Currently, laboratories are facing additional complications when it comes to their revenue cycle management (RCM). For instance, laboratories are facing new policy demands, dynamic technology systems, and the pressure of attaining less denied claims. All these challenges are just scratching the surface of the administrative side laboratories are having to face, which influences the revenue cycle. However, this doesn’t even include the daily obstacles of the clinical work that laboratories must carry out. Without even touching base on the clinical side, laboratories are constantly dealing with administrative challenges that are hurting their revenue cycle.
Increasing Policy Demands
One of the challenges laboratories face is dealing with laboratory policies and regulations. These policies are immensely regulated but to add on top of that, they are also constantly changing, making the job even more difficult. Staying up to date with all the mandates is a job within itself. Besides the endless rules and regulations, if your lab isn’t compliant with them, it can severely hurt you and even lose you money. This is why it is of the utmost importance that when you choose a provider to outsource with, they should always be well informed about new regulations.
Less Room for Error
Laboratory claim collections are under increased scrutiny as it’s more important now than ever to mitigate claim denial. When examining why your claims are being denied one of the primary reasons is most likely because of billing and coding errors. So once the claim is sent back and under the “denied” status there is a list of things that need to be taken care of for it to be re-approved. Unfortunately, getting the claim re-approved again is no easy task and the reality is many labs are just not equipped to handle the denied claims process. What could be collectible revenue is lost because it’s not taken care of in a timely fashion.
Our company is here to manage and monitor all claims. There is no claim too small or big for us. We understand there is less margin for error which is why we designed superior automation to handle claims and reduce oversights. You will start to see your lab’s claim rate skyrocket, along with real-time insight as to how your improved claim rate is affecting your revenue cycle.
Technological Shifts
As a lab, you come face to face with sensitive and private information all the time. Due to patient protection and HIPAA, there are regular shifts in technology to maintain privacy and security. However, these dynamic technological systems and software can create a challenge for your lab when it comes time to access patient data. Especially, spending your valuable time to try and gain access loses you money in the long run.
When your lab company teams up with us you will receive custom technology-driven solutions that are specifically built for diagnostic labs. Supplementary to RCM starting with the admissions process until AR in your lab. Contact us for more information about our laboratory medical billing services.
