Velan Assists A Kentucky Lab Services To Decrease AR Days, Reduce Denials & Stabilize Their Billing Practices.
Medical Billing And Coding
A KY Based LAB services center needed a claims clearinghouse that could help to decrease the days in A/R and to streamline their LAB billing process and to manage the overall revenue cycle management process for a positive impact on cash flow.
- Absence of latest annual release codes for LAB billing procedures.
- Many submitted Claims did not reach the payors
- Less than normal reimbursement from payors (CPT based)
- Velan identified the correct lab codes for the year 2017 and submitted the sample claims to the insurance(s) and made concurrent follow-ups to get the claims processed.
- Velan found that there is a system error in the payor and the payor ID was not updated in the clearinghouse. Sample claims were processed by fixing the identified issues and by concurrent follow-ups with the clearinghouse and the payor.
- Due to an internal error in the payor system, allowed reimbursement for the CPT was not done. Velan sent all the less reimbursed claims for reprocessing with a concurrent follow-up with the payor
- Cash flow improved month over month with a decrease in coding related denials by 30%
- All the claims were sent for processing by the payor for a single reimbursement, which resulted in a 15% increased cash flow.
- Started receiving allowed reimbursement for the CPTs which resulted in 10% increased cash flow.