As we all know, it can be difficult to follow up on missing billing information. A recent study found that as high as 50% of independent labs and hospitals may not have adequate or nonexistent follow-up procedures. This is 20-30% of the revenue that may never be collected.
Pathology Billing Services
These are some of the most shocking trends:
- The average denial rate increased by 20% between 2016 and 2Q 2020
- 10.8% of all claims received in 2020 were denied at the initial submission.
- Furthermore, 11% of initial claims were denied by the national denial rate in Q3 2020. This brings the total increase to 23% from 2016.
- There is a way to reverse these trends. It starts with highly integrated automation embedded within a sophisticated, intuitive RCM platform.
- We live in turbulent and changing times.
- Change is often accompanied by caution.
- Caution encourages resistance and payer pushback.
- This resistance can lead to payer denials in our industry.
- Labs’ bottom line is negatively affected by increased denials.
- We must now be able to recognize and prevent this from happening again.
- Denialism Steadily Rises
- The national medical claim denial rate is on the rise.
- Although most providers have taken steps towards reducing the risk of denials they still risk significant revenue each year.
- Since 2016, the average denial rate has increased by 20% to 10.8%.
It can be difficult to afford a comprehensive and modern laboratory information system (LIS). The Laboratory Billings Information System has created a pricing model that is affordable for labs. Laboratory Billings’ pricing model doesn’t require prohibitive licensing fees or large upfront capital expenditures. The cost-per-test is determined by laboratory volume. This model charges a small fixed fee per transaction. As volumes rise, so does the fixed cost-per-test.
Lab operators who want to grow their business with minimal risk will find the pricing model attractive. Laboratory billings allow lab operators to be free from the burden of paying high fixed support fees and maintenance fees, regardless of company performance. Lab clients can instead leverage Laboratory Billings to encourage business growth.
Because of the possibility of disruption to lab operations, many laboratories resist replacing their LIS systems. Laboratory Billings addressed this concern by creating an implementation plan. This plan is designed to guide the laboratory through every stage of the process, from domain analysis to going live. It also considers the future and current state of the laboratory and mitigates the risks associated with the switch.
Why choose pathology billing services?
In Latin for “to unite”, Laboratory Billings is the word that means “to unify.” Laboratory Billings does exactly this for all its clients, which number over 100. The company’s extensive laboratory platform features powerful modules for anatomic pathology, clinical pathology, and molecular diagnostics (MDx) all combined into one integrated service infrastructure.
Laboratory Billings ensures data integrity from the beginning and is a trusted partner who takes full responsibility for your information system. No synchronization, no middleware, no finger-pointing, no headaches.
The Best Way to Collect, Process, and Report COVID-19 Testing
Any LIE can be used with the TestDirectly portal. It allows laboratories to quickly transition to an electronic workflow that eliminates the order entry bottleneck and reduces data entry errors. TestDirectly supports both on-site and drive-through collections. It provides a workflow that speeds up patient data collection, report delivery, and follow-up. It allows laboratories to increase their capacity and speed up turnaround times.
This post is brought to you via Laboratory Billings, a specialist third-party service provider that provides medical claims processing. We have more than a decade of expertise helping US-based hospitals and clinics improve their claims management processes for healthcare. Led by a team of experts from the industry and the latest technologies and processes, we ensure that the needs of your claim processing are efficiently met. If you’re looking for results-oriented claims processing solutions, contact us right now.