Coronis Health, Laboratory & Pathology
Laboratory Medical Billing
Coronis Health offers experienced, courteous, and professional staff members dedicated to offering comprehensive laboratory medical billing and coding.
Why Is High-Quality Laboratory Medical Billing So Important?
Laboratories play an essential role in the way our healthcare system functions, yet laboratories face an extremely challenging reimbursement environment. Labs provide vital testing services for hospitals, independent practices, and — of course — patients that drive the majority of the decision making for providers. From molecular diagnostics to clinical laboratories, the comprehensive services labs provide for the public and private health sectors are essential to diagnose disease and promote a healthy functioning society.
Unlike other providers, labs operate in a unique environment where its customer base is made up of other providers (i.e. Clients) and patients. This creates an entirely different set of problems for the RCM process and analytic requirements for labs compared to other medical providers. Since many different types of labs exist, the laboratory medical billing process can be quite varied in terms of requirements and challenges faced by labs. To ensure that you maximize your billing effort, it’s imperative that your lab works with a partner that can effectively navigate these challenges.
Common Laboratory Medical Billing Errors
Lab billing service errors can interfere with your reimbursement rate. Here are the top errors we see most laboratory billing problems can arise in a number of areas that will negatively impact your reimbursement, confidence, and understanding of your business. Here are the top errors we see most often from labs here at Coronis Health Laboratory & Pathology:
Lack of Well-Developed Processes
Laboratory billing is often a high volume and lower dollar amount setup compared to other medical billing processes. For your lab billing process to be successful, you need incredibly detailed and well-defined rules with systems that can automate that production. With high test volume, remote patient interactions, and increased pressure to collect with fewer resources, high-quality process engineering and management is critical for your lab to ensure you collect at a high-level and provide excellent service to your customer base — no one wants to receive follow-up and bills months after service.
Failing to Attract Leading Lab Billing Talent
Today’s labor market has never been more fluid and challenging. Finding, developing, and building a great billing team for your laboratory requires an Today’s labor market has never been more fluid and challenging, finding, developing, and building a great billing team for your laboratory requires an extremely dedicated management and HR focus. It can be hard to allocate the time and energy to build and maintain your billing team when it distracts from managing the core lab operations. It’s hard enough to manage and grow a laboratory in today’s environment. Building a great billing team that can drive consistent process improvement, vet new technology, and stay current on industry changes and regulations – let alone maximize reimbursement – can be a tall order. All great systems need great people to deliver leading outcomes. Maintaining a great billing team drives your collection success – without a great team your lab will undoubtedly leave money on the table.
Why Outsource Your Laboratory Medical Billing to Coronis Health
Outsourcing laboratory billing services can help you achieve the most accurate and efficient billing process possible that enhances the lab’s financial performance. It is crucial for your lab to work with a dedicated Lab billing group who not only understands the nuance of the lab industry but lives and breathes the lab business every day. This differs from traditional revenue cycle management practices, which can lead to errors and missed revenue if you choose a medical billing partner who is not familiar with the nuances of laboratory medical billing.
Signs You’re Ready to Outsource
- High Staff Turnover
- If you have a revolving door of medical billers, you’re spending too much time recruiting and training and not focused on collections.
- Low Collection Rate
- Inexperienced billers and coders often make mistakes that lead to increased claim denials, missed revenue opportunities, weak patient collections.
- High Accounts Receivable (AR)
- If your facility’s A/R is 45 days or more, you’re not getting the reimbursements you need to operate independently.
- Lack of Understanding of the RCM Output
- If your billing team can’t clearly and quantitatively explain your RCM challenges and opportunities, your lab is missing out on ways to increase revenue.
- High Operational Expenses
- In-house billing departments are expensive, especially if your revenue is in the red.
When you outsource laboratory medical billing services to the Coronis Health Lab and Pathology, you are choosing the best of the best in healthcare revenue cycle management to significantly improve your financial health and independence. Coronis Health goes after the last dollar so your lab can remain independent and focused on the core business.
Laboratory Medical Billing Services Offered
Coronis Health offers a complete range of lab billing services. We work directly with you to create a focused revenue cycle strategy. Our integrated RCM process allows us to find and fix holes in your revenue cycle to generate maximum reimbursement.
By working with the Coronis Health Lab and Pathology, you can focus on expertly managing your laboratory, while we take over the administrative tasks. That means fewer overhead costs and higher cash flow for your lab.
- Systems and Technology Integrations
- Focused Accounts Receivable Process
Types of Labs Served
Coronis Health services every type of lab. With a team of laboratory billing professionals — many with actual in-house experience as former lab managers — our experts have the specialized training necessary to handle the unique challenges that labs of all sizes face, including:
Benefits of Working with Coronis Health
Not all medical billing companies have what it takes to specialize in the laboratory and pathology space. We understand the unique complexities of laboratory billing and RCM and continually invest in lab billing capabilities.
Our industry-leading lab billing experts are armed with the best technology, analytics tools, and resources available to maximize your reimbursement.
- Proven Track Record
- Unmatched Lab Expertise
- More than 40 years of lab industry experience
- 2,000+ team members
- 100+ clients and growing for Laboratory and Pathology
- US Based Tech-Enabled Company
- High-throughput capability
- High-Touch Service
- Data Driven Management Approach
- A Consultative and Collaborative Approach
Interested in how Coronis Health Laboratory Billing Services can help your lab manage revenue cycles and increase growth? Contact us today!
Schedule a free financial health checkup with one of our billing experts to find and fix holes in your revenue cycle.