Sometimes healthcare providers face challenges in financial management because they have to do multiple tasks. In such circumstances, they’ll often choose to outsource molecular billing services to a reliable third party.
By outsourcing molecular lab billing services, healthcare providers get sufficient time to concentrate on the core aspects of their business. Outsourced billing experts help you to make your practice run more smoothly, without any frustration.
Moreover, the constant evolutions in the healthcare industry have made the molecular billing process more complicated than ever before. However, it’s very challenging for laboratory practitioners to manage billing and coding efficiency. Because they cannot concentrate on these back-end tasks along with their tight schedules.
So, if you have decided to outsource your lab billing tasks, you must choose the billing company wisely. Because a wrong decision can lead to a significant loss. You should make sure that you are going to choose reliable billing experts that help you to meet your financial needs.
It’s undoubtedly a challenging task because there are many lab billing companies in the market. Here are five common mistakes medical practices should avoid while outsourcing molecular billing services.
- Choosing a Billing Company With a Poor Reputation
Reputation is the most important check-point before hiring a laboratory billing company. But unfortunately, some lab technicians don’t pay attention to the reputation and past experience of the lab billing companies. As a result, they may have to face dire consequences.
As markets are flooded with scams, which can push your practice towards the unrecoverable crisis. Therefore, it is crucial for lab practitioners to thoroughly evaluate the performance and reputation of the billing company. You can check its official website for testimonials as well as reviews of present or former clients.
Therefore, Healthcare providers must look for a company with a good track record. They should prefer to choose the billing experts who have been serving in the market for a quite long time period. Because it indicates that the company provides intensive services to keep their clients satisfied.
2. Support Your specialty
Lab practitioners must understand the fact that every specialty has its own coding and billing guidelines. Therefore, it is important to look for a lab billing company that has coding expertise in your type of practice.
Off-shore billing companies hold a dedicated task force that has in-depth knowledge and experience in dealing with your specialty. If you neglect this aspect, you can face coding inaccuracies and claim denials. Which ultimately slows down the molecular billing services.
3. Adjust With Changing Regulations
Both molecular billing and coding are ever-evolving fields, which require constant education and training to manage the claims management process according to the industry standards.
Therefore, you should look for a billing company that has the maximum number of certified specialists who stay up-to-date with the latest changes in the healthcare industry.
Moreover, you should make sure that molecular billing experts, who update their coming and skills timely. A reliable molecular billing company always invests in the constant training of their billers and coders. Because training is important to keep them updated with the new, deleted, or modified billing rules and guidelines.
So, before taking any decision, make sure that the shortlisted molecular billing experts are aware of the latest version of ICD -10 regulations. Because knowledge about the 10th version of the International Classification of Disease code is the key to cut down the coding errors in medical claims.
When medical claims are submitted without errors, the chances of claims denials decreases, and lab practitioners enjoy a streamlined cash flow.
4. Ensure Transparency/Privacy
Security must be your primary concern because you are going to share confidential information with a third party.
So in order to safeguard your interest, it is important to choose a lab billing company that is HIPAA compliant. It indicates that billing specialists are not involved in the mismanagement of confidential data. Moreover, you should ask about the company’s security policies and the processes they use to make sure your patient’s data is protected.
Moreover, it is also the most significant attribute of a reliable billing company to provide regular reports. While signing the contract, you should make sure that the outsourced billing experts would keep you informed of what they’ve been doing on your behalf and where you stand with molecular billing services.
5. Review the Contract Carefully
In order to avoid any inconvenience, you should sign the contract carefully. You should make sure that the contract is amenable to your practice. Most importantly, you must get the contact information for the person who will be your primary point of contact in case of any mismanagement or issues.
Ensure that the off-shore molecular billing specialists are registered/have a license to work for in the state along with professional liability insurance.
Carefully review all clauses (preferably by a lawyer), especially those conditions which are mentioned in the fine print. Moreover, carefully consider all of the deliverables, contract termination clauses, and the length of time you are contracting for before you authorize services.
Are you looking for reliable, well-experienced, and committed billing experts? Then our help is not far away. Laboratory Billings is a well-reputed laboratory billing company in the United States. Which has been providing custom-tailored molecular billing services. Visit our website to consult with our dependable and efficient billing team.