Billing operations are important for efficient revenue cycle management. This is also true for genomic labs. Errors in the genomic lab billing process can cause various revenue cycle management problems. Most of these problems increase costs, errors, and reimbursement issues. These are some of the things that healthcare providers must avoid at all costs.
That is why, it is absolutely important to fine-tune operational processes and ensure reduction of billing errors over time. This can only be achieved by implementing medical billing best practices that are specific to admin operations at genomic labs.
There’s a wide range of measures that genomic labs can take to streamline their billing operations. However, whether a particular corrective measure is appropriate for a healthcare provider or not will depend on their practice management requirements.
From hiring certified medical billing experts to conducting regular audits, the options are numerous.
However, certain measures are general in nature and apply to medical lab billing operations of all kinds. And so, in this blog, we will go through a few simple steps to implement evergreen genomic lab billing best practices. Let’s begin.
Steps to Implement Genomic Lab Billing Best Practices
- Hire certified or experienced genomic lab billers & coders
- Maintain detailed SOPs for different scenarios
- Cross-check documentation and important details before submission
- Perform weekly checks and audits
- Monitor KPIs for both pre and post-billing operations
Benefits of Implementing Genomic Lab Billing Best Practices
Implementing these steps can unlock a few benefits for your genomic lab billing operations. These benefits include:
- Reduction of errors over time
- Better first-pass rate
- Lower claim denials
- Higher reimbursement
- Shorter billing cycles
The benefits of successful implementation of these operational steps are helping numerous healthcare facilities to stay profitable and thrive even in this uncertain economic condition. Although there is more that HCPs can do to streamline their billing processes, it is best to talk to multiple experts and understand the pros and cons of each of the measures.
For example, a genomic lab located in a city is likely to have a higher volume of tests and services that need to be performed, billed, and reimbursed for compared to genomic labs that operate in thinly populated areas. And so the genomic lab in the city might have the need for certified and experienced medical billers who can complete billing operations quickly and accurately. Whereas, genomic labs that have lower volumes might be okay with training a medical biller on the job at a much lower cost without affecting accuracy.
To learn more about how to reduce costs & errors and improve the efficiency of your genomic lab billing operations, please contact Sunknowledge Services Inc., a HIPAA-compliant revenue cycle management organization serving US healthcare providers and payers since 2007.
Sunknowledge Services Inc. – an ISO 27001:2022 certified, American-owned & operated company, headquartered in New York City – is a leading global provider of Business and Knowledge Process Outsourcing services in the US healthcare domain.
