Reduce Denials And Increase Your Lab’s Revenue And Net Collections With Toxicology Laboratory Billing Services

Toxicology Laboratory Billing Services Posted On
Posted By davidrussel004

When COVID-19 first struck, Laboratory Billings partner labs were hit with a massive increase in the volume of claims. Certain labs went from handling just a few thousand tests each month to a staggering 500 million claims each week. With no automated billing or coding and billing, the teams in these labs wouldn’t be in a position to meet the volume of claims. Manual processes would have been nearly impossible. With the help of molecular labs on the right track, the labs were able to grow while also achieving the goal of a claim-free rate of 98 percent or more.

A different Laboratory Billings customer used manual processes for their billing operations for a long time before using Laboratory Billings’ RCM features, such as its rule engine as well as automated billing and coding capabilities. 

Following the installation of the RCM module, the same lab was able to receive a swift payoff for their investment. Billing processes that once took some weeks, with frequent delays due to clerical mistakes and errors, now take only one or two hours. The billing department of the lab was relieved of the burdensome administrative work and could chase every penny to be paid.

“Within weeks of deploying our solution, the lab was collecting 20 to 30 percent more every month thanks to a reduction in errors and costly overhead, and this was without an increase in test volume,” Abdi said. Abdi. “The lab has sustained that level of added revenue ever since.”

Toxicology Laboratory Billing Services

Toxicology Laboratory Billing Services
Reduce Denials And Increase Your Lab’s Revenue And Net Collections With Toxicology Laboratory Billing Services

Learn More: Leveraging LIS and RCM Integration to Improve the Billing Process

Research in the field suggests that this kind of outcome isn’t an isolated instance. Recent research revealed that healthcare firms reduced their administrative costs through RCM software by 2022 alone. The same report also revealed another $16 billion of savings to be realized by automating just nine steps of the daily administrative workflow. This is an impressive ROI on an investment that labs need to consider when they evaluate the benefits and drawbacks of updating their RCM strategies. This is 20-30 percent of the revenue that may never be ever collected!

Trends that are shocking include:

Between 2016 and the second quarter of 2022, the median denial rate increased by 20 percent. In 2022, all by itself, 10.8% of all claims were rejected upon initial submission. Additionally, the nationwide denial rate reached 11% of all claims that were denied at the time of the initial submission in the third quarter of 2022, increasing the total to 23% from 2016. The good news is that there’s an opportunity to reverse this trend, starting with powerful automated systems that are highly integrated within a sophisticated and user-friendly RCM system.

Alongside automated ICD-10 and CPT coding and billing for clients, Laboratory Billings’ other unique features include:

  • The demographics are up front and the insurance verification is done
  • Insurance discovery services
  • White-page address lookups
  • Automatically validated claims and correction of errors
  • Workflow queues for data processing that is real-time to provide greater visibility
  • The detailed statistical reports can assist labs to monitor the trends and KPIs
  • All of these features work together to create an advanced laboratory operating platform that traditional LIS as well as billing systems can’t compete with. It allows labs to grow quickly and efficiently, and automation helps increase revenues by reducing the number of errors and time spent processing claims.
  • Improved Automation Increases Workflow Productivity

In-progress regulatory changes as well as the continuous requirement for the updating of Revenue Cycle Management (RCM) systems mean:

  • Workflows should be automated and also able to add clinical documentation or handle denials of high balances.
  • The need for investment is in the latest technology in analytics as well as artificial intelligence, which can identify denials before submission in relation to payers and take remedies.

About Laboratory Billings

Laboratory Billings is an award-winning company that provides innovative, end-to-end health software for laboratories in pathology with 150+ facilities across the country. It is a complete enterprise-grade solution. Laboratory Billings’ LIS and the RCM Lab Operating Platform(tm) comprise components for clinical pathology and anatomical pathology molecular diagnostics as well as revenue cycle management and direct-to-consumer. It’s all on one platform that is powerful and integrated and is able to support every role of every department, every instance. Laboratory Billings empowers laboratories to better provide services to patients, distinguish themselves in the market, expand their operations, and be more efficient and profitable.

Related Post

leave a Comment