The healthcare industry is continuously changing, and the demands on laboratories are ever-increasing. Pathologists must find ways to improve their business practices and reduce costs to stay competitive.
When it comes to billing and coding services, outsourcing can be an excellent way for pathology labs to save time and money while helping your business grow.
How Laboratories Can Benefit From Outsourced Billing Services
By outsourcing biller services, laboratories can focus on their core business.
Billing is a time-consuming process that takes up a lot of resources. Traditional billing methods are inefficient and can slow down the laboratory’s ability to meet the demand for testing services. With outsourced billing services, labs have more time and money to focus on their primary tasks: providing quality pathology tests for needy patients.
Outsourcing billing services will increase revenue by streamlining processes and improving customer service standards across all departments. These improvements will allow you to attract new clients while keeping old ones happy.
Outsourcing biller services also reduces costs because outsourcing allows labs to leverage economies of scale by sharing resources with other companies that may be facing similar challenges.
Here’s a list of labs that can gain wholesomely from outsourcing pathology billing services:
1. Independent Laboratories
Independent laboratories are the perfect candidates for outsourced billing services. You don’t have to be in a large lab with thousands of tests being performed each day to benefit from outsourcing your billing needs.
The most significant benefit of outsourcing these services is that it allows you to focus on what matters most—your core business. By letting an outside company handle your billing, you can save money by cutting down on staff salaries and benefits, as well as software, hardware, and other equipment required by the staff handling the billing processes.
Such costs can all add up very quickly over time!
2. Clinical Pathology Laboratories
Clinical pathology laboratories are those that provide diagnostic testing for the healthcare industry. They may also be referred to as pathology labs or clinical laboratory services.
The work performed by these facilities is varied, but in general, they test bodily fluids, tissues, and secretions to detect disease or infection.
Outsourcing billing and coding services can be highly beneficial to clinical pathologists because it is a time-consuming task that can often result in lost revenue if not done correctly. Many times there are issues with accuracy when coding for insurance billing purposes. This can lead to delayed payments—and ultimately diminished cash flow—for your practice.
3. Physician Office Laboratories
Physician office laboratories are a type of laboratory distinct from other medical laboratories because they are independent. They don’t belong to a hospital or other healthcare facility, nor do they have an affiliation with specific physicians or patients. These labs may perform tests for patients on-site, but many also operate as third-party contractors and therefore provide their services out of the facilities that hire them.
Outsourced billing services can benefit physician office laboratories because they free up time spent on billing functions so those resources can be allocated elsewhere within the business model and operation plans.
Outsourcing can be a scary concept for many laboratories. A few risks are involved, including the unknown of how the contract will work with your preferred vendors. However, it’s not worth ignoring if you’re looking for ways to grow your business instead of stalling.
Pathology billing services can help you improve your bottom line by saving you money and time. After all, as a pathologist, your time is better spent focusing on your core business than performing tasks that could be outsourced to a billing company.