Under the Full-Service Billing offering, Laboratory Billing Solutions (LBS) provides a comprehensive service including all aspects of revenue cycle management. Essentially, LBS becomes your internal billing department, operating as part of the lab team. LBS is tasked with meeting your billing and financial goals, communicating regularly with Sales and Operations, and enabling management to devote its finite resources to other critical areas of the business.
Under the full-service arrangement, we charge our clients on a per encounter basis or as a percentage of collected revenue. This fee includes all aspects of patient registration, up-front error processing, eligibility verification, claims processing, the resolving of rejected and denied claims, posting, and handling of all patient and client inquiries. As part of our process, LBS works with your lab to pursue missing information from physicians and patients and the sales and field support team to improve the clean claims rate from your clients. We will also suggest and develop strategies to minimize bad debt and write-offs. In addition, LBS will review CPT coding to ensure the lab’s efforts are in compliance with all regulations and avail the lab of every opportunity to optimize reimbursement.
Interested in learning more? Contact LBS to see how we can help your lab here, or call us at 603-766-8230.