Laboratory RCM Solutions
Offering comprehensive Revenue Cycle Management (RCM) solutions, Medusind® partners with laboratories to help them meet their clients’ needs, maximize reimbursement, reduce denials and support other RCM goals.
We support:
- Laboratory billing services
- Medical billing services
- Molecular lab billing
- Genetic laboratory billing
- High-complexity laboratory billing
- Infectious disease lab billing
- Physician-owned laboratory billing
Why Trust Medusind for Laboratory Billing Services?
Revenue streams are moving away from single source payers and moving into multi-channel opportunities. In order to remain relevant and profitable in the rapidly changing healthcare payment landscape, your laboratory needs to be nimble and stay on top of industry trends.
In addition to being well-versed in overall medical revenue solutions, Medusind also has unique insights into the nuances of laboratory billing and other industry-specific RCM opportunities. We understand your needs and are well-equipped to support them. This includes our specialized expertise in:
- Immunology
- Infectious disease
- Neurology (Alzheimer’s)
- Toxicology
- General blood
- Cancer genomics
- Genetics
- Coagulation
- Virology
- Parasitology
- Endocrine
- Pharmacogenetics
- Clinical chemistry
- Reproductive health
- Allergy
- Microbiology
We offer weekly meetings to provide insight into the status of your claims and monthly operational meetings, which include KPI reports to show and predict growth. The monthly meetings are also intended to help you focus on the next modality to add or to discuss any needed changes in workflow to improve your processes.
Reasons to Outsource Laboratory Billing
If you’ve been dealing with administrative staffing shortages, employee burnout, inaccurate billing, slow reimbursements or increased denials, your lab may need to make significant changes. Yet, internal operational overhauls can be time-consuming and overwhelming for your staff. Not to mention expensive.
But when you outsource laboratory billing to Medusind, you can count on us to focus on driving increased efficiencies, accuracies and improved revenue streams without the administrative burden your staff is currently carrying – so they can focus on the day-to-day needs of your lab.
Laboratory Billing Services We Offer
Because we have unique insights into the RCM needs of laboratories, you can count on us to deliver the specialized, high-quality billing technology and services you deserve. Our technology seamlessly integrates with nearly any Electronic Medical Record (EMR) platform or Library Information System (LIS). Here are some of our key offerings:
Enrollment
Our team has the expertise to expedite the enrollment process, so you can see results sooner.
Insurance Contracting
Medusind will negotiate payer contracts in order to ensure the highest possible reimbursement rates.
Insurance Credentialing
Completing multi-state credentialing can be a complex process to successfully facilitate; our experts are skilled at increasing in-network results.
Eligibility Checking
Our platform-driven billing and collections efforts are supported by highly trained and experienced billing professionals.
Vigorous Scrubbing
Our systems scrub each claim thoroughly to ensure that all necessary data is included and services are property coded, increasing the likelihood of consistently clean claims.
Denial Management
The Medusind professionals are highly trained in working with, negotiating and navigating the complexities of the insurance system to manage claim denials. The collection process in the multi-function laboratory space is one of the most complex in healthcare today.
Coordination of Benefits
We handle this challenging aspect of ensuring maximum reimbursements.
Claim Scrub
16-Point Check
First Pass Rate
95%
AR Days
30-60 (minus exceptions)
AR Over 90 Days
15 - 20%
Average Net & Gross Collection Rates
> 90%
Average First Billed Date to Resolution
24 Days
Go Live Billing
14 - 30 Days