6 Advantages of Outsourced COVID-19 Testing Billing

Outsourced COVID-19 Testing Billing Advantages

COVID-19 Testing Scenario

Jude Hunt, 81 years old, said she waited in line for her second PCR test a few weeks ago after her vaccinated housekeeper tested positive for COVID-19. She said she previously contracted COVID herself and received the vaccine, but added, “After the last two years, I’m not taking any chances.”

David Gallego, a medical technician at a mobile testing site, said he has witnessed the number of people stopping by for COVID tests double the past few weeks, to about 100 people a day.

More Americans are being tested for COVID – and waiting longer for results – as virus cases surge and places from offices to concert venues require people to show proof they aren’t infected. Laboratories in the U.S. processed an average of 713,000 daily tests for the virus’s genetic material as of August 2, 2021, according to the Department of Health and Human Services. That’s an increase from about half a million in early July.

It’s becoming obvious that the nation’s COVID testing infrastructure, including diagnostic labs, are racing to keep up as the highly contagious Delta variant spreads across most of the country. Workplace testing requirements and revised federal guidelines recommending that vaccinated people exposed to COVID get tested is only exacerbating the situation.

What’s more, delayed results will only hamper efforts to contain the spread of the virus and interfere with attendance at work, school or other activities that require proof of a negative test.

So, what can be done to help alleviate the logjam in testing? It’s been recognized by numerous medical professionals that the most effective way to overcome this bottleneck in COVID testing is to engage a third-party partner that can assume responsibility for executing all aspects of the billing process.

For many labs, outsourcing laboratory billing is a method to achieve the necessary deep analysis while preserving financial, physical and personnel resources for other essential activities, such as COVID testing. A much more thorough approach than simply adding a new software system, partnering with a laboratory billing firm can have numerous benefits.

6 Advantages of Outsourced Billing for COVID-19 Testing:

1. A cutback in operational costs and improved cash flow
   Maintaining a laboratory billing department includes the accompanying software fees, preliminary and continuing training costs and salaried, knowledgeable employees. Reducing overhead costs by outsourcing billing is an excellent way to cut expenditures and foster healthy cash flow. IOW, you’ll pay less than hiring full-time employees.

2. Elimination of billing errors
   According to NerdWallet, almost 50 percent of Medicare claims contain some type of billing error. Medical billing for lab work is complicated and undergoes frequent changes. Moreover, to ensure labs obtain appropriate reimbursement, billers must keep up with the many and recurrent changes to current rules and regulations. Labs turn to third-party billers because they’re in the know in the subtleties of laboratory billing and constantly work to identify precise billing practices to help overcome problem areas.

3. Automatic verification
   Incorrect verification and eligibility are the number one source of claims denials. If you presently employ in-house staff to confirm coverage, medical necessity or additional claims info, contracting out your verification services will improve accuracy and, better yet, you won’t have to expend more time and effort in keeping staff current on billing changes.

4. Quicker processing and payment
   Instead of the weeks sometimes needed for the processing of a typical paper claim, using a medical billing service to file a mistake-free automated claim prepared by an expert biller will result in payment in just a few days.,

5. Transparency
   Getting an accurate picture of your lab’s financial performance is demanding. With data hidden in spreadsheets and out-of-date systems, collecting information essential to optimizing operations and plan for the future is frequently arduous and time consuming. To help meet these challenges, Medwave offers cutting-edge financial and practice assessment tools, explicitly designed to give greater visibility of your operation and acquire key data and metrics for regulatory reporting.

6. Improved performance
   Your lab merits every viable attempt to enhance proficiencies, boost revenue and grab hold of opportunities for growth. However, many lab managers just don’t possess the time, personnel or resources essential to dedicate sufficient attention to the subtleties of laboratory billing. For this reason, employing a customized billing service to help you manage your lab is an unquestionable opportunity for improved lab performance.

Conclusion

Finding the appropriate medical billing company is crucial to your laboratory’s success. While a straightforward internet search will provide hundreds of billing service companies, some of them fly-by-night, determining the best among them is a significant factor to stimulating your laboratory’s revenue performance.

To this end, Medwave is your premium choice for COVID-19 billing services and stands far above other companies you might come across in your search.