Healthcare providers must consider the impact of revenue generation from the clinical laboratories and try to accommodate the solutions for the challenges in laboratory medical billing field. The efforts must be focused around laboratory medical billing, claim submission and reimbursement. Whether it is revolves around claims, payments, patient cooperation, or EHR software that can be used to operate clinical laboratory revenue cycle, we all face something.
Here are the top 10 challenges associated with medical billing in 2019.
- Patient Education:
It is essential to keep patients educated and informed when it comes to their laboratory medical billing, although it is the main challenge all providers face for sure. According to a recent research, that when a patient acknowledges detailed information about their bill (balance, payment methods, and options) they are more likely to make their payment. They feel confident and rely more upon the respective healthcare facility. Quality practice management software, EHR, and billing software can help physician billing and coding professionals to accomplish this more effectively.
- On-time Payments:
Whether the payments are meant to be received from the insurance company or a payment from the patient implicitly,it is the foremost duty of laboratory medical billing professionals to get their payment in a timely fashion, although it is sometimes difficult. Certain vendors of laboratory medical billing services offer help to increase on-time patient payments.
- Payment Accessibility:
It could be the smart equipment including EHR software or suitable hardware for the payment assessment and accessibility, there are certain factors of this software that can impact the laboratory medical billing procedures negatively i.e. inefficient performance, lack of advanced equipment that can accommodate sufficient technical resources. But it is the foremost duty of laboratory medical billing professionals to provide such solutions that can assist in business growth.
It could be the software you are currently using or the lack of software at all but providers that offer fewer ways to make payments will see a decrease in on-time payments. Laboratory medical billing professionals must make sure that they offer multiple options including online payments and credit card payments. Increasing accessibility is always a complimentary thing that can boost financial growth of the clinical laboratories.
- Quality Customer Support:
Quality U.S. based support services should be offered by laboratory medical billing vendor to ensure that their administrative team has a solution to any operational problems or difficulty in understanding that arises due to ever-changing coding environment. Such clinical laboratories who have no or little access to quality customer support will often fail to optimize their measure of reimbursement by outsourcing their laboratory medical billing and coding tasks.
- Filing Multiple Claims:
Having to file multiple claims is frustrating for many clinical laboratories, but particularly for specialty providers. dialysis claims at a time. Without a mass claim creation tool, they are left to file each one individually. This has a huge negative impact on practice efficiency and clinical workflow.
- Denials:
Nothing is more frustrating to clinical lab owners and their bottom line as a denied or rejected claim. With laboratory medical billing codes that are constantly evolving all over the field, it can be complicated to stay on track and step ahead in a competitive market place. With the right tools, providers can optimize their clean claims upwards to 99% and protect their bottom line through industry adjustments.
- Resources:
Whether it be customer support, patient education, productivity tools, or quality software, a lack of laboratory medical billing resources will leave you doing things the conventional way. Laboratory medical billing resources are necessary in order to maintain a high number of clean claims and optimize your revenue.
- Software:
Laboratory medical billing software that is not tailor-made for your practice will only input kinks into your billing workflow. Laboratory medical billing and coding professionals should always be certain of any software that claims to be all-in-one software or works for all specialties. The services and equipment used for laboratory medical billing and coding is always dependent upon the requisites and nature of the services of clinical laboratories, therefore laboratory medical billing professionals must acquire customized tools for these administrative tasks.
- Implementation:
When you decide to implement a new laboratory medical billing staff in your clinical laboratories, then the situation might happen that they lack the assistance you need during implementation, you are in trouble. Support during implementation is vital to your practice’s laboratory medical billing success.
- Revenue Loss:
There are a multitude of factors that can negatively impact laboratory medical billing procedures. These factors can significantly result in havoc revenue loss. When that loss is caused by menial errors and mistakes, it can be incredibly frustrating. Clinical laboratory owners must need tools that help them minimize lost revenue and achieve their financial goals.
Solutions to Address Medical Billing Challenges
- Outsource RCM Services:
It is a wise decision to outsource clinical laboratory revenue cycle management to access a multitude of support and qualified management that can better manage your laboratory medical billing workflow and uplift your bottomline. MecareMSO is one of the most competitive laboratory medical billing companies that ensures the services rendered by their clients always get paid off! We provide a reliable assistance to manage difficult collections and provide you a partnership with laboratory medical billing expert by MedcareMso.
- Quality Software Vendor:
The main objective of a laboratory medical billing expert is to provide smart and effective solution to the above mentioned challenges faced by clinical laboratory businesses. Vendors should focus on high-quality equipment that can comply with the advanced standards of laboratory medical billing services to make sure that clinical laboratories can rely upon their tailor-made services. Having the right vendor can truly make a difference. Characteristics of a quality vendor include on-site support during implementation, U.S. based customer support, on-going support, customizable billing tools and reporting, and a history of clean claims up to 99%. Certified and well-trained laboratory medical billing professionals can make sure that their clients receive the satisfactory services by utilizing the righteous equipment.
