Clinical laboratories need an effective business model and a sound financial strategy to thrive.
Constantly changing regulatory demands, software inadequacies and difficulty in accessing the information weigh down the operations of a laboratory and hamper the growth of business. Add improper financial management to the mix and the negative effect suddenly gets compounded.
Financial management is the key for any medical practice to grow. For laboratories, it is important that owners implement a streamlined approach, all the way from obtaining orders, quick processing, providing value services to laboratory patients and then getting reimbursed on time.
We at Healthteq, have the required understanding of lab billing guidelines and procedures to contribute to the success of clinical laboratories. By combining efficiency, workflow optimization and quality; we enable lab practices to take full control of their revenue cycle to improve financial performance.
We are the preferred choice as a laboratory billing company, a proven partner in enabling laboratories gain a competitive edge.
Our work not only helps owners to manage account receivables effectively, but also enables them to expand their role in healthcare at the same time.
Benefits of our Lab Medical Billing:
- Monitoring payments to ensure adherence to contracted rates.
- Patient balance statements.
- Handling patient inquiries concerning billing queries.
- Pricing plan and guidance.
- Ensuring accurate financial reporting, coding, billing and collections.
- Increase revenue while cost-effectively processing high-volume, low-dollar claims.
- Reduction of days in A/R.
- Lower write-offs by actively following-up on denied claims.
- Control costs by measuring and tracking productivity and profitability.
- 14+ years of impeccable billing track record.
Molecular Billing and Coding
Molecular billing is subject to constant changes with the field of genetics seeing rapid advancements and becoming a field of major focus for laboratories across the world. CMS consistently evaluates reports of laboratories and re-scripts CPT codes. The coding front of the entire laboratory billing process is complicated because of recurrent coding changes, and if that's not enough, some codes may even seem to cover up to 10 genes.
It cannot be stressed enough, billing staff for laboratories needs to stay constantly updated with the changes made by the CMS and insurance carriers. It's a vital practice that insures proper payments for the services rendered.
Constant changes in the CPT codes can often prove rather difficult to keep up with, especially with a huge influx of lab orders.
HealthTeq offers efficient billing for laboratory services. The lab billing services are performed by certified and experienced laboratory billing experts that work in tandem with insurance companies. We ensure maximum reimbursement, adherence to old and new laboratory billing guidelines and also take care of the follow-up procedures, so that you do not have to.
HealthTeq excels at developing customized cost-effective laboratory billing solutions for all our clients. We help maximize your revenue by exponentially decreasing your workload.
Clinical Laboratory Billing
OIG (Office of the Inspector General) of the U.S Department of Health and Human Services has made no secret of its intention to diligently oversee independent clinical pathology laboratories’ billing practices. With reimbursement decreasing and competition on the rise, there's never been greater need for a proficient clinical lab billing service.
Billers and coders must house extensive knowledge of the variety of services that may be offered by a clinical laboratory; be it biological, hematological, serological, cytological or bioreference laboratory billing.
The room for error is small and no practice can afford to lose money and invest precious time fighting and appealing against denials.
HealthTeq offers respite from the problem with its strategically implemented medical billing solutions to all our partners.
Our team of laboratory billing experts and AAPC-certified coders work hand-in-hand to make sure your business objectives are met, consistently delivering top-notch laboratory billing solutions.