Before we talk about Genomic Lab accounts receivable services, it is important to clearly state a key point. Genomic tests are a highly specialized area and require a good deal of focus on the study, analysis, and testing of genetic material. This entire field involves analyzing DNA, RNA, and other modules, which include sequencing, genotyping, gene expression profiling, and genetic testing, among other intricate matters.
In most cases, advanced technologies and instruments are used to study the complete genetic set of an organism. Genomic lab testing plays a crucial role in many areas, such as
- Clinical testing
- Precise medicine
While conducting various tests is your primary focus, another critical aspect of a Genomic Lab’s operations is efficiently managing billing and collections, and ensuring a healthy state of your revenue – something that can be achieved with effective genomic lab accounts receivable services.
Are you able to put the same level of focus in there?
How about balancing research work and administrative responsibilities smoothly?
If the answer is a no, you’re not alone! Many Genomic Labs struggle to equally prioritize research work on one hand, and billing & administrative tasks on the other. Following up on revenue stuck in the labyrinths of insurance reimbursement is a major concern. But little can actually be managed to get done in chasing up on pending bills and collections. The biggest reasons are limited resources, budget constraints, and inefficiencies in denial management.
A Genomic Lab’s main goal is delivering top-notch service and ensuring a high degree of patient satisfaction. Yet, when challenges arise in accounts receivable management, like frequent insurance claim denials, mounting bad debts, disorganized collections, and limited payment choices, the core focus gets diverted. Managing these issues consumes time and adds burdens. Furthermore, overlooking A/R problems can severely impact the business’s cash flow and consequently, its overall profitability.
A study shows that about 41% of grown-ups in the US have debts of at least $500 owed to their healthcare providers. These unsettled claims can cause serious damage to any practice’s revenue generation system.
This is exactly why outsourcing Genomic Lab accounts receivable services to Sunknowledge could be the best idea for you right now! Outsource Accounts Receivable Services for Genomic Labs to Sunknowledge
A well-established and efficient accounts receivable and Genomic Lab denial management system empowers practices to streamline the invoicing process. Outsourcing accounts receivable services for Genomic Labs to us enables you to ensure the creation of accurate invoices, diligent following up on pending revenue, and swift completion of critical but repetitive tasks. If you’re looking to simplify your medical billing, payment procedures, and collections, speeding up the resolution of outstanding claims and cutting costs tied to follow-ups on accounts receivable, consider outsourcing your accounts receivable management tasks to us. Benefit from a steady cash flow from aged accounts that you might have given up hope on already.
Most Accounts Receivable companies for Genomic Lab prefer to work on A/R buckets that are aged below than 90 days. With Sunknowledge, you have the full confidence of getting maximum dues from A/R buckets that are aged more than 90 days!
“I just want to take a moment to recognize the Sunknowledge team for their high level of detail in notes when tagging invoices they are working on. They provide a high level of detail and steps taken to resolve invoices and every line item billed, far beyond my other collectors every week and I feel they deserve to be recognized.”
– RCM Supervisor of a Leading DME Provider from Pennsylvania
Sunknowledge: One of the Best Genomic Denial Management Services
Our denial management services designed especially for Genomic Laboratories assist you in preventing almost 90% of denials and reverse decisions by Payers to ensure maximum collections. Most denials occur due to careless oversight by the claims staff. We confidently assert that our medical billing and coding professionals possess industry-leading knowledge, capable of significantly reducing your current denial rates, and thereby boosting your cash flow.
Highly Effective Denial Management Practices We Follow:
- Sorting Denials
- Pinpointing Denial Reasons
- Auditing Claims Pre-submission
- Prompt Resubmissions
- Utilizing Denial Management Software
Outsourcing Accounts Receivable Services for Genomic Labs: Key Benefits
- Unmatched dedication to resolving aging claims exceeding 90 days
- Workforce downsizing
- Implementation of automated workflow systems
- Utilization of advanced dashboards and metrics
- Enhancement of collection methods and reduction of days in accounts receivable
Leveraging our robust industry experience and domain expertise, we assure a remarkable 30 to 40% increase in collections while slashing operational costs by up to 80%.
To learn more about our Genomic Lab accounts receivable services, use the form below to schedule a free consultation.