What to Look for in a Laboratory Billing Company

Medical laboratories play a pivotal role in obtaining information about the health of a patient to aid in diagnosis, treatment, and prevention of disease.These results go on to impact many lives by influencing the direction of medical care for patients going forward. With such a crucial role in helping ensure the health and well-being of many individuals, maintaining an organized establishment is of the highest priority. With the plethora of  responsibilities that come with lab work, the ability to outsource the billing and revenue process is vital. By doing so, you enable your lab to focus on diagnosing and treating patients, rather than worrying about billing. Here are a few key traits to look out for in a laboratory billing company. 

Straightforward, Efficient Management

By outsourcing your laboratory billing, you no longer have to worry about the management or oversight of it. Furthermore, revenue can be generated faster, and records can be kept more efficiently. Shuffling through papers takes far more time in comparison to using a billing software to log all patient payments and balances. 

The data analysis that comes with a laboratory setting also needs to be taken into consideration. A billing system provides two main variables that a lab needs to focus on: the billing software and the services that it entails. Organizing data appropriately is one of the most important parts of running a medical laboratory, and outsourcing this for billing can be extremely beneficial. 

Advanced Revenue Tracking and Refined Results

The centralization of information is key to billing efficiency. In the digital age, patient electronic health records, the healthcare billing system, and other IT platforms can all interact to streamline the process of moving patients through the healthcare system. Acrev Solutions can make the revenue cycle management (RCM) process both efficient and easy to navigate. 

By outsourcing your lab billing, you will be able to efficiently track your revenue through in-depth analysis reports. Being able to see which tests are the most prevalent and which are providing a stable stream of revenue gives powerful insight into what is in demand. It can also point out areas where test prevalence surges over time, allowing the lab to anticipate rising and falling profits. Using similar projections to gauge the profitability of opportunities moving forward can be educational for a lab in determining its best revenue-generating path forward. 

Acrev Solutions offers state-of-art laboratory billing services and we are ready to help you define your test panels and its reimbursements, pre-adjudicate genetics and molecular tests, improve clinical documentation, clean submissions, reduce denials and maximize collections! So, free yourself from all of the unnecessary time and stress of lab billing and contact Acrev Solutions today to get started on improving your lab today!