Lab
Billing Services
Is your local practice still struggling with claim denials and delays? Hire Medicotechllc, a billing company with certified billing professionals, to stop revenue leakage and get your claims approved on the first submission. We help providers get the administrative burden off their heads.
Lab Billing Process Made Easy
Outsourcing laboratory medical billing to Medicotechllc simplifies the complex process into four easy steps for clients. This structured approach ensures a smooth transition and transparent communication, keeping you fully informed of the billing process’s progress.
Client Onboarding and Setup
Collect client details, establish billing preferences, and set up accounts to ensure smooth invoicing and payment processes.
Test Order and Result Tracking
Receive orders, track test progress, and log results to maintain clear records for accurate billing and client reporting.
Invoice Generation and Review
Generate accurate invoices based on completed tests, reviewing for accuracy and client-specific rates before sending out.
Payment Collection and Reconciliation
Process payments, track outstanding balances, and reconcile accounts to ensure timely and correct financial reporting.
The Partner That Understands Your Laboratory Billing Needs
Quick Laboratory Credentialing
You need to act quickly if you’re still missing out on patients because of credentialing. We’ll get you approvals quicker than ever while thoroughly verifying all documentation and payer requirements.
Laboratory Billing Solutions
You need to act quickly if you’re still missing out on patients because of credentialing. We’ll get you approvals quicker than ever while thoroughly verifying all documentation and payer requirements.
Lab Coding Experts
Our CPC professionals specialize in lab coding, trained with the latest ICD-10-CM, CPT, and HCPCS codes. This expertise ensures you achieve full reimbursements while maintaining industry standards.
Lab Revenue Cycle Management
If you own or work in a laboratory, you know how difficult it is to manage revenue while dealing with a consistent patient flow that continuously contacts you for reports. You can leave all that to us, we offer complete lab RCM.
Timely Denial Handling
Medical claim denials are unwelcome guests that often visit without invitation. We help providers by offering proficient claim management, which includes double-checking all claims for errors and incomplete documentation to prevent those denials.
Account Receivable (AR) Management
You need to act quickly if you’re still missing out on patients because of credentialing. We’ll get you approvals quicker than ever while thoroughly verifying all documentation and payer requirements.
Why Choose Medicotechllc Laboratory Billing Services?
Medicotechllc is among the best lab billing companies serving the industry. With years of experience, we have mastered how to navigate the challenges inherent in credentialing, billing, coding, pre-authorizations, and payment collections. We understand that mistakes in these areas put your revenue, growth, and practice’s ability to scale at risk. Trust us to manage your finances correctly and efficiently.
- Best Lab Billing Practices
- Accurate Charge Entry & Capture
- AR Reduction
- Cashflow Increase
- Precise Fee Scheduling
- Fluent Workflow
- No Coding Errors
Specific Lab Billing Challenges We Solve
Claim Denials & Delays
Lab denials often result from missing modifiers on procedure codes or mismatched CPT, and ICD-10 codes that fail the Medical necessity screening. Delays are frequently caused by failing to secure a compliant Advanced Beneficiary Notice (ABN) for tests that have uncertain coverage.
Coding Errors
Coding errors in the laboratory often involve improper ICD-10 sequencing, such as listing the primary reason for the test second, which triggers necessity denials. Medicotechllc trained experts are well-versed in the correct use of CPT codes, unbundling components, and understanding the complexity of test coding.
Unbundling & Upcoding
Unbundling refers to billing separately for covered tests within a single panel, while upcoding involves reporting a CPT code for a higher-complexity service than what was actually performed. Both practices manipulate reimbursement and trigger payer audits. We understand these issues and handle them accordingly.
Healthcare Insurance Confirmation
Ensure that coverage details are thoroughly verified before services are provided, preventing denials by confirming eligibility and benefits in advance. We handle these processes with precision and efficiency, ensuring a smooth and seamless insurance verification experience for all procedures.
Compliance With Industry Standards
HIPAA is the national standard, but we understand that each specialty has its own unique compliance requirements, such as the Clinical Laboratory Improvement Amendments (CLIA). In addition to these, there are also state laws and regulations that must be followed.
First Pass Clean Claims Rate
Net Collection Rate
Reduction in AR
Client Success Rate
Benefits You Get When You Outsource Laboratory Billing Services?
Outsourcing, outsourcing, and outsourcing, you’ve heard this term a thousand times, but do you know what benefits it brings specifically to lab billing and lab RCM? Well, first of all, the most prominent reason providers are shifting to outsource RCM services is that they are affordable, offering different plans that adjust to the practice size. Secondly, you can keep track of the process with customized business analytics. In addition to saving money, outsourcing takes the burden off your shoulders and onto the vendors. No more hiring, managing, or dealing with claim denials as we leverage the latest technology available, from payment postings to electronic statements and invoicing. Medicotechllc, on top of this, gives you access to a personal account manager who understands your laboratory and serves with clear communication. We help guide you through the process by assisting with the Request for Proposal (RFP) to ensure a smooth transition to outsourced RCM services.
Laboratory Billing Specialties We Serve
Hospital Lab Billing
Independent Lab Billing
Clinical Lab Billing
Research Lab Billing
Diagnostic Lab Billing
Pathology Lab Billing
Forensic Lab Billing
Blood Bank Lab Billing
Microbiology Lab Billing
Biochemistry Lab Billing
Genetics Lab Billing
Pharmaceutical Lab Billing
LIS & EHR Integration Made Easy
Medicotechllc billers and coders are trained in the latest lab information systems (LIS) and electronic health record (EHR) systems to ensure accurate data entry. Our team ensures compatibility, accurate data migration, and offers training and ongoing support to keep your systems running smoothly. Whether upgrading or maintaining your current system, we ensure efficient integration that enhances your billing and coding processes.
Frequently Asked Questions
Does your audit team frequently identify issues with medical necessity?
Yes, our audit team frequently identifies issues with medical necessity, ensuring accurate and compliant billing for lab services.
What is most challenging in Lab billing?
The most challenging part of lab billing is navigating complex insurance requirements and coding accurately. Incorrect coding or missing information can lead to claim rejections, delayed payments, or financial losses.
Does outsourcing billing benefit my laboratory revenue cycle?
Yes, outsourcing billing can improve your laboratory’s revenue cycle by reducing errors, speeding up claim processing, and ensuring you stay compliant with evolving regulations, ultimately boosting cash flow and reducing administrative costs.
What steps should we take if we believe a payer is incorrectly denying payment?
If a payer incorrectly denies payment, first review the denial details and the claim for errors. Then, gather necessary documentation, such as medical records or billing codes, and appeal the decision with a clear, well-supported case. Follow up regularly to ensure the issue is resolved.
How to choose the best Lab billing company for my laboratory?
- Experience with labs: Ensure they have a strong track record in your specific industry.
- Transparency: They should offer clear pricing, reporting, and communication.
- Compliance expertise: Verify they’re up-to-date with regulations like HIPAA and insurance requirements.
- Technology: Look for a company with reliable, user-friendly billing software.
- Customer service: They should provide prompt and responsive support.