For Streamlined Pathology Billing Process, it is important to have a knowledgeable billing team that has hands-on experience in claims recovery. The professionals at Medcare MSO provide full-featured, simple and intuitive billing services that leverage your financial performance & growth trajectory.
Perhaps an even greater challenge than federal and commercial guidelines, however, is the Merit-Based Incentive Payment System (MIPS), which determines Medicare payments according to scores in four performance categories: Quality, Cost, Improvement Activities (IA), and Promoting Interoperability (PI). To prevent payment cuts in 2020, and to earn the maximum incentive, pathology labs must report on six Quality measures and up to two IA measures.
The future revenue cycle management of your lab depends on accurate documentation and proper reporting. It is critical to adjust front-office and back-office procedures to ensure maximum reimbursement from all payers. Credentialing plays a vital role in enhancing patient enrollment and insurance management. Effective denial management contributes to minimizing operating costs and maximizing revenue. Many insurance companies have narrowed their provider networks, and pathology labs are increasingly deemed out-of-network providers. Adding to the challenge is the fact that health insurers are placing greater limitations on benefits. It’s becoming more and more difficult to collect payments from insurers and patients alike. You may not be able to do anything about coverage, but you can avoid these types of denied claims and collection accounts by verifying eligibility before providing services.
Let's team up to streamline your medical billing processes and manage the entire revenue cycle, boosting your revenue growth by up to 35%.
Many case studies and success stories prove the benefits of outsourcing in medical billing. For example a pathology practice that outsourced their billing to us reduced their denial rate by 30% and increased their cash flow by 35%. Another pathology practice that implemented our advanced billing software improved their charge capture by 20% and reduced their lost revenue by 15%. These success stories show the importance of specialized expertise in billing especially in pathology medical billing services. By partnering with a reputable medical billing company like MedCare MSO, pathology practices can manage their revenue cycle, reduce denials and improve patient care. These real life examples show the tangible benefits of outsourcing and technology integration, a roadmap for other pathology practices to follow.
Medcare MSO provides comprehensive pathology billing services that identify and address potential compliance, regulatory, and reporting issues before they occur to keep your lab profitable and less operational costs. Pathologists often face challenges in managing their medical billing internally, which can hinder clinical efficiency. Physicians play a crucial role in managing compliance with regulations like the No Surprises Act while improving revenue cycle management. Efficient claim submission is vital in achieving optimal results in revenue collection. We do aggressive claims follow-up and effectively collect on old A/R accounts to recover lost revenue, and we submit accurate, timely claims for consistent revenue streams and cash flow. Our certified medical billing professionals have specialized expertise in pathology medical billing services which results in a shortened reimbursement cycle and maximized profitability.
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