Fri. May 20th, 2022

Billing for lab necessitates a distinct set of abilities. Certainly, medical labs experience and knowledge are required as a first step. However, knowing how to look at the “big picture” is also important. Clinical outcomes and other quality measures are becoming increasingly important. Adjusting the needs of all of these constituencies is difficult, but our skilled laboratory billing experts do it every day.

Our Lab billers have an average of ten years of experience, which is supplemented by frequent training and the most advanced technology in the medical billing industry. When combined with SSAE-16 SOC1 Type 1 and Type 2 certified processes, you get accurate results that outperform industry standards.

One thing we give is personalization: for example, the needs of a group differ from those of a hospital or a lab. As a result, we create complete revenue cycle processes that are tailored to your specific situation. This has an impact not only on the flow of information (both paper and electronic) but also on communications. Some groups, for example, prefer frequent communications with physicians; others prefer most communications to be scheduled but infrequent. Additionally, some physicians and administrators prefer to see detailed information regularly, whereas others prefer only summaries with details as needed.

Laboratory Billing Services

To thrive, clinical laboratories require an effective business model as well as a sound financial strategy.

Constantly changing regulatory requirements, inadequacies in software, and difficulty in accessing information all weigh down laboratory operations and stymie business growth. When poor financial management is thrown into the mix, the negative effects become exponentially worse. Financial management is essential for the growth of any medical practice. Laboratory owners must implement a streamlined approach, beginning with obtaining orders, quickly processing them, providing valuable services to laboratory patients, and then being reimbursed on time.

‘The Medical Billing’ (TMB) has the necessary understanding of lab billing processes and standards to contribute to clinical laboratories’ success. We enable lab practices to take over control of their revenue cycle and improve financial performance by combining efficiency, workflow optimization, and quality.

We are the preferred laboratory billing company, a proven partner in assisting laboratories in gaining a competitive advantage.

Our work not only assists owners in effectively managing account receivables but also allows them to expand their role in healthcare.

The Perks of Our Lab Medical Billing:

● Payments are monitored to ensure that they are made at the agreed-upon rates.
● Patient balance sheets
● Taking care of billing questions from patients.
● Pricing strategy and recommendations.
● Ensure proper financial reporting, coding, billing, and collections.
● Increase revenue while processing high-volume, low-dollar claims at a low cost.
● Reduction in the number of days spent in A/R.
● Reduce write-offs by following up on denied claims.
● Costs can be kept under control by measuring and tracking productivity and profitability.
● 14+ years of flawless billing track record

Molecular Coding and Billing

Molecular billing is subject to constant change as the field of genetics advances and becomes a major focus for laboratories all over the world. CMS consistently evaluates laboratory reports and re-scripts CPT codes. Because of recurring coding changes, the coding front of the entire laboratory billing process is complicated, and some codes may appear to cover up to ten genes.

It cannot be overstated how important it is for the laboratory billing experts team to stay up to date on CMS and insurance carrier changes. It is a necessary practice that ensures proper payment for services rendered.

Constant changes in CPT codes can be difficult to keep up with, especially when there is a large influx of lab orders.

TMB provides accurate billing for laboratory services. The laboratory billing services are provided by certified and experienced laboratory billing specialists who collaborate with insurance companies. We ensure maximum reimbursement, follow old and new laboratory billing guidelines, and handle follow-up procedures so you don’t have to.

TMB excels at creating cost-effective customized laboratory billing solutions for all of our clients. We help you maximize your revenue by reducing your workload exponentially.

Clinical Laboratory Billing

The US Department of Health and Human Services’ Office of Inspector General (OIG) has made no secret of its intention to closely monitor the billing practices of independent clinical pathology laboratories. With reimbursement decreasing and competition increasing, there has never been a greater need for a skilled clinical lab billing service.

Billers and coders must be well-versed in the wide range of services provided by a clinical laboratory, whether it is biological, hematological, serological, cytological, or bio reference laboratory billing.

There is little room for error, and no practise can afford to lose money or invest valuable time fighting and appealing denials.

TMB provides all of our partners with relief from the problem through strategically implemented medical billing solutions.

Our group of laboratory billing experts and AAPC-certified coders collaborate to ensure that your business objectives are met while consistently delivering top-tier laboratory billing solutions.

Revenue Cycle Management

TMB is a leading provider of healthcare outsourcing services. With our revenue cycle management solutions, we guarantee quality services as well as a good return on investment. We can handle the entire revenue cycle, beginning with hospital admission, treatment, and discharge and ending with post-discharge claims and account settlement.

Exceptional revenues and a disorganized revenue cycle are two main factors that reduce hospital efficiency. As a medical billing company, it is critical to have an agile revenue cycle management system. How does it benefit you?

● Increased cash flow
● Operations that are structured and organized
● Increased revenue realization
● Monitoring of key revenue cycles continuously

By leveraging these benefits, you can streamline your hospital’s activities and ensure a rising level of patient satisfaction. Furthermore, outsourcing is a wise business decision in terms of cost-effectiveness, high-quality work, and relief from the headaches of staff management.

TMB RCM services provide each customer with a dedicated account manager and a team of certified coders and billers who are familiar with the needs of the practice. Many practices have seen an increase in cash flow and a decrease in denials as a result of our stringent RCM processes.

You can perceive your practice’s claim status, collections, receivables, and denials, as well as the average turnaround time, using the Revenue Cycle Management (RCM) dashboard. Furthermore, drilling down reports enables you to track finer details of claims.

The Revenue Cycle Management process includes the following steps:

● Patient Insurance Eligibility Check

● Claims Scrubbing

● Claims Submission

● Payment Posting

● Denial Management, etc.

Reasons to consider TMB Laboratory Billing Services:

TMB will almost always collect more money than your existing staff or billing company.

Transform fixed costs into variable expenses: TMB fees vary with your revenue, while practice overheads are drastically reduced.

Time and focus for physicians: by hiring laboratory billing experts, physicians have fewer distractions, more time to focus on practice development, and more family time!

 

By Admin

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