Why is Hiring a Lab Billing Company the Best Option for Your Struggling Practice?
In this modern era, healthcare providers face immense challenges to keep their claims process tight. Because they have to do multiple tasks and can’t concentrate on the back-end tasks. Therefore they prefer to hire a professional lab billing company.
Outsourcing undoubtedly is not a new thing for laboratory practitioners but they are still confused when deciding to partner with a third party. The main reasons behind this confusion are the worry of putting their important financial matters into the wrong hands, losing control over their practice, and off-course selection of the best billing vendors. But these are just myths because the right billing partners provide transparent and reliable lab billing services to keep your revenue cycle on the right track.
It is a fact that not all healthcare providers can manage the complicated procedure of lab billing and coding in-house. Because, the chances of glitches like billing errors, high claims denial rate, and staff turnover, increases. Which damages the financial stability of your lab practice. So, due to all these reasons, outsourcing lab medical billing services have become a popular trend around the world.
Here are the following reasons that justify the fact that hiring a dependable lab billing agency can benefit your struggling practice.
- Safe and Secured Billing
A well-established and HIPPA compliant lab billing company follows federal rules and other information security guidelines to safeguard protected health information (PHI). So, you don’t need to worry about your confidential information because billing vendors ensure complete confidentiality and safety of your data and security is always their highest priority.
In addition to this, professional billing partners provide transparent services and feel free to render full visibility to the entire billing process. So, you can get timely information about what is going on with your revenue cycle.
It is another misconception that hiring a laboratory billing company reduces control over your business. But it’s not true, because you gain complete control of each process. Moreover, with reduced responsibilities, you can utilize the saved time on providing your attention to financial as well as core aspects of your laboratory business.
Sometimes healthcare providers don’t believe in outsourcing and prefer in-house lab billing services. They have to spend a hefty amount on overall operational costs including hiring and training of billing staff, higher salaries, purchase of advance billing software, office infrastructure, etc.
These costs increase the financial burden of healthcare providers. On the other hand, by outsourcing, you can get rid of all these expenses and with the highly trained employees, you get paid faster.
It’s worth mentioning here that staff turnover is another major challenge for lab practitioners. For example, if you hire a billing employee, you have to invest in his/her training. But after some time, if the lab biller resigns from his post, it affects the consistency of your billing process and you have to begin the recruitment cycle again. But an off-shore laboratory billing agency has a better alternative in case of employee absence or resignation.
Outsourced billing experts eliminate your excessive administrative burden and allow you to truly focus on providing quality care to the patients. Which improves your patient’s satisfaction level and they might recommend you as the best healthcare provider in their friend/social circle.
You can save time on hectic tasks including paper medical documentation, medical coding, claim preparation, charge entry, follow-ups, denial management, and payment posting.
The hiring of a professional lab billing company streamlines the entire billing process and lab technicians enjoy an optimized cash flow. Outsourced billing partners ensure the submission of error-free claims in a timely manner. They double-check the claims before submission, which ultimately reduces the number of denied claims. After submission, they track every submitted claim, until lab practitioners get paid.
In the case of claim denials/ rejections, first of all, they identify the common reasons, then they rectify the errors and appeal medical claims in a given time frame. So by saving money on operational costs, timely submission of claims, tracking, and proper denial management, healthcare providers witness an optimized revenue cycle.
Healthcare providers find it difficult to select a reliable billing partner because there are a lot of other options available in the market. No doubt outsourcing always comes up with huge benefits but a wrong decision can ruin your entire revenue cycle. Therefore, it is crucial to look for the following qualities while you decide to hire a laboratory billing company.
- Look out for their years of experience in the market as well as your specialty
- Billing vendors must have a Strong Reputation (you can check the official website for testimonials)
- Current lab billing and coding knowledge
- Dedicated staff to handle all your specialties
- Check HIPAA Compliance and security policies
- Plans to tackle an emergency situation
- Get information about current billing software
Laboratory Billings is a multi-specialty lab billing company in the United States. Choosing us as your billing partner can help to stabilize your cash flow and boost productivity.