Why You Should Outsource Genomic Lab Billing Operations
Genomic labs perform a wide range of medical activities. They offer diagnostic testing, research, and counseling services that are crucial in understanding and analyzing genetic characteristics.
However, these services are quite new so there’s often confusion around the right codes and practices in billing. Additionally, genomic procedures or services are expensive which makes them more prone to scrutiny and denials by payers.
These two challenges along with numerous more, make genomic lab billing operations complicated. Genomic laboratories already pay high salaries for specialized professionals, and so having to spend more on hiring certified genomic lab billing and coding professionals can be beyond most small centers’ abilities.
Therefore, for this article, we will discuss 3 reasons why outsourcing genomic lab billing operations is better than maintaining an in-house team for admin functions.
Let’s dive in.
3 Reasons to Partner with Genomic Lab Billing Services
1) Certified FTEs at a significantly lower cost:
Genomic labs like most other healthcare organizations are struggling with staff shortages, and rising payroll costs. A genomic lab billing partner can assign dedicated FTEs at a significantly lower cost to their client. These resources work remotely via a secure online connection, helping reduce operational costs by up to 80%.
2) Improved accuracy and efficiency post outsourcing:
Access to certified billers, coders, and other RCM professionals who have experience in genomic lab billing operations is sure to improve billing accuracy and operational efficiency for the healthcare facility. This also helps maximize revenues by avoiding errors and reducing denial management costs.
3) End-to-end support from experts:
There are quite a few steps in the entire genomic lab billing process. Whether a genomic testing facility needs support for prior authorization, coding, or AR collections, depends on their practices’ requirements. A professional billing partner can not only help with one or more of these steps but also the entire billing process, from start to finish, giving flexibility to the laboratory to choose the service to fit their needs.
Due to benefits like these, a growing number of independent and standalone genomic labs are partnering with medical billing experts. Besides the reasons mentioned above, facilities also gain immensely from the expertise of these professional billing companies and their organized workflows.
Sunknowledge Services Inc., a HIPAA-compliant healthcare revenue cycle management company, has helped hundreds of genomic labs in the US to optimize their billing problems. The expertise of our certified prior auth specialists, billers, coders, and AR collectors allows genomic labs to process authorization requests, submit claims, and recover reimbursements swiftly.
Genomic testing facilities also benefit from our detailed case-specific SOPs and workflows that are updated regularly to stay in line with changing policies and guidelines.
To learn more about our genomic lab billing best practices or how we can support your administrative requirements and reduce practice management costs, please contact Sunknowledge.
