Are you looking for innovative solutions to prevent revenue leakage of your laboratory practice? Then you must think seriously about outsourcing pathology billing services. Because it is one of the most recommended solutions to keep the revenue cycle of your laboratory practice on track.
In this challenging era, healthcare providers seem to be worried about their financial well-being. Because they cannot manage the complex procedure of pathology billing along with their busy schedules. Moreover, they find it difficult to keep pace with the ever-changing healthcare industry. Therefore they need efficient lab billers and coders.
No one can deny the fact that the uninterrupted cash flow depends on the maximum reimbursements. And it can only be possible through timely submission of clean medical claims.
But due to the constant changes in the billing rules and guidelines, the claim denials have become a common phenomenon in lab practices. But if the denial rate exceeds the limits, the healthcare providers have to face a severe crisis.
So in order to build strategies to prevent claim denials, it is important to identify the root causes behind claim denials. Because a problem cannot be resolved until you get to know the reasons behind that particular issue. If you are going to start working on claim denials, you must know the following causes of claim denials.
Missing or Wrong Information
The lab billing starts with the first encounter of patients and healthcare providers. And the front desk employees play a key role in the overall billing process. Because they are responsible for providing basic information for the preparation of medical claims.
If they don’t verify the patient’s data including, name, date of birth, address, insurance eligibility, ID, etc., they end up sending erroneously filled-up claim forms. Which result in claims rejections or denials.
So in order to overcome this issue, it is crucial for lab practitioners that they have highly trained and well-experienced staff. That can manage the medical documentation in a clean way.
Moreover, pathology lab billers should cross-check the provided information to file clean claims. However, by outsourcing pathology billing services, you get access to well-experienced staff, who can perform their tasks efficiently.
Medical coding is considered as the life-blood of laboratory practice. Because the incorrect transformation of healthcare diagnosis into standard codes can lead to claim denials. Which ultimately delay the reimbursements and slow down the revenue cycle management.
So, coding is a complicated procedure that should only be handover to the certified coders. So, make sure your billers and coders are trained enough to avoid sending incorrect or incomplete codes.
Manual/Late Submission of Claims
There are many pathology billing experts that still use the outdated methods of record-keeping and processing. And they prefer to prepare and submit the medical claims manually. That always leaves room for mistakes and the rate of claim denials increases. Therefore, lab billers must use innovative billing software to minimize errors.
Another major reason behind claim denials is the late submission of medical claims. Because, no matter how complete and correct the code and information is, if the claim is submitted after the due date, it will be denied.
If you are frustrated with managing the medical claims in-house, you should outsource pathology lab billing services. Because off-shore billing partners have access to innovative technology. And in order to ensure the timely submission of claims, they take note of each payer’s deadline. Hence they help lab technicians to streamline the claims process.
Is your lab practice struggling with a high rate of claim denials? You must think about outsourcing pathology billing services. Laboratory Billings is the most reliable lab billing company in the United States. Which helps healthcare providers to achieve their financial goals.