How outsourcing your laboratory billing services can maximize reimbursements

Medical billing is known to be a complex process, requiring a dedicated and skilled team of billers and coders to create efficiency and success with revenue cycle management. Coronis Health provides outsourced medical billing for primary and specialty physicians, hospitals, behavioral health – and also for laboratory services. If you want to maximize your reimbursements and eliminate the administrative burden of billing for your laboratory services, Coronis Health can provide you with better reimbursement and peace of mind so you can focus on what counts – your clients and patients.. 

The benefits of outsourcing your laboratory billing services

Outsourcing your laboratory billing is a logical step towards creating more than just efficiency in your facility – it is the best step you can take to ensure that you are receiving the most out of what you do every day. From clean claims, to lowering your days in accounts receivable, to increasing your overall reimbursements, outsourcing your medical billing is creating the optimal environment for your finances. 

You can benefit more than you think from outsourcing your laboratory billing as well:

• Timely claim resolution and better data supplied for analysis 
• Improve efficiency and create optimal strategies for growth
• Increase cash flow by improving and streamlining your operational processes
• Reduce or eliminate billing and coding errors – more accuracy equals better data to analyze
• Automated verification of benefits and eligibility

• A dedicated team of billers and coders who are consistently updated on adjustments with coding and regulatory changes
• Faster reimbursement – Your team will process claims quicker than an in-house billing team that may be tasked with other responsibilities outside of their billing tasks. . 

How to maximize reimbursements through accurate and timely billing

Your team at Coronis Health has a goal to ensure your claims are accurate and submitted in a timely manner. This guarantees that you will maximize your reimbursements. Time and accuracy make the difference between consistent and optimum reimbursement and resubmitted claims because of errors or lack of information. 

Coronis Health focuses on a high level of accuracy, which can easily increase your laboratory’s efficiency and reduce the amount of unpaid patient bills – resulting in maximum profit for your laboratory facility. When you weigh the options, it makes sense to go with a billing option that gives to your facility, and doesn’t take away from your bottom line. 

What to look for in a qualified billing service provider

Coronis is well-versed in medical and laboratory billing and coding. When you are researching medical billing companies, it’s important to understand laboratory billing is more complex than medical billing, as it focuses on a unique set of CPT codes, and the more experience a company has with laboratory billing, the better chance you have with increasing your revenue. 

Look for the following attributes of a billing company for your laboratory services:

• Specialized experience and expertise in laboratory billing
• What types of laboratories are serviced
• Clean claims and error rates
• Whether the company performs in-network and out-of-network billing
• What analytics or dashboards are provided for your review
• Available training and collaboration for your team
• Whether the company integrates with any LIS

How to reduce the administrative burden on your staff

If your lab is considering outsourcing, ask yourself: Is billing a core competency of our operation or can our resources be better utilized elsewhere?

Most labs agree that billing remains secondary to day-to-day specimen collections and testing. Maintaining billing within your facility creates more than just an administrative burden on your staff – it can increase overhead costs and time spend on hiring, recruiting, training, and developing a robust billing team. 

The cost to maintain a billing team includes more than just salaries – training and employee benefits are two big factors, but it’s necessary to also cross-training other employees to fill in if your billing team has absences or gaps in staffing due to turnover. 

Outsourcing your laboratory billing goes beyond maximizing your reimbursements; you will see an increase in job satisfaction, morale, and job stress that is created by the complex process of billing. 

Coronis Health has team members who only focus on laboratory billing, so your team can focus on everything else. The teams at Coronis Health are subject matter experts who have decades’ worth of experience specifically in laboratory billing. Many of the team members are former lab managers with high-level insight into the challenges that laboratories face. The team stays abreast on current and upcoming industry and regulatory changes to ensure your lab can address these shifts proactively rather than reactively.  Their expertise in billing and coding allows your team to set goals, organize, strategize, and focus on what matters the most – operating a laboratory. 

Questions about outsourcing your laboratory billing services? Contact Coronis Health today

If you want to eliminate staff turnover, increase your reimbursement, decrease your days in A/R, and reduce the cost of operating your laboratory facility, you are one step closer to maximizing your revenue and efficiency when you contact Coronis Health. When you call us today, you are making the decision to step away from the stress of in-house billing and partner with subject matter experts that can make the difference for your laboratory facility. 

from
https://www.coronishealth.com/blog/how-outsourcing-your-laboratory-billing-services-can-maximize-reimbursements/