In the recent years’ various reforms have changed the face of the healthcare industry. Pathology group practices are pressurized to maintain a healthy cash flow and improve patient engagement while handling the declining reimbursement. Now for a medical practice the management of Revenue cycle is quite costly, variable, splintered and complicated. But of course, it doesn’t have to be like that. Efficient and proven revenue cycle management strategies will help your practice to increase net revenue and hold a grip on your revenue cycle.
These are as follows –
Pathology A/R calling support –
According to a survey by MGMA, 1 in 3 claims go unpaid. Medical practices need to look upto the value based business models of today by reconstructing your pathology group’s AR process. If this process is not accomplished then it can result in a costly mistake.
Pathology claims scrubbing –
The primary purpose of claim scrubbing is to detect and eliminate errors in billing codes, reducing the number of claims to medical insurers that are denied or rejected. A report by MGMA states that $40 is spent on every re-worked claim. Therefore, claim scrubbing is an imperative process because it improves cash flow, as invoices are reimbursed accurately. These services also minimize the labor overheads of a medical provider, which automatically saves the time and money.
Pathology Denial management services-
In present times pathology group practices are struggling to stand upto the volatile healthcare niche. The current workflow and revenue cycle of group practices are not fully equipped, to handle the negative impact of the market on the healthcare setup. There is always this immense pressure to maximize financial efficiency. Automating key processes is one of the legit methods to improve efficiency.
The extensive coverage on denials requires regular follow- up and real time status updates, allowing the pathology groups and hospitals to resubmit the claims even before receiving detailed denial report via emails. The other aspects of this process are that it eradicates denials in the long run.
Pathology Billing and Coding Services-
Pathology billing services can bring layers of crease on many pathologist foreheads. As the practices are well aware of the fact that it is a complicated and time consuming process, despite of many trials, you are still going to end up with a denied claim or two.
Pathologists are widely considered to be healthcare specialists who are grossly underpaid next to urologists. A sincere provider will make sure that it has the accurate knowledge regarding which pathology services are sorted in billing and what cannot be split billable. The providers also assure the technical and professional components mentioned in every bill they process and not to forget the appropriate use of modifiers.
Pathology clearing house transmission services-
For any medical practitioner, delay in payments after they have met a patient is quite a nightmare. But why does this happen? The answer is slow revenue cycle. The billing experts have got your back in shortening of your revenue cycle which is directly proportional to increase in collections. A practitioner can rely on the clearinghouse pathology partners for understanding and correcting error codes so that the claims can be resubmitted quickly.