Laboratory Medical Billing Service
Are you tired of fighting denied claims, incorrect coding problems, or having difficulty following up on payments? As a laboratory, you have a unique reimbursement process, and it can be cumbersome to keep up with all claims.
A professional billing service might be the answer to streamlining your operations. They can take on the expensive and challenging billing procedures and free up your internal resources to focus on running your lab.
Laboratories Have Unique Billing and Payment Needs
Clinical and reference labs face multiple challenges when managing their billing and payment cycles. For laboratories, the billing process is a complex interaction between a clinical laboratory or pathology group and the payer. It is a multi-step process that starts with laboratory coding.
After providing a service or procedure, the lab must assign diagnosis and procedure codes to indicate which lab service they performed. After service delivery, labs must manage their revenue cycle – the collections stage, where they bill the payer or insurer.
Finally, the payer sends payment to the clinical laboratory, and the reimbursement stage of the cycle is complete.
Why Does My Laboratory Need a Medical Billing Service?
Clinical and reference labs can experience delays and difficulties in the revenue management cycle. Incorrect or denied claims can lead to a time-consuming and costly circular process of submissions and resubmissions.
Also, in addition to insurance reimbursement denials, coding errors, and incorrect patient statements, many labs find it challenging to keep up with the ever-changing insurance billing guidelines and reduced reimbursements.
Health insurance is rapidly changing, and billing has become progressively more complex. Insurance companies have increasingly shifted the burden of costs onto patients through high deductibles, co-pays, and co-insurance.
At the same time, they have also become more aggressive in their billing practices, often denying claims or charging patients for services that they should cover. Internally managing this billing and payment cycle can bring even highly efficient laboratories to their knees.
MedConverge’s Specialized Laboratory Billing Service can help to streamline your operations and take on the monotony of the entire billing cycle.
Medical Coding Compliance
MedConverge’s team of certified coders and experienced billing specialists are knowledgeable in the latest coding guidelines. The team can efficiently monitor your accessions or encounters and confirm tracking for payment in every case. They can also keep you up-to-date on the status of your claim and ensure you are getting the maximum reimbursement possible.
Custom Laboratory Billing Services
We understand that every client has unique billing needs. We work closely with you to tailor our services to your specific requirements.
Our laboratory medical billing services can help you streamline your billing processes with specialty billing, coding, and financial management services. We work with you to understand your organization’s laboratory billing process requirements and provide the solutions you need.
Details and Transparent Reporting
Having transparent and reliable reporting is essential for any business. That’s why we take the time to collect and analyze your raw health data, converting it into clear and actionable KPIs.
With our comprehensive financial reports, you’ll better understand your revenue cycle and identify patterns that affect your bottom line. We’ll work with you to develop strategies to improve your performance and increase your profitability.
No Matter Your Type of Laboratory, We’ve Got You
You are unique, and so are your billing needs. Whether you are an independent lab, a physician’s office lab, or a clinical lab, we can offer a custom solution. We understand your needs, unique payor types, specific and uncommon procedures, and billing dynamics.
We are here to help you capture maximum payment for your services. With our experience and expertise, we will work with you to develop a billing solution that meets your specific needs and ensures that you receive the maximum reimbursement for your services.
Why Choose MedConverge?
MedConverge offers a comprehensive array of services and laboratory billing solutions. Your business can run more efficiently by creating custom applications for your lab.
MedConverge benefits include:
- Dedicated account managers with tailored solutions
- Accurate, reliable coding
- Comprehensive revenue cycle management
- Real-time analytics to give you insights into your payments
- Reporting capabilities to help you make informed financial decisions
Contact Us Today to Get Started
Laboratory medical billing is a complex, time-consuming, and ever-changing process. With our help, you can optimize your laboratory billing process, maximize reimbursement, and improve your bottom line.
Contact us today to learn more about how we can help you streamline your billing process and maximize your revenue.