The switch to electronic-based healthcare has been both valuable and complicated. It can get confusing when you’re constantly inundated with new rules and regulations, causing a need for more time and resources. Outsourcing your medical billing is one solution to this ongoing problem. If you’re reluctant to take the leap in that direction, here are…
With the way things are going in laboratory billing, it’s crucial that you don’t stay stagnant. The field is always expanding, and with new tools for business improvement emerging constantly, you don’t have to rely on outdated methods of laboratory billing. By utilizing some of the latest innovative solutions to face today’s billing challenges,…
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…
CPT Codes are codes that you and other medical professionals and laboratory personnel use to document the medical services and procedures you provide to patients. CPT stands for Current Procedural Terminology, and the five-digit codes are recorded by medical billing specialists who process laboratory billing claims. Each unique code corresponds to a designated service, translated…
What exactly is the process for laboratory billing, and who is involved? In simple terms, the laboratory billing cycle is a series of interactions between a clinical lab (or its outsourced medical billing service company like MedcareMSO) and the patient’s insurance company. The length of the laboratory billing cycle is determined by the complexity of…
Laboratory billing is challenging, but there are five simple ways to avoid denials for increased collections. When it comes to denials in laboratory billing, there are two distinct types—“hard” and “soft” claims. Hard claims cannot be reversed because the revenue has been completely written off due to the age of the account or other factors….
Molecular (Genetic) Laboratory Billing While genetic testing is a relatively new field of laboratory testing, it is growing at an exponential rate. Why? Because it provides patients with fact-based lab results which allow them to make informed decisions about medical care. Molecular testing also allows providers to suggest appropriate preventive care, monitoring protocol, and…
The Merit-Based Incentive Payment System (MIPS) is one of two payment tracks under the MACRA program. The purpose of the program is to deliver high-quality care for all—including both clinicians and patients—improve beneficiary options, enhance the experience for clinicians, and maximize participation. MIPS consolidates and replaces several previous programs. In this new system, there…