Medcare MSO’s lab billing services cover all aspects of medical revenue cycle management (RCM), from payer credentialing to old AR collection. Laboratory medical billing services are available as a standalone offering or in a completely customizable package that may include insurance verification, patient billing and old AR collections, medical coding and billing software, and more.
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Utilizing a laboratory billing service can enhance the efficiency of laboratory operations by streamlining revenue cycle management and tackling challenges such as changing insurance policies and maximizing revenue opportunities.
Unlike many medical billing service companies that only service high-ticket providers, Medcare MSO’s innovative approach works perfectly for lab billing solutions where a high volume of low-dollar claims need to be processed. The efficiency of our system allows us to quickly scrub and file thousands of claims, typically within 48 hours, and includes a manager assigned to each client who will track all claims, making sure each one gets reimbursed.
Medcare MSO offers support for all aspects of lab revenue management. Clients often start with lab medical billing, but once they see how well our system handles their claims, they add collections and then other services, particularly those that involve dealing with payers, such as credentialing, which can take a lot of time. We will also handle old AR accounts, and are very successful at getting payment for bills up to a year old. Our staff will handle payer credentialing, verification of patient insurance coverage, compliance audits, and anything else you may need.
The main point of a lab medical billing service is clearly to obtain reimbursement for services you provide to patients. Our experienced billers scrub claims to eliminate errors before submitting them, greatly reducing rejections and denials. When these issues arise, our system for identifying the issue and quickly correcting it is very successful. A tremendous amount of revenue can be lost due to claims being abandoned, so regardless of the value, our system includes tracking each claim to ensure it is paid.
In addition to reimbursement received directly for claims, there are often balances due from patients, collaborating providers or additional payers. We will manage all of those. Clear communication and an efficient system of our laboratory billing company combine to get much higher than usual receipts. Our handling of old AR accounts is highly successful even for balances due that are up to a year old. So, improve the billing cycle to reduce denied claims for all types of laboratories. We help improve the billing process for clinical and reference labs.
In order to avoid claim denials due to coding errors, effective billing and RCM practices must be in place—however, the cost of maintaining this kind of an information system can be prohibitive for labs. One of the greatest benefits of working with an independent laboratory billing services is that you no longer have to worry about keeping up with coding changes and payer requirements. Our software can be integrated with your existing practice management, EHR and EMR programs, or it can be used alone to encompass all aspects of patient data and revenue management.
The coding and billing teams at Medcare MSO are highly trained and experienced, but ongoing training is part of our business model, to keep everyone up to date on code changes and new payer requirements. Staying informed about coding and payor updates is crucial to maximizing revenue potential. A final step in our claims management process that helps us really stand out is tracking down the source of the error that caused the rejection or denial, and re-training the responsible party to make sure errors are not repeated. So, our lab billing solutions can optimize your billing process substantially.
Leverage Medcare MSO’s lab expertise to improve efficiency and increase revenue.
Business development is crucial for driving growth and client relations in the laboratory services sector.
With Medcare MSO providing your laboratory medical billing solutions, you are relieved of the time-consuming and often tedious work, but will still know exactly what’s going on with your revenue. Our reports are presented regularly, and are designed to keep you abreast of several key performance indicators (KPIs). You will see how long it is taking to get paid and how the accounts-receivable balance is doing relative to the value of services provided, for example. You will see that you are getting paid faster and the proportion of unpaid bills gets smaller after working with us.
Lab billing—when done right—can be a huge weight off a lab’s shoulders. By outsourcing that process to a company that specializes in it, labs can focus on what matters most: delivering high-quality patient care. That means you can leave the billing process to the experts and let them handle the time-consuming, detail-oriented work of submitting claims, chasing down denied claims and managing accounts receivable. That’s where a good lab billing company can really shine. They bring the advanced technology and certified coders that ensure claims are clean and revenue is maximized. All of which adds up to one key benefit: more cash flow.
That’s what you gain when you partner with a independent lab billing provider. You get to keep doing what you do best—while they handle the rest. Your core business is patient care. Theirs is billing. By working together, you can ensure that your patients get the care they need, and your business gets the revenue it deserves.
We will provide you with physician practice management services and modern medical software at a very affordable rate.
We assign a Medcare Regional Manager to your office to ensure that everything runs smoothly.
The Medcare process can also work with payroll, coordinate benefits and provide your office with human resource services.
Medical Billing Collections
Physician Billing
Staff Administration
EMR/EHR-Integrated Accounting
PPO Contracting
Financial Analysis & Reporting
Physician Credentialing with Coding Evaluation
EMR/EHR Custom Template Design
Call or Email Medcare MSO Today to See How We Can Help You.
A member of our team will get in touch with you in 12 hours.
800-640-6409
