Laboratories are an essential part of the healthcare center. Most labs are located near hospital territories to provide quick and better services to patients diagnosed and prescribed by physicians. Healthcare centers' treatments rely on the results generated by laboratories. 70% of medical treatments depend on laboratory results. Laboratories play a vital role in running the healthcare industry. Still, labs experience challenges when dealing with medical billing operations due to the heavy workload and unique nature of work.
As a matter of fact, issues related to proper coding, billing errors, and payment structure can make it difficult for laboratories to stay financially strong and keep the focus on their initial tasks. Therefore outsourced medical billing companies come forward to handle complex situations and streamline the revenue cycle.
The function of Outsourced Laboratory Medical Billing companies
One of the main problems laboratories are facing is related to in-house personnel. Staff must handle and follow up on patients' lab tests and generate accurate reports. So, to reduce staff burden, Outsourced medical billing companies have come across to resolve this problem. They supervise and track essential changes, manage records, keep maintain the coding process. Keep things aligned like patients' demographics, illnesses, tests, reports, etc.
Outsourced medical billing companies have specialist medical billers familiar with medical terminologies or billing regulations. They eliminate denials and reimburse the payments. They also work as full-time billers and provide their services 24/7. Most medical billing companies have the latest technology. They save lots of time and expenses. They provide inclusive performance reports automatically or on request.
In fact, outsourced medical billing companies bring higher revenue at the end of the year. A devoted billing company sends claims more efficiently and effectively.
Outsourced medical billing companies that served different types of Labs
Laboratories are classified into two primary services. Each service includes various other services to conduct the test, and all services are smoothly handled by outsourced medical billing companies:
Clinical Labs services
Clinical labs do simple clinical tests. Examine the samples taken from the human body for defined medical conditions and suggest prevention, diagnosis, and treatments. Some basic tests are biological, serological, microbiological,immuno-hematological, biophysical, etc. Outsourced medical billing companies cover medical billing for all these areas and minimize lab expenses and workload.
Diagnostic labs services
In diagnostic lab services, physicians or another certified specialist is required to perform tests and diagnosis the core element of illnesses. Cytopathology, hematology, surgical pathology, and blood banking services are included in diagnostic laboratory services. External medical billing professionals give high privileges to these types of labs.
Other types of Laboratories covered by outsourced medical billing services
Independent Labs: These labs operate independently; these labs do not perform under the supervision of any physician or any other external facility.
Physician Office Laboratories: These labs perform under the supervision of the physician's office and perform lab tests and procedures. External medical billing maximizes its revenue cycle management.
Referring labs: These labs take specimens for testing and send them to other labs for further procedures.
Reference Labs: These labs receive specimens from referring labs.
Medcare MSO has the best Laboratory Medical Billing professionals:
Medcare is a top-grade outsourced medical billing company that provides superlative services to all types of laboratories in the market. The main purpose of Medcare MSO medical billing laboratory service is to ensure that the laboratories are adequately reimbursed for their services. This is also important for Medcare MSO billers to make laboratory medical billing error-free, reduce rejections, and bring down denials. Some simple errors which are very time-consuming are handled by the lab's biller smoothly.
- Inaccurate Patient Information:
sex, name, date of birth, ID number, insurance, etc
- Inaccurate Provider Information:
name, address, contact information, etc
- Inaccurate Insurance Provider Information:
Wrong address and policy numbers
- Inaccurate Codes:
Enter wrong ICD codes, CPT codes, etc
Medcare MSO would be happy to give laboratories medical billing services. Call us on 800-640-6409 for further details.