Carrying out a profitable Laboratory Billing Process

1. Laboratory practices have different billing requirements than other specialties. Ever changing billing requirements and payer guidelines pose a threat to an effective laboratory billing process. Stringent Medicare guidelines for laboratory services is another thing that hinders growth. This costly combination results in an overall decrease in profitability of lab practices.

2. Lab owners often miss out on the best payments because of outdated billing practices. Around 44% of annual revenue loss is what under-billing or overbilling may cause. Around $17 million every year are turned down due to billing errors and denials. Over-coding and canned diagnosis are some of the top reasons of claim rejections.

3. Outsourcing is an effective business strategy to deal with numerous billing chores effectively. Lab owners are able to work on improving their practice and deliver quality healthcare. A set of comprehensive laboratory billing services is available to assist in growth of lab practices. Claim rejections and denials are reduced with full adherence to regulatory billing requirements.

4. Expertise in laboratory billing is required for profitable laboratory billing process. Complete transparency is maintained in services that makes it easy to track the progress. Highly affordable pricing is what makes outsourced billing services more appealing to lab owners. Guaranteed information security with round the clock support is another plus point of outsourcing.

5. Advanced technological base with Advanced MD, Health Fusion and Vericle to work on laboratory claims. Robust EHR (Electronic Health Records) management system for easy lookup and access to health information. Complete compliance to HIPAA, ICD and statutory and federal regulatory billing requirements. Highly secure information transfer protocols for seamless sharing of confidential health information.

6. Customizable and flexible practice management system to meet laboratory billing requirements. Secure patient ledger maintenance and healthcare claims management to get everything done in the shortest time frame. Quicker initiation of collections with effective handling of the intermediate laboratory billing process. Real-time capturing and submission of reports to keep you updated with your lab practice’s progress.

7. Expert follow up with insurance companies and appeal on denied claims. Successful verification of eligibility with patient’s insurance payer. Correction of missing or incorrect claim information and timely resubmissions. Electronic claim submissions for faster claims processing and quick reimbursements.

8. A leader in offering the most efficient outsourced laboratory medical billing services. A team of industry best medical billers to take care of every step in the exhaustive laboratory billing process. Over 14+ years of unmatched expertise and experience in providing laboratory medical billing services. Well versed with the ins and outs of laboratory tests and medical billing industry.

9. US Office 99 Wall Street #158, New York NY 10005 Finance & Accounting :  +1 800-935-0865 General Queries: info@bikham.com Health Care: healthcare@bikham.com`