Reasons to Outsource Your Laboratory Billing

While outsourcing your laboratory billing is still a relatively new service, it has become extremely apparent that it is far more beneficial to outsource laboratory billing as opposed to handling it in-house. There are a handful of negatives when it comes to dealing with your own laboratory billing in-house:

• It is more expensive.
• There tends to be more human error, resulting in longer billing cycles.
• It is stressful and time-consuming for your practitioners.

Thankfully the positives of outsourcing your laboratory billing with Acrev Solutions address all of the negative side effects that come with in-house laboratory billing. 

• Outsourcing laboratory billing saves you money.

No longer will you have to allocate large amounts of money to train and staff your in-house billing departments. The cost of an average in-house billing department was $118,000 per year, not to mention the software and hardware costs of close to $7,500. When the same company switched to outsourcing their laboratory billing, they ended with a total expense of only $4,500.

• Shorten the billing cycle.

Acrev has a clear expertise in the billing process- thus, we are able to quickly handle corrections, rejections, or any bumps that might occur along the way seamlessly. This shortens the average billing cycle by miles, resulting in you getting paid and receiving your billing data quicker than before.

• Quickly adapts to any changes in protocol.

We all know the healthcare industry is constantly changing. When you handle your laboratory billing in-house, it can be hard to adapt to the changes while still keeping up with all of the day-to-day functions that are still required of them to keep the billing department functioning. Laboratory billing companies are always on top of these changes and sometimes even aware of changes that might soon be happening, already adapting to the situation. 

• Improved returns.

Laboratory billing companies perform 15% more efficiently at collecting bills than the billing departments of a private practice, reducing the cost of any unpaid bills and producing pure profit for your laboratory. 

If you want to start making this positive change for your company and let your practitioners get back to working in the lab rather than handling paperwork and talking to insurance companies, visit https://acrevsolutions.com/contact/ and get started on outsourcing your laboratory billing today!