What To Consider When Outsourcing Your Laboratory Billing
Do you find yourself spending more time doing laboratory billing processes than the actual laboratory work itself? Many organizations opted to prioritize providing services to those who really matter – their patients and clinicians – and outsource laboratory billing to service providers like Synapse. It’s their wise solution to all of the bureaucracy and administrative efforts, including tasks leading up to successful payment for bills that take more time and energy.
Below, you will learn what you need to do to prepare early on when considering outsourcing your laboratory billing.
Benefits of Outsourcing Laboratory Billing
Many of our clients would agree that outsourcing is a logical step, even the best step, to ensure that you are receiving the most out of what you do every day. If you want to create an optimal environment for your finances, outsourcing your laboratory billing is a must. Here are the following benefits you will get once you switch to Synapse.
- Streamline your operational processes and increase cash flow
- Faster and timely claim resolution and reimbursement
- Stay updated on adjustments with coding and regulatory changes
- Eliminate billing and coding errors
- Better data supplied for analysis due to more accuracy from Synapse experts
To illustrate these advantages, our diagnostic laboratory client revealed they got a significant increase in the average payment from year 1 to year 2 by over 60%. Synapse billers also helped match the procedures to the diagnosis and avoided denials. You can read the case study in full by visiting our page.
Important Things to Consider Before Outsourcing Your Laboratory Billing
There are a few things you have to check before your laboratory can partner up for billing services. First, you need to check if you have a current Clinical Laboratory Improvement Amendments (CLIA) license – meeting the credentialing requirements for insurance carriers that the laboratory plans to accept. Furthermore, you should have security protocols when your Laboratory Information System (LIS) gets connected to a third party for outsourced billing activities.
Secondly, you should prioritize having clear communication with the third party you’ll be working with. This looks like establishing a point of contact to lead communications. In this way, your staff and the outsourced support team can discuss openly when issues arise and troubleshooting is required. Most importantly, your outsourced provider should be able to provide effective solutions from the results of their quality assurance tests, ensuring you understand clearly and accurately how to move forward.
Lastly, preparing for billing includes collecting and preparing your financial reports from prior years. You would need to review your financial and performance data, including how to map the payer IDs to the claims data in your database of reports. This allows the outsourced partner to understand where you will need help and determine the best solutions.
Outsourcing Synapse Lab Billing Is The Right Choice
We understand that there is a lot at stake when you’re considering outsourcing your laboratory billing system and how to implement it. No need to worry – we can guide you every step of the way. We specialize in a client-centered approach, taking in all the information we need to plan, execute, and optimize. Synapse has had an excellent reputation in the medical industry for almost 30 years and we have talented developers who provide solid full-service laboratory billing solutions to our clients. For more information, please don’t hesitate to contact us at (844) 384-7532 or at medicalsales@synapselabbilling.com.