COVID-19 Billing Got You Down?Posted by Lauren Lau on January 27th, 2021 The federal government announced a Public Health Emergency in response to the COVID-19 pandemic, effective January 27, 2020. While the healthcare industry has been continually adapting to new information and new regulatory challenges, one thing that has stayed constant is the need for rapid, frequent and reliable COVID-19 lab testing. At the outset, both test labs and patients were led to believe that all such testing would be free or paid for by insurance. Sure, much of it is. However, the seemingly unending and changing environment of the pandemic has exposed gaps in the payment system, leading to uncertainty by both provider labs and patients. Rather than a well-run national payment source for COVID-19 testing, a piecemeal coverage and payment system has emerged from various federal statutes, state executive orders, state and local public health departments and employers. In addressing these coverage gaps, there were well-defined coverage requirements in the Families First Coronavirus Response Act and the CARES Act (demanding comprehensive health plans to cover COVID-19 testing without cost sharing or prior authorization), but government guidelines from various federal agencies created coverage gaps, particularly in areas such as return-to-work, return-to-school and surveillance testing. What we’ve seen, then, is an increase in coverage denials from insurance plans for COVID-19 testing. One outcome is that it has curbed the ability of labs to continue to purchase supplies and bring aboard lab techs to perform the testing. That’s why we believe it’s more important than ever that laboratories involved in COVID-19 testing (as well as other SARS-related viruses) look to outsource their billing processes. Here are some of the circumstances that can have a negative influence on your lab billing and create obstacles in your lab’s revenue collection. The Issues for Labs When it Comes to COVID-19 Testing BillingKeep in mind that some of these issues might be only indirectly related to billing but can impact your billing efficiency if your staff is charged with these tasks along with their billing responsibilities.
Here’s What Medwave Can Do for YouOkay, you’ve seen the potential pitfalls. Now, here are some of the many immediate benefits in outsourcing your lab billing to Medwave:
This is especially true when it comes to COVID-19 and other SARS-related testing billing. Keep in mind that medical billing for labs is one of our specialties.
Are you prepared to say goodbye to annoying phone calls with insurance providers? Would you sooner just see patients, minus the need to hire, train and manage billing staff? Are you ready to picture more money paid into in your bank account as your denials shrink and your claims get paid faster? Look for an Experienced Billing ServiceYour lab is worthy of any attempt on your part to improve productivity, boost revenue and take advantage of any opportunities to grow your business. Unfortunately, many lab managers just don’t have the benefit of the time, staff or funds required to commit to the billing process. That’s why hiring an experienced billing service to help manage your lab is an excellent opportunity to enhance lab performance. At Medwave, we believe employing the best lab billing company for your particular needs is key to your company’s success. Surely, a simple internet search will give you plenty of billing service companies. But finding the best among them is essential to boosting your cash flow and growing your business. We are the “right choice” as your medical billing partner. Just give us a call to discover why. Like it? Share it!More by this author |