The outsourcing of billing processes can be stressful and complex, affecting the flow of patients, staff, and, in the end, your bottom line. Labor billing has always required specific abilities and expertise. However, with the pressure on bottom lines from shrinking margins as well as changing reimbursement structures It is now crucial to look at the advantages that can be derived from streamlining the reimbursement process.
If you currently use an external third-party partner for a part of the healthcare payment cycle, this is the perfect time to expand their reach and examine the quality of support that they’re providing. External partners’ roles are to be automated and simplified, as well as benefit from the benefits of machine learning and artificial intelligence.
Outsourcing Laboratory Billing
What are the Benefits of Outsourcing Laboratory Billing?
In addition to providing patient care information through testing, The healthcare payment lifecycle is probably the most significant aspect of every laboratory. Understanding the predictive data analytics of labs is a complex matter, and keeping current is a constant issue. Three operational issues can be resolved when working with an outsourced vendor
Finding Highly Trained Specialists
If you work with an outside organization and purchase the experience and expertise of a dedicated team to offer you the best standard of services for billing. It is possible to expect them to be knowledgeable and have received the most recent education in their area of specialization, as well as have a thorough understanding of every insurance company and their most recent updates and modifications.
Ability to Gain Economies of Scale
It’s always hard to predict staffing and resource requirements when business conditions alter. However, with an outsourcing solution, you do not have to be concerned. It’s up to the external company to expand or reduce their capacity according to their client’s requirements. The savings and efficiency are transferred to you without the hassle of day-to-day human resource issues.
Based on an AMA survey, 92% of doctors claim that the system of prior authorization can cause delays in patient care and could result in care abandonment. Furthermore, once a claim is rejected by a commercial insurance provider, it causes delays of two days to two months. Drilling down through the prior authorization process and identifying/correcting problems yields huge benefits further down the reimbursement line by reducing denials and improving patient relations.
Transparency and Follow-Up
A vendor outside of your company is paid by the amount they collect and is extremely motivated to submit straight claims and pay outstanding sums quickly. Additionally, they are keen to investigate and submit claims with outliers quickly in order to improve their profits (and yours).
How Can Outsourcing Billing Improve My Bottom Line?
The ultimate goal is to collect the highest profits from the services provided under the contractual agreement between your laboratory and insurance companies. Through the use of a third-party provider, this means that you get these benefits:
Effectively steering through a constantly changing reimbursement landscape that is constantly changing, you can ease the administrative burden of navigating the billing process and count on the assistance of an expert for your reimbursement needs.
In-house billing is susceptible to revenue disruption from unplanned staff changes. When you outsource your service, you are not as vulnerable to any interruption to cash flow.
A faster reimbursement process – Your final results are contingent upon the smooth and precise processing of the different elements of billing. Employing a reputable third-party service will increase your reimbursement by maximizing the amount that is possible in a short time.
Through partnering with a third party, you will gain knowledge and experience that will help increase the speed of your reimbursements, as well as expert analysis and management of contracts to help you run your business more efficiently. But the most valuable benefit to your lab and you will be the capacity to concentrate on your core business, which is patient treatment! Find out more information and schedule a demonstration to discover how we can assist you to enhance the bottom line of your laboratory.