Many laboratories face financial challenges due to persistent downward pricing pressure, making it essential to capture payment on all earned revenue. Insufficient or poor-quality demographic and payer data leaves patients feeling frustrated when their insurance isn’t properly billed, and it slows down the billing and reimbursement process.
Having accurate patient information up front is a lab’s first line of defense against revenue leakage: it accelerates claim processing, enforces compliance, and mitigates the risk of reduced or delayed reimbursement. Automated patient demographic verification tools screen patient-provided demographic information for accuracy and completeness. A best-in-class demographic verification tool can automatically verify or correct critical pre-billing data elements.
When applied at the front end of the billing process, demographic verification technology improves statement delivery, reduces the cost of claims, and accelerates payments. It also relieves much of the administrative burden on both laboratories and provider staff by automating traditionally time-consuming, manual tasks.
To learn more about how automated demographic verification, used alone or in combination with other AR optimization tools, can help laboratories prevent revenue leakage, read the full article.
