Increase Lab Revenue
With new regulations from the Affordable Care Act many laboratories have been faced with new challenges such as decreased reimbursement on diagnostics or decreased volume of diagnostics ordered. Here are a few suggestions that can help you and your lab increase revenue.
1. Offer Cash Pay Pricing
Patients may have a higher deductible under ACA which unfortunately can deter them from receiving important diagnostic medical tests. By offering cash pay pricing you not only help patients receive care they may not otherwise afford, but you also don’t miss out on the business.
2. Communicate with Doctor Offices Regularly
Communicating with Doctor offices often will not only set you apart with stellar customer service, but will also help you ensure correct insurance information is on file and correct billing codes are utilized for on time and accurate reimbursement.
3. Offer Payment Arrangements
For larger account balances, offer payment arrangements. This will allow a patient to pay over a set amount of time with a payment amount that fits their budget. Patients are often appreciative of this service and it prevents you from having to send an account to collections or write off their balance entirely.
4. Utilize an Online Payment System
In today’s technology driven world people are becoming more and more comfortable with using online payment systems or going completely paperless. Utilizing an online payment system can allow patients to save payment information, view and analyze their bill without having to call and speak to a lab rep, or set up recurring automatic payments for accounts with high balances.
5. Partner With a Reputable Laboratory
Partnering with a laboratory can allow your own lab to expand its testing menu without incurring machine costs or extra labor costs commonly associated test menu expansion.