Lab Billing Services for Optimal Results
< 30
Days in AR
10-15%
Revenue Increase
97%
First Pass Ratio
96%
Collection Ratios
98%
Clean Claims Rate
Overview of Laboratory Billing
Laboratories provide vital diagnostic information to healthcare providers. However, like all the other healthcare facilities, they require money to sustain their practice. But how can laboratories generate revenue if they are constantly facing claim denials? They can only receive reimbursements for their services through a proper billing process.
Laboratory medical billing deals with the financial aspects of laboratory tests and services. From coding to documentation and follow-ups, laboratory medical billing companies, like MediBill MD, ensure fair compensation for your services. We adapt all the coding updates and file claims that adhere to the revised regulations.
Customized Laboratory Billing Services
Meeting your practice’s specific needs with our customized solutions! At MediBill MD, we offer tailored laboratory billing services to satisfy a wide range of testing facilities. From custom patient billing solutions to reporting, we match our procedures with your operations. Our billing experts provide valuable insights into your financial performance and comply with both general and laboratory-specific regulations.
Toxicology Lab Billing Services
Don’t worry about the changing billing requirements! Our dedicated toxicology billing team meets the latest coding and regulatory demands. At MediBill MD, we file rapid claims and ensure timely payments.
Molecular Lab Billing Services
You can count on our molecular billing expertise! We generate thousands of molecular claims for the country’s leading laboratories. Our molecular billing specialists assign appropriate CPT codes to genetic tests.
Clinical Lab Billing Services
Instead of billing, assist providers in quality healthcare! MediBill MD’s clinical lab billing services cover all testing procedures, including CBC, Urinalysis, and more. We ensure timely payments for clinical laboratories.
Pathology Lab Billing Services
Take control of your lab’s financial health! MediBill MD’s pathology billing experts are skilled in recovering your revenue. We streamline your billing process and help you grow through comprehensive reporting.
Challenges in Laboratory Billing
Laboratories are a crucial component of the healthcare system. Healthcare providers rely on test results to make important decisions. Therefore, the biggest challenge for labs is to maintain accuracy. However, the pressure of managing a heavy workload and the complex reimbursement process make it difficult for these facilities to sustain their operations.
The lab billing process varies across testing facilities and is affected by changing coding guidelines and payers’ policies. Due to these complexities, most labs make common billing errors and have high denial rates. Some of the common laboratory medical billing challenges include:
High Claim
Denial Rates
Laboratories have high testing volume but low reimbursement rates. Most testing facilities face high denial rates because they cannot keep up with the coding updates and changing insurance policies.
Varying
Insurance Requirements
Lab technicians work in a stressful environment to deliver quick and accurate results. They are unable to follow payers’ different requirements. Hence, most of their claims are denied.
Complex CPT
& ICD Coding
Insurance companies require accurate coding in medical claims. Laboratories face frequent claim denials because their in-house team lacks extensive knowledge of CPT & ICD-10 codes and their frequent updates.
Collections for
Advanced Tests
The billing process for advanced tests, such as nutrient and hormone tests, often requires prior approval and detailed documentation. These complex billing scenarios decrease the chances of receiving timely reimbursements.
Outsource Laboratory Medical Billing Services to MediBill MD
Outsourcing to a reliable laboratory billing company, like MediBill MD, can help you achieve financial success. Let our experts handle the complexities of lab billing while you invest your energy in improving your clinical functions.
At MediBill MD, we understand that all laboratories face unique challenges. Therefore, we offer the most effective laboratory billing services to countless hospital outreach and independent labs. With over 90% collection rate and 7 to 14 days turnaround, we ensure maximum value for your services. If you are still skeptical about MediBill MD, check out the following to see why you should outsource lab billing to us.
We help you collect every dollar you have earned! At MediBill MD, we guide you to the best laboratory billing solutions. Our team of certified billing specialists are well versed in laboratory-specific codes and regulations.
Stay on top of regulatory changes! At MediBill MD, we address all the regulatory issues and comply with insurance payers’ requirements. Our compliance team monitors the updates in state and federal regulations and payers’ guidelines.
Communicate your issues! Contact our representatives to receive guidance from our laboratory billing experts. Our team offers round-the-clock support to all types of laboratories and addresses your queries and concerns regarding lab billing.
Resolve your unique problems! At MediBill MD, we offer customized laboratory billing solutions for your unique needs. Our billing team efficiently addresses the special requirements of all types of labs, including molecular, clinical, pathology, and toxicology.
We offer financial visibility! At MediBill MD, we generate and deliver comprehensive reports after thorough data analysis to help you understand your laboratory billing performance and identify areas of improvement.
We serve thousands of public, private, independent, and hospital laboratories nationwide. MediBill MD handles every aspect of your lab billing process, from claim submission to payment posting and follow-up. So, whether your lab is in a remote location or the middle of a metro area, contact us today and reduce your overall costs by outsourcing laboratory billing services.
MediBill MD Solutions to Laboratory Billing & Coding Errors
Many laboratories face frequent claim denials despite seemingly following all the billing guidelines. Minor coding errors, outdated information, non-compliant claims with federal regulations, and duplicate medical claims could be one of the few reasons. All you need is a reliable laboratory billing expert. At MediBill MD, we reduce the administrative costs of your laboratory by minimizing the following common billing mistakes.
| Common Laboratory Billing Errors | MediBill MD Solution | |
|---|---|---|
| Using the wrong CPT or ICD-10 codes for tests | Our business model includes constant training. Every member of our team is updated on revised code sets. | |
| Errors due to varying payer requirements | We regularly review and update payers’ policies in our system. We tailor our services to meet different requirements. | |
| Duplicate medical claims | We maintain proper documentation and use appropriate modifiers. | |
| Billing non-covered tests | We have a proper coverage verification process. Our billing specialists verify patients’ coverage and obtain prior approval for advanced tests. | |
| Supporting documents are missing | We use checklists to avoid incomplete documentation. Our team regularly reviews these records. | |
Choose our tailored laboratory billing services at affordable rates! As a cost-effective billing company, at MediBill MD, we follow a service-based pricing strategy. Give us a call and get an exact quotation.
Price Comparison Calculator
Based on your annual collections, we will calculate the in-house medical billing cost and compare it with the MediBill MD service charges.
Get In Touch With Our Laboratory Billing Expert
Don’t worry about term agreements or hidden charges! MediBill MD solely focuses on improving your cash flow. Get in touch with our laboratory billing experts for customized solutions.
FAQs
MediBill MD is the best laboratory billing company because of its customer-centric approach. We offer customizable solutions to meet the specific demands of different laboratories and payers.
It is quite expensive to establish an in-house lab billing team. The best alternative is to outsource laboratory medical billing services to MediBill MD. Outsourcing is a cost-effective solution, especially for smaller medical labs.
It is quite affordable to outsource laboratory billing services to MediBill MD. Our fee is only 2 to 5 percent of the reimbursement you receive from the payer.
The most challenging aspect of laboratory billing is to comply with all the payer and federal regulations. Since these rules and policies are always changing, both small and large-scale laboratories find it difficult to keep up with them.
Usually, labs are responsible for filing claims for their services. However, a physician can charge for a laboratory service if his practice or location has a certified lab.
