If your lab handles billing in-house, you always have to be on the lookout for tools to improve your billing practices. After all, the goal is to stay competitive and profitable. Large labs generally rely on robust software systems to ease their workflow, but for smaller companies, this can be seen as a difficult or costly option. That doesn’t have to be the case—you simply need the most effective, cost-efficient tools to address the unique needs of your lab.
Your primary focus should be on controlling costs and getting higher reimbursement rates without compromising the quality of care that you provide. Three tools that can significantly enhance your billing practices include (1) A well-designed laboratory information system, (2) Instant adjudication, and (3) Free ICD-10 converter software. Let’s take a closer look at each one.
Laboratory Information System (LIS):
A good LIS allows lab techs and medical professionals to identify any issues with the revenue cycle that contribute to or create financial burdens. It takes all of your past data and gives you insight on what type of performance you might expect in the near future. With a good LIS system, you are able to improve profit potential by implementing new policies and procedures that help you avoid claim denials.
The success of your laboratory depends on your flow of clean, paid claims, and that means you have to continually assess and improve your billing processes. Accelerating cash collections at the time of service (meaning while the patient is still present), has never been more critical than now. With automated eligibility tools, you can verify a patient’s coverage, file a claim, and receive a response before they’ve even left the office.
ICD-10 Converter Software:
For bigger practices, this might not be as pressing of an issue, but for smaller practices that need assistance converting thousands of codes, this software might be a good option. This software bundle is known as the ICD-10 charts and can convert up to 10,000 codes. Using the data from these charts, you have a much better chance to code your claims correctly and reduce denials.
These three tools could make a positive impact on your laboratory billing practices and increase profitability. Many labs, however, find that outsourcing all or part of your billing needs saves both time and money. Medcare MSO offers customized laboratory billing solutions to meet the unique needs of your lab. From standalone services like AR Recovery and Census Entry, to complete, comprehensive billing services, we provide exactly what you need, when you need it.