4 Common Mistakes When Outsourcing Laboratory Billing
It is vitally important to develop and set up your medical lab for efficient billing services. Many systems and companies determine from the outset that they need a third party to handle invoicing and billing. Outsourcing laboratory billing to experts allows your team to manage their own responsibilities and not worry about laboratory billing software. With this industry pattern, there are often some occasional oversights. It is crucial to keep in mind these four common mistakes that occur while setting up your lab’s billing infrastructure.
Improper Volume Expectations
Occasionally, medical labs will be deficient in volume. Under typical conditions, the solutions require labs to project their minimums and maximums when they project volumes for future billing. When these expectations go unfulfilled, lab managers can suffer. Documenting the level of activity in your lab, and obtaining a clearer view of expected volume, managers can forecast revenue flows more accurately. This will allow for a more expedited and efficient workflow for all involved.
Not Having LIS Agreements and Credentials Prior to Signing
Labs doing testing in the United States must adhere to standards and regulations. They must be certified by the center for Medicare and Medicaid services under the Clinical Laboratory Improvement Amendments. If your organization hasn’t pursued CLIA certification, this task is priority number one. Laboratory information systems are incredibly important to have in place prior to working with a billing provider. This way, LIS and CLIA agreements can cover the legal requirements of your organization’s processes.
Ensuring Transparency and Privacy
The fact that your organization is going to share confidential information with a third party, security must also become a priority. In order to protect your bottom line, it is important to choose a lab billing company that is compliant with HIPAA standards. Asking the third party about their security processes to ensure the protection of your patient’s data. The most important attribute of a reliable billing company is providing regular reports. These reports should create a reassuring feeling for your laboratory. If this is not the case, it is important to re-evaluate your current service provider.
Review your Client Contract
In all practices, it is important to carefully review the contract. You should make sure that the general contract provided by the third-party billing service is amenable to your organization’s needs. In case of mismanagement or mistakes that are being made, it is important to establish an avenue of communication with a single person or primary point of contact. Off-shore billing experts may or may not be registered or have the proper license to work in the state your lab is located with professional liability insurance. This ties in with mistake 2, but it is equally important to ensure the protection of your own organization.
When looking for a reliable, well-experienced expert, make sure you start with Acrev Solutions. Our dynamic solutions can meet and exceed all of your outsourced billing needs. Our approach provides a custom fulfillment solution for your laboratory and organizational system.