Laboratory practices are facing economic crises due to challenges of the modern times. The lifeline of an organization depends on healthy revenue flow and it emphasizes the need for efficient healthcare AR recovery services.
Though, AR can be a drain on the resources of healthcare facilities with the ever-increasing complex nature of the industry and the involvement of multiple stakeholders. In addition to this, undertrained insurance agents, missing documents, and billing/coding inaccuracies are the leading reasons that impact medical claims management.
Staff is occupied with bundled payment models or current healthcare delivery reforms focusing on medical care management. So, they may have insufficient education and are held accountable for handling billing. Consequently, it can lead to payment denials which could be time-consuming to resolve.
The absence of a structured method makes lab practices lose a lot of money. Therefore, outsourcing healthcare AR recovery services can help you streamline accounts receivable, generate better revenues, and keep a strict follow-up process. Billing experts regularly follow up on the outstanding claims, increase your claim approval rate, and aim to reduce the AR process time.
Furthermore, if you find difficulty in getting reimbursements from the insurance agency. There might be a reason that your internal staff is unable to analyze medical records and track payments.
Besides, outsourced billing professionals have vast experience in handling denials/rejections, pending claims, appeals, charge slips. Therefore, they can help you sort out these problems and enhance the cash influx of your lab facility significantly.
Proven Ways to Optimize Healthcare AR Recovery Services
Cutting costs and streamlining efficiency is not easy within a healthcare system. The A/R experts are continuously struggling to combat value-based purchasing and declining rates in claims reimbursement. Healthcare providers seek efficient coders to file claims and trouble-free claims processing.
Outsourcing gives you access to dedicated A/R management experts. They can check unpaid amounts, review claims, follow up with the payer, analyze denials & rejections, generate A/R reports, etc. They help you boost the financial performance of your healthcare organization and assist you to concentrate on your core duties.
Eradicate Billing & Coding Errors
Mistakes in the medical coding and billing process and a high percentage of error rate can lead to improper insurer payments. Missing, wrong, incorrect information are the top reasons for decreased claim approval rate. Through the simple slip of fingers, valuable money is lost and the appeal process is delayed.
Utilizing advanced technology and training your staff can avoid billing as well as coding errors. This ensures you don’t need to rework the process and enables you to cut back the risk included in reworking.
A good service provider will meet your specific business needs whether you are an independent physician and a medical service provider. Outsourcing healthcare AR recovery services help you utilize effective methodologies. This aids to reduce the workflow hassles and make it more compliant, error-free, and accurate.
A/R professionals possess excellent capabilities to spot mistakes before claims submission/rejection and deliver real-time clean claims stats. In this way, carriers will become able to utilize the accurate set of data for speeding up the claim processing.
Utilize Advanced Technology
It is a drag on your healthcare business if you don’t have an efficient framework to accomplish the billing tasks. Repetitive billing tasks include issuing/generating payment reminders, creating claims, and choosing accurate billing codes. It frustrates administrative staff and drives down their morale.
Outsourcing provides customized laboratory billing solutions that are designed with collection strategies and cutting-edge technology. A/R specialist teams provide you access to innovative tools and automate your entire billing cycle. In this way, they will save your time and enhance your cash flows remarkably.
They help you stay updated with digital technology and enhance patient engagement. Assume how satisfactory you will feel when you don’t have to tackle patients’ billing issues. Hence, you can do whatever you love the most_ spending your valuable time with your patients.
Boost Your Collections
Outsourcing offers lab billing solutions that reduce claim rejections by working on the in-queue procedures efficiently. Billing experts review and rework delinquent accounts till you achieve a resolution. This one hallmark solely can lead to a dramatic reduction in the days of outstanding accounts receivable and an increase in collections.
They provide an efficient practice management system to streamline your workflows. Moreover, automation eliminates the chances of mistakes, optimizes posting/collections tasks, and helps you improve the lab billing processes. In this way, you can leave the more challenging collections to experts and witness a huge positive impact on the financial stability of your business.
Analyze Control Measures
Physicians can work more productively on their work and improve the claim acceptance rate by analyzing the quality control measures periodically. This can hinder quality healthcare service to a significant extent if the claims are returning to the providers repeatedly.
Hence, for the financial state of your lab practice removing claims errors is a bit critical. However, once a claim gets approved the billing and collection procedure doesn’t stop. This assists a healthcare provider to keep a keen eye on the cash flow.
You can create a deposit log for each receipt to improve account balance accuracy. The log requires the entire data which is needed to ensure correct payment amounts and also ensure proper coding.
A log must embrace these fundamental details:
- Patient name.
- Check/cash Receipt number.
- Invoice number.
- Date of service or referral reference number.
- Account number.
- Cost charged for the service.
- Treatment date.
- Amount due.
Consequently, outsourcing your healthcare AR recovery services can aid you to monitor the claims and cash flow similarly. AR professional teams ensure account balances are up-to-date as they keep track of deposit data and forward it as it is to the billing team.
Practices need to implement processes and strategies to work closely to enhance your claim approval and recover cash quickly. Whatever road you opt for A/R turnaround attempt you should assure that you plan properly & allocate appropriate resources for maximizing performance.
Laboratory Billings is a trusted lab billing company having extensive experience in world-class healthcare AR recovery services. We have the validated processes, infrastructure, and required talents to recognize the barriers heading to lower payments & rejected claims.
We help you recover your hard-earned revenue by processing claims to increase your claims approval rate, follow-up with payers, tracking claims, creating AR reports, and more. Our A/R professionals will be happy to serve your lab practice!