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Supercharge the Revenue of Your Dermatology Practice Via Transparent Billing

Are you reeling under the constant pressure of the current financial challenges? Are you facing reimbursements delays due to inefficient collections procedures in your dermatology practice? It is the right time to check the base of your RCM process.

In today’s fast-paced healthcare environment optimism is a grave concern. The financial squeeze has arisen anxiety among many lab practitioners. Moreover, patients continually struggle with increased financial responsibilities, bottom-line cash flow suffers, and continuous reimbursement declines. The only way to secure life-sustaining procedures and financial growth is to improve the dermatology revenue.  

You can enhance the fiscal condition of your lab business after smoothing out the creases in the billing procedures, ensuring a high clean claim ratio, and eradicating costly errors. Many payers and lab practitioners in the United States spend approximately four ninety-six billion dollars on insurance and billing-related expenses, according to a study by the Center for American Progress. The prime reason for decreasing efficiency is increasing healthcare costs. 

Therefore, managing revenues and handling overheads while taking care of medical care management is essential for a profitable dermatology practice. Efficient RCM and patient access bring significant improvements to your bottom line with a streamlined administrative function and increased revenue capture.  

Undoubtedly, it also brings inventiveness and ingenuity into sharp focus as effective workflows begin to incorporate into the practice systems. Professional RCM services help clinical lab facilities reduce billing inefficiencies and increase profits. Before, knowing more, let’s have a look at the most important pain points associated with billing inefficiencies. 

Biggest Medical Billing Pain Points in Dermatology Practice

Denials Affecting Cash Flow

Do you know that about thirty percent of the medical claims that are rejected, ignored, lost, or denied are submitted in the first place? Claim rejections can dramatically impact the financial health of your business and bottom line. When it comes to rejections, if your facility is like the other ones, then you do not have a lot of time to get the things right before revenue slips through the cracks. In addition to this, your staff is already busy with the increased administrative burden and other tons of billing work. At this point, stop worrying, you can take proper steps to prevent these rejections. Because various denials are preventable. 

Billing Mistakes Drain Your Bottom Line 

The more it gets expensive for your lab business the more you are prone to billing and coding errors. As the matter of fact is that your lab facility is maybe losing a huge revenue on the table every year due to the costly billing errors. According to a study, about 20-30% of the lab professionals drop their revenue due to never submitted/missed charges or incorrect coding. You can’t totally avoid the billing errors as there is no surefire path. But, it is crucial to take effective measures to prevent these mistakes and assure your business is not part of the above-mentioned stats. 

Slow Insurance Payments 

You will struggle even if you are the top business in the market if you can not get paid for the rendered services. You are literally costing your facility by waiting for your revenue. This will kill your cash flow because each year about 199 million claims get rejected. It is essential for you to have a successful AR follow-up plan for that very reason. 

Poor Patient Collections 

Currently, the healthcare costs for patients have increased by 29% in the past years. The fact is that the high deductible is a big challenge for both patients and practitioners. According to a report, each year about 41% of practitioners fail to get the $30,000 from their patients. Due to that, many dermatology billing practices lost out a significant amount of revenue annually.  

Supercharge Your Revenue Via Efficient Billing

Check, that if the above-mentioned pain points also hit you, then it’s the right time to take action, seek backup, and take professional support from clinical billing experts. These specialists will help you in the following ways; 

Highly Experienced Dermatology Billing Experts

Your administrative staff just work with one aim i.e, to enhance your practice’s profitability. They manage front-end procedures and also handle the medical billing processes. Sometimes, they remain so busy handling administrative tasks and often neglect to concentrate on revenue-generating tasks. Therefore, when you outsource your revenue cycle management to a reputed firm. You get access to specialized and dedicated billing professionals. They stay up-to-date with all the latest billing and coding updates. Their extensive industry experience enables them to post/review all the claims to assure that all the payments are processed accurately. They work as an extension with your office staff and help them prevent incorrect adjustments. In this way, you can save valuable time when someone from outside takes care of your billing operations on your behalf. You can spend this remarkable time with your patients to meet their needs and enhance their satisfaction. 

Robust Business Intelligence 

Billing experts help you access the required data that is necessary for controlling the clinical/financial aspects of your lab business as well as for making better decisions. They take the best ways that help you increase collections and improve the level of service. Accurate data mining perfectly helps you enhance the proficiency of your practice to the next level. You can generate unique reports with these innovations in your medical billing systems. This will support you in implementation and decision-making. 

Efficient Data Security 

The billing specialists ensure that your PHI will remain protected from fraud and thefts. They commit it as their priority and assure advanced security. But, you also have to ensure if the firm is promising to secure your Protected Health Information. You should be aware of how they are doing this as you have every right to know. Consulting with your billing professional about how they are storing details of procedures, and system passwords? etc can assist you to comprehend the level of security they are offering. 

Deliver Comprehensive Reporting

Analyzing your business performance is important for the considerable financial viability of your business. Lab billing experts provide you with monthly analyses and reports which highlight those areas needing improvements. You can access these reports any time whenever you want. Billing professionals calculate metrics according to your RCM’s benchmarks and ensure the data is accurate. From these, you become able to set realistic goals when you review your previous performance patterns/data. 

Leverage Advanced Technology 

Outsourced clinical lab billing and coding services always keep you updated with the new innovations and the latest billing/coding trends. It helps practitioners to enhance the efficiency of their documentation processes and ensure clean claim submission.  Lab billing professionals understand your business needs and provide 24/7 support. They adopt smart clinical lab billing solutions to automate the entire billing cycle. Automation enables you to witness remarkable outcomes when there would be no room for errors. 

Get Ready To Plug Your Revenue Cycle Leaks

Are you ready to accelerate your revenue? Clinical lab billing is a reliable name in the US healthcare industry. Our clinical lab billing company identifies/addresses all the possible points of negligence and provides transparent billing services. We believe in our consistent delivery of the promises. Our experts take the administrative burden off your shoulders and ensure your lab practice is running financially smoothly. 

Take a complete financial checkup of your business. Fill out the form below to learn more about our billing consultants who can help you accomplish your goals for dermatology practice revenue!

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