How to Optimize Your Lab’s Billing and Revenue Cycle Management

Maintaining your facility’s revenue requires a high level understanding of the complete revenue cycle, from the moment a patient presents, to the point at which you receive payment from the insurance company and patient. You can optimize your laboratory’s billing and revenue cycle management by working with an expert that knows your specific needs and how to meet them. When you partner with Coronis Health, you gain more than just a better understanding of billing and revenue cycle management.   

Work With Your Revenue Cycle Management (RCM) Partner to Optimize Billing and Collections

The billing process – for medical or laboratory facilities – is a complex and lengthy endeavor, especially if the facility is consistently busy with a high volume of patients. When you outsource your laboratory billing, you can rest easy knowing that you have more than a billing office at your disposal – you have a revenue cycle management partner that guides you in the optimization of your billing and collections, and ultimately the optimization of your bottom line. 

Think of revenue cycle management as a fluid process, like a relay race around a track. The runners depend on one another to hand off the baton and finish the race. Your partnership with expert laboratory billers and coders will ensure that your relay race – your billing and collection process – is optimized to gain the most out of your reimbursements. Coronis Health has the experts you need to guide you through every step in the revenue cycle process, from analyzing codes to submitting claims and finalizing patient collections.

We work quickly – just like runners depend on one another to keep the pace, providers can depend on us to create the most efficient billing process for your facility. The finish line is in sight, so partnering with a strong runner will guarantee that your claims are clean, your reimbursement is optimal, and your collection rate is in first place.  

Implement Best Practices for Patient Payment Collection

Insurance payers reimburse facilities at a contracted or set rate, and once that payment is determined and charges are adjusted, the patient may be left with some responsibility to pay a remaining balance. This may result from only partial coverage of a laboratory test, or the test not being covered at all. The following are some best practices to help guide your team when talking to patients about making payments:

• Educate your staff – When your team understands the nuances of speaking with a patient about a bill, the patient is more likely to listen and comply.
• Effective communication with patients – Engage the use of the patient portal. Eliminate long hold times on the phone, and maximize the use of your facility’s technology to benefit the patient.
• Payment technologies – Debit cards and automatic payments help to streamline your billing process, and adds convenience for the patient. If you have a patient portal or can store payment information for future bills, give your patients the option to use every convenience possible. 

Use Technology to Improve Billing and Collections Processes

Billing technology is advancing as fast as the technology labs used to analyze specimens. In an effort to improve your facility’s billing and collections processes, Coronis Health uses technology that sees far beyond the old school billing process with paper claims and the check in the mail. 

• RCM Clarity to integrate laboratory information systems with billing software
• Integration with multiple electronic health record platforms, such as Epic, Cerner, NextGen, eClinicalWorks, and many more
• Benchmarking and dashboards to provide high-level analysis for your profitability, opportunities, and threat analysis, including accounts receivable information, payer statistics, and billing performance
• Incorporating the technological knowledge from billing and coding experts who are former lab professionals

Coronis Health strives to provide quality service through the entire billing and collection process, and we do this by creating a unique platform that caters to your facility and its services. Between our expert teams and our top of the line technology, we offer the opportunity to improve your revenue cycle by maximizing your collection rate and streamlining your billing. Coronis Health’s expertise, technology platforms, and passion for quality is the perfect package for your laboratory billing needs. 

Questions About Optimizing Your Lab’s Billing and RCM? Contact Coronis Health today

Your patients demand quality service and an excellent experience from your laboratory. You should demand the same from your billing team, and Coronis Health can do both and more. To learn more about how you can optimize your billing and revenue cycle management, don’t hesitate – contact Coronis Health and find out how you can start your journey to a healthier revenue cycle management partnership with an expert laboratory billing team.

from
https://www.coronishealth.com/blog/how-to-optimize-your-labs-billing-and-revenue-cycle-management/