Mistakes are bound to happen, even in the most professional environment. Inefficient collection policies and billing errors have the potential to result in huge revenue losses. Even a tiny billing mistake in patient information, duplicate billing, or authorization errors can turn into a late reimbursement for your lab practice.
Collection rates are vital to keeping a healthcare practice or provider in the black. A practice’s net collection rate is essentially a performance metric. It measures how effective the practice is at collecting all legitimate forms of reimbursement for services. These typically include the amount owed after all-payer contract adjustments are made. The net collection rate reveals deficiencies in your collection rates and how effective your A/R conversion is. When a practice is typically struggling due to bad debt, late filings, coding errors, or claim underpayments, it will have a low net collection rate. Credence Global Solutions has amassed a few pointers on how to increase this metric, and how to improve your collection rate at the time of service.
Clearly Communicated Patient Responsibilities
Patients should know how much money they will expect to owe for a doctor’s visit or medical procedure beforehand. Contractual allowances are the differences between the payment established under a contractual agreement and the gross charge for medical care. This is a very important concept for patients to understand and will significantly increase the collection rate at the time of service, especially for laboratory medical billing.
Improve Patient Satisfaction
When billing and coding procedures are handled by professionals that can dedicate their time solely to patients, you can invest your time into core business competencies i.e, improving quality patient care. This results in patient satisfaction and patient flow. Credence Global Solution’s iConnect provides the most convenient payment options to patients. The system allows patients to pay bills and dues easily and without hassle. iConnect maximizes collections and patient satisfaction while giving the accounting department extremely intuitive metrics and analytic tools.
Outsource Laboratory Billing Tasks:
- Expert consulting.
- Reduced risk of medical billing and coding errors.
- Improve clean claim rate and reduce claim denials.
- A lab practice will operate more efficiently (improve staff productivity, manual claim processing & patient-provider relations, etc.)
- Prevent compliance issues.
- Established more control and safety.
- Smooth billing and finance operations.
- Keep up with changing rules of medical billing and coding.
- Boost business productivity and cash flow.
- Full control over the billing procedures.
- Save time and increase revenue.
Lab practitioners are usually busy providing patient care and essential services to the detriment of concentration on other important factors that it takes to run a successful practice. Staying on top of industry trends and regulations requires more time and effort than one person can usually manage. Outsourcing to specialists is a major strategic solution to improve business productivity and profitability. iConnect by Credence Global Solutions makes the collection process extremely efficient and satisfactory for patients and providers alike. Our finely tuned technology allows for tailor-fit patient experiences as well as clearly defined analytic metrics.