Laboratories face many issues when it comes to medical billing. Just like any other medical care provider, labs have billing concerns that range from an extensive medical coding system to the various requirements of different insurance companies and other payers. Collaborating with a medical billing and coding service brings a solution for the billing and coding of your lab services.
Outsourcing to us will help you generate revenue, as we are successfully doing it for many facilities across the country. Payers are always looking for reasons to cut costs, and meanwhile the costs of services are rapidly rising — this is why laboratories should outsource a medical billing company to have better revenue cycle management.
Billing Challenges Faced by Laboratories
Apart from a hectic schedule, labs have to face several challenges regarding billing and coding.
High Rate of Referrals
When a patient comes for lab work, they are typically referred by a physician. Even if the referrer confirms coverage, there are still agreements regarding what is covered, which brings confusion for patients. Labs have to make sure every piece of information about the bill is known to the patient to avoid an unexpected bill.
Diversity in Payers and Patients
Every patient may have a different insurance company and policy, or may be associated with a government payer — resulting in a constant change in the patient base and confusion in setting up billing. Each one needs to be handled with attention to avoid errors.
We Bring a Solution to Your Billing Problems
Dedicated to Coding
Laboratory billing and coding are complicated processes, and mastering them requires a lot of time and skill. CPT codes change annually and coverage policies are revised, making it difficult for in-house billing staff to keep up. We update our system with every change and use the latest software to ensure error-free submissions.
Recover Lost Revenue
Labs lose a lot of revenue because of rejected and denied claims. These claims can still produce revenue if handled professionally. We assure you a proper revenue cycle with management of denied claims so that you get paid for the services you provide.