Laboratory Billing is Vital to Your Organization and Success
Laboratory services play a crucial role in assisting and diagnosing patients. Many of the steps taken to help and treat patients come from laboratory information. The data that laboratory services provide make up about 70-80% of a patient’s electronic medical record. Therefore, processing this information quickly and correctly is a necessity. Laboratory services also play a crucial role in your own revenue. Without a smooth laboratory billing process, you will often run into trouble succeeding in your clinic, hospital, or health system.
Billing Costs and Errors
Unlike traditional medical billing, laboratory billing has its own unique procedural technology codes. With these codes changing, you can become very susceptible to making billing errors. Information such as demographics, insurance, and denial management can be hard to keep up with on your own. These things end up slowing down the claims and billing process, which delays your own payments. Without timely payments it can be difficult to continue running your establishment smoothly and you can face a significant decrease in your revenue. In-house laboratory billing can also be expensive which only results in less cash flow for you and your staff.
Benefits of Outsourcing Laboratory Billing
In order to prevent errors that can have negative repercussions on your business, outsourcing your laboratory billing is the solution you need! Outsourcing brings lab-specific expertise without having to rely on limited hospital technology or be subject to human error. Eliminating billing errors will make the billing process run more effectively and efficiently. Thus, you will no longer be waiting weeks or months for payments. Not only will outsourcing be faster and more accurate, but it will be much easier for you and your staff. You will be able to focus your time and efforts back to working in the lab rather than maintaining the tedious oversight of your billing.
Get Started Today
Outsourcing your laboratory billing will reduce your operating costs, improve your revenue, put an end to billing errors, and speed up the payment process. Choosing to outsource your laboratory billing comes with no cons. Create a stress-free billing environment for you and your patients by contacting Acrev Solutions today!