Insurance claims-processing is one of the most time-consuming tasks for laboratories and is open to human error resulting in denied payments from insurance providers or other payers. Clients are most satisfied when claims are settled promptly, and companies operate most efficiently when claims are processed smoothly.
What Purpose Does Automation Serve?
There are many benefits to automating data from your LIMS system to your billing system, but the most direct benefit is that it is the quickest way to ensure a clean claim is produced and submitted to the clearinghouse, thus resulting in a reduction of days outstanding.
How does this help the client?
The insurance claims process can be confusing, and it can be easy to find yourself feeling left out of the loop. Up to 40% of laboratory claims go missing or have inaccurate information which leads to denials, delays and even write-offs. With claims automation technology, consumers receive their explanation of benefits from their Insurance Carrier in a timely manner. Knowing that the LABS are blind participants in treating the patient, thus quick turn times helps them associated the LAB charges with their recent visit.
Many companies that have not invested in lab coding services or automation of their data will likely be surpassed by their competitors due to the massive costs associated with the upkeep, maintenance, and manpower required for physical archives. Automation of claims processing is faster, cost efficient, and customer friendly.
Patient Payments, Perfected
At Credence Global Solutions, we offer technology solutions to empower financial transformation for healthcare organizations. The Credence Machine and iConnect was developed for laboratories that desire a patient centric payment opportunity, faster communication and quick resolution time to reduce payment delays. Empower transformation in your organization by partnering with Credence Global Solutions. Schedule your demo today, or get in touch with us today!