglect your billable claims, reimbursements as well as all the paperwork involved in the administration. Then you can’t realize the true potential of your business and may end up with revenue loss and sometimes financial crisis.
So, in order to accelerate the revenue collections management, laboratory practitioners must understand the entire RCM process. Because lack of understanding of your revenue cycle management generally results in a high rate of claim denials, inefficient workflow and overall business operations.
To get great insights into the financial strength of your business, you should innovate your billing and coding services with modern laboratory billing solutions.
Lab Billing Solutions to Increase the Profitability of Your Business
If you’d shift towards future-ready lab billing solutions then you can scale up your lab business in the following ways:
- Accurate Documentation
The key to the successful lab practice is that it has a streamlined revenue cycle management system. And the essence of proficient lab RCM is accurate documentation.
As soon as the patient arrives at the healthcare facility, the registration staff should collect information from the individual. In order to increase the accuracy and decrease the administrative burden, healthcare practitioners should implement electronic systems such as EMR and EHR.
In this way, laboratory practitioners can access their information while complying with HIPAA rules. Moreover, you can easily keep a record of up-to-date patients’ information.
Because if a patient has changed his/her residential address so he/ she can make changes in their demographic information from their respective online patient portals right away.
This enables healthcare providers to access the real-time and current information of the patient while preparing medical claims. Accurate and updated information is the key to get reimbursed for the services that you have provided to that particular patient. Also, there should be a dedicated workforce and sufficient resources that can ensure that the system is upgraded, maintained and working well to meet your business needs.
- Verify Patients’ Insurance Eligibility
Advanced laboratory billing solutions suggest the careful verification of patients’ insurance eligibility. Because payers reject medical claims containing outdated or wrong insurance information. Therefore, lab technicians should make sure that their registration staff is fulfilling their responsibilities in an efficient manner.
They should implement scrutiny checks and verify whether the patient is eligible for the insurance plan that he/she has mentioned in the demographic information.
Because sometimes, there can be a change in a patient’s insurance policy. For instance, maybe a patient has an in-network plan for the particular lab or diagnostic services before. But now the insurance company has changed its policy and there is a new rule to govern.
If you process the medical claims with outdated insurance details, then the claims get rejected. As a result, healthcare providers lose a significant amount of revenue. Which is not a good sign for your financial stability.
So, in order to avoid such a situation, lab practitioners should acquire the right laboratory billing solutions that can help them make well-informed decisions. In this way, you’d become better able to realize the right source of revenue and never miss out on a chance to collect your reimbursements.
- Outsource Lab Billing Services
One of the best solutions to streamline the revenue cycle management is to outsource lab medical billing and coding services to a trusted third party.
Over the past few years, outsourcing has become a popular trend in the healthcare industry. The main reason is that the lab technicians are already overloaded with a pile of tasks waiting for them. They find it difficult to manage the back-end tasks i.e billing and coding along with their busy schedules.
Therefore, they prefer to collaborate with professional laboratory billing companies that can offer the services of expert billing and coding specialists. They provide customized laboratory billing solutions_ especially for their business and streamline their lab billing systems.
Furthermore, off-shore billing companies hold teams of certified and well-experienced lab billers and coders. On the basis of their extensive industry experience, they ensure the timely submission of medical claims containing an accurate set of medical codes and patient’s information. That ultimately prevents the claim denials and healthcare providers enjoy a consistent cash flow.
Moreover, you don’t need to proceed with the 15 to 20 minutes long paperwork for each patient. Because reliable lab billing experts would be handling your accounts receivables on your behalf.
In this way, you would get sufficient resources that can solely focus on working on the non-medical obligations. As a result, you get enough time to enhance your patients’ experience. Which is crucial to improve your reputation in the market. Want to improve the efficiency and revenue growth of your lab practice? Get in touch with Laboratory Billings. It offers completely transparent and customized laboratory billing solutions to increase the revenue margin of your business. Contact us https://laboratorybillings.com today to make the best deal for your lab practice.
