3 Pick-Me-Up Tips to Boost Healthcare Revenue Cycle Management. As a laboratory practitioner, you know how important it is to plug constant revenue leakage. Because optimization of the healthcare revenue cycle management is the foundation of your financial viability.
But in this challenging era, healthcare providers are still struggling to keep their cash flow streamlined. Because the ongoing pandemic has pushed healthcare facilities into an economic crisis.
Moreover, the evolution of the healthcare industry and the adaption to ICD-10 have made lab billing more complicated than ever before. So, you should never take the financial aspect of your laboratory business for granted.
Healthcare providers should keep in mind that revenue collections management is the matter to have the best lab billing system in place. Therefore, you should closely monitor the lab billing services of your practice.
In this way, you become able to uncover the areas of improvements. As a result, you can implement innovative laboratory billing solutions to boost revenue collections and profitability.
On the other hand, a lack of knowledge and understanding of your RCM generally results in a financial crisis. It not only affects your financial wellbeing, but these problems can extend into other areas of the business too.
Although it seems simple, there are many factors that can complicate the RCM process. Therefore, utilizing existing staff who are not specialized specifically in healthcare billing can actually lead to a high rate of claim denials and cash flow disruption. Which is not a good thing for your financial stability.
So, placing this responsibility in the hands of experts will offer several benefits to your healthcare organization. In order to get your struggling lab business back on track, you should adopt the following solutions.
- Focus on the Upfront Process
Your front desk staff plays a crucial role when it comes to your lab practice’s customer satisfaction. Because they’re the first people your patients speak to when they call. And the first face your patients see when they walk through your doors.
Moreover, the registration staff also plays an important role in the entire healthcare revenue cycle management. They are responsible to book patients’ appointments, collect the patients’ demographic information, verifying the insurance eligibility, etc.
Their slight negligence can lead to potential mistakes that can result in the submission of erroneous claims. Which negatively impacts the overall payment collections. So, in order to avoid such inconvenience, you should invest in the regular training of your registration staff. Moreover, laboratory technicians must keep a close eye on their performance.
In addition to this, when booking appointments, make sure the front office and call-centre staff collect and accurately input client insurance information. Ask your new and regular patients to bring insurance cards and other necessary documents at every visit.
Make sure that the front desk staff has a basic registration checklist. Because basic checklists at the front desk can make a significant difference in keeping your team on track.
- Efficient Claims Management
Medical claims containing incomplete or incorrect information get denied. If this practice continues for a long time period, then you may have to face serious consequences i.e. the high percentage of claim denials.
It’s worth mentioning here that re-filing of denied claims requires extra time and hard work. So, in order to maximize the reimbursements by submitting error-free claims, you should adopt the following strategies.
- Accurate medical coding
A major factor in collecting maximum revenue is the accurate set of medical codes. Because insurance companies get information about a particular illness, treatment, and medical equipment through these codes.
So, the inaccurate transformation of patients’ diagnosis and medical services into standard medical codes can not only slow down the healthcare revenue cycle management. But it can also land lab practitioners into legal troubles.
For example, coding errors such as: unbundling, upcoming, under coding are considered as medical fraud. That can result in heavy fines, federal penalties, cancellation of your license and even imprisonment.
Therefore, you should hire certified and highly trained medical coders to ensure accuracy in the medical coding.
- Ensure timely submission of claims
Time is the most valuable factor in healthcare RCM. Because insurance companies usually reject the medical claims being submitted after the due date. Staying timely and submitting new claims each day is the best practice to collect the maximum reimbursements and optimize the healthcare revenue cycle management
- Double-check the information
It is the responsibility of lab billers to ensure the cross-checking of provided information i.e patients’ name, date of birth, gender, age, insurance policy number, medical codes, duplicate billing, etc.
Because failure to identify coding or other mistakes before claims submission can result in denied/rejected claims. Establishing a well-organized laboratory billing system is crucial to decrease denial rates and streamlines the healthcare 5revenue cycle management.
- Maintain dedicated staff
As we have already discussed that due to the constant evolutions in the healthcare industry, the process of laboratory billing and coding has become very complicated.
Therefore, you should never rely on inexperienced billing staff. So, you should maintain a dedicated and well-experienced billing staff, having in-depth knowledge about all parameters of clean and error-free medical claims. In this way, you can drive the maximum revenue.
- Outsource Healthcare Revenue Cycle Management
Outsourcing lab billing services is the best solution that can help your practice overcome the challenges. Off-shore companies hold a dedicated task force that works for a single purpose. Which is to increase the profitability of your practice. Outsourced billing and coding experts have the extensive industry experience to manage the financial matters of your practice efficiently. They stay up-to-date with the latest reforms in terms of state laws, insurance policies, medical billing and coding. Which enables them to prepare and file the claims as per industry standards.
Moreover, on the basis of their experience, they ensure the timely submission of clean claims. Which ultimately leads to accelerated cash flow.
Furthermore, you can also get rid of the excessive burden and feel free to focus on the core aspects of your business. Which is to provide the quality care to the patients.
Have you decided to outsource healthcare revenue cycle management? Laboratory billings is the most suitable option for your healthcare facility. We have been providing transparent and HIPAA compliant laboratory billings service across the United States. Contact us to consult with our RCM experts.
