Toxicology Billing Today – What Labs Should Verify About Billing Services.
An RCM CEO’s Reflections on Toxicology Lab BillingFor Release: July 29, 2019, Springfield, Massachusetts
Just a few short years ago, the clinical toxicology laboratory space was filled with startup laboratories often managed by folks with little to no experience in the field. Such labs often did not have the years of experience and highly efficient processes of larger, more sophisticated laboratories. And their billing and payment collections processes were lacking as well.
Their selection of a laboratory medical billing and Revenue Cycle Management (RCM) vendor was often decided based upon short internet searches of local medical billing companies. The issue, however, was that most of these companies were physician billing companies with little to no background or experience when it comes to laboratory billing (or specifically, toxicology laboratory billing), and had limited technical expertise (required for creating optimized electronic work flows) or prior history in scaling a billing company to handle the high volumes of very specialized claims produced by such laboratories. As these companies started to grow along with the industry, they were able to secure the business of some of the larger laboratories.
The performance of virtually all of these companies was sub-par by professional laboratory billing standards. So why would labs keep them?
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