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Laboratory Billing and Coding Services: How They Can Help Your Facility

November 7, 2022

When it comes to clinical lab testing, you want the staff within your facility to focus on providing expert care and promoting optimal patient experiences. Tracking down revenue and dealing with insurance companies can feel like daunting tasks to healthcare workers, often leading to heavy workloads, drifts in focus, and high turnover rates. 

By outsourcing your facility’s laboratory medical billing and coding services, your staff can continue putting patient needs first while relying on a team of experts to handle your ongoing reimbursement needs. 

What Are Laboratory Billing and Coding Services?

Collecting on unpaid accounts should not be at the forefront of your staff’s responsibilities. Outsourcing your laboratory billing services allows your in-house team to make optimal patient care their primary goal. Billing services include selecting appropriate modifiers, billing patient insurance providers, and assuring timely receipt of payments. 

What Modifiers Are Used in Laboratory Coding?

Laboratory modifiers differ from codes used in standard healthcare billing, as determined by both Current Procedural Terminology (CPT) and the International Statistical Classification of Diseases and Related Health Problems (ICD). Outsourced billing and coding experts have the time, expertise, and resources to stay abreast of coding changes to establish a smooth billing process. 

coronis health laboratory medical worker examining test tube

Ensuring that the proper modifier is used can prevent claims from being denied by insurance companies. Laboratory coders work diligently by comparing services rendered to the patient’s benefits to verify coverage under their insurance premium. This attention to detail can hasten the reimbursement process, saving time and repeated paperwork while helping your facility’s billing department stay out of the red. 

The Benefits of Using a Professional Laboratory Billing and Coding Service Like Coronis Health

Facilities that outsource their medical laboratory billing services enjoy a long list of benefits, such as: 

  • Maintaining focus on quality patient care
  • Acquiring higher rates of reimbursement 
  • Controlling costs and delinquencies
  • Reducing revenue cycle management challenges
  • Scaling down high operational costs
  • Lowering staff turnover rates 
  • Improving patient experiences 

How to Choose the Right Laboratory Billing and Coding Service for Your Needs

Selecting a third party to outsource your facility’s laboratory medical billing services should be a well-researched decision. You want to know that you’re choosing the best of the best so you can let the experts take the financial weight off of your staff’s shoulders. The provider you choose should:

  • Employ certified, trusted advisors with decades of experience
  • Utilize innovative technology to stay ahead of the industry
  • Provide measurable results, transparency, and expertise
  • Offer concierge-level service and attention at every turn
  • Work with you to create a focused revenue cycle management strategy
  • Feel like a true partnership in your financial success

Tips for Getting the Most Out of Your Laboratory Billing and Coding Service

Once you select a competent, revenue-driven company to maintain your facility’s clinical laboratory billing for lab services, you can immediately enjoy the various added benefits outsourcing can provide. 

coronis health laboratory medical worker using a pipette and beaker

Relying on a team of professional billers and coders allows your staff to redirect their focus to providing the best patient care possible. By freeing up time they may have spent on adhering to proper HIPAA guidelines and dealing with insurance companies, your team of healthcare providers can put all of their energy into superior service. 

Not only does this change improve the balance of your staff’s daily tasks, but patients who receive individualized attention will also enjoy the benefits. An attentive and caring provider is a requirement of most patients and often leads to improved satisfaction rates and a loyal client base. 

By letting your healthcare staff focus on patients rather than laboratory billing and coding services, you can reduce the prevalence of employee burnout and high turnover rates. Instead, you can rely on the expert organization you entrusted to minimize billing errors and get outstanding accounts up to date.

While you focus on patients and allow your new outsourced partner to monitor your reimbursement rates, your facility will gain the financial benefits of cost savings and increased cash flow. By eliminating the overhead of maintaining an in-house billing and coding staff, your facility can use these funds to improve other areas of service. Relying on a team of professionals also ensures quicker collection rates and a more consistent cash flow. 

laboratory medical billers using a pipette and petri dish coronis health

Ready to Outsource Your Laboratory Billing and Coding Services? Contact Coronis Health Today!

The trusted advisors at Coronis Health Laboratory & Pathology provide specialized solutions to healthcare facilities by building a high-touch relationship with their clients. Coronis understands that staff retention, high-volume, low-dollar collections, and changing modalities can stretch labs thin and diminish their revenue. 

With 35+ years of revenue cycle management experience, Coronis Health Laboratory & Pathology has the skill, experience, and resources to maximize collections for labs.
If you’re interested in all the benefits your facility can gain by outsourcing your laboratory medical billing services, contact Coronis Health to request your free financial checkup today.

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