COVID-19 testing is the process of detecting the presence of the SARS-CoV-2 virus, which causes COVID-19, in a person’s body.
There are several types of COVID-19 tests available, including PCR tests, antigen tests, and antibody tests. PCR tests are considered the gold standard and involve collecting a sample from the back of the throat or nose, which is then analyzed in a laboratory to detect the virus’s genetic material. Antigen tests are rapid tests that can provide results within minutes and work by detecting specific proteins on the virus’s surface. Antibody tests, on the other hand, detect antibodies that the body produces in response to the virus.
COVID-19 testing is an essential tool for controlling the spread of the virus, as it allows individuals to know whether they are infected and take appropriate measures to prevent transmission.
COVID-19 Testing Billing
Why Outsource Your COVID-19 Testing Billing?
Outsourcing your COVID-19 testing billing can be a smart move for healthcare providers and laboratories looking to maximize their revenue and streamline their operations.
Testing has become a critical aspect of patient care, and billing for these services can be complex and time-consuming.
By outsourcing this process to a specialized billing company, you can benefit from their expertise and advanced technology to improve your revenue cycle management.
One of the most significant benefits of outsourcing your billing is the access to specialized expertise. Medical billing professionals have extensive knowledge of medical coding and billing regulations, which can be challenging for healthcare providers to navigate.
By partnering with a specialized billing company, you can access their expertise and experience, allowing you to ensure that your billing is accurate and compliant with all regulations.
Outsourcing your billing can also reduce the administrative burden on your staff, allowing them to focus on other critical tasks. Billing can be time-consuming and complex, and outsourcing this process can free up your staff’s time, enabling them to concentrate on patient care and other important tasks. This can help improve your operational efficiency and productivity, resulting in a better patient experience.
Outsourced billing can also help increase your revenue. Billing errors and denials can result in lost revenue, and by outsourcing to a specialized billing company, you can improve your accuracy and reduce denials. This can result in higher revenue and fewer lost claims, providing a significant financial benefit to your organization.
In addition to expertise and revenue benefits, outsourcing also provide access to advanced billing technology and software. Medical billing companies often use advanced technology to streamline the billing process, reducing the time it takes to process claims and improving accuracy. This can result in faster payments and improved cash flow, allowing you to reinvest in your organization and continue providing the highest quality patient care.
Outsourcing your billing can ensure compliance with all regulations and guidelines. It requires adherence to various regulations, and failing to comply can result in penalties and fines. By outsourcing to a specialized billing company, you can ensure that your billing is compliant with all regulations, reducing your risk of financial penalties and harm to your reputation.
COVID-19 Testing Labs Merit Better Billing Processes
At Medwave, we’ve assembled a determined team of laboratory billing specialists (including COVID-19 / Coronavirus testing) who administer the complete billing process, from initial submission of a claim to denial follow-ups and appeals. Our experience, dedication and practices outperform our competition and we’ve consistently shown to be at the front of the laboratory billing industry.
What Precise Benefits Do We Offer COVID-19 Testing Labs?
- Services Offered
Does the billing company have real-world know-how in the test lab environment? This is perhaps the most important prerequisite in contracting with a lab billing partner. Plus, at a minimum, your laboratory billing service should provide guaranteed turnaround times to complete coding, submit claims and follow up those claims postponed or denied. Medwave has witnessed our laboratory clients boost their revenues through superior billing performance by our team of dedicated professionals. Our end-to-end laboratory billing services deliver maximum reimbursement for our clients while at the same time slashing overall costs and time to payment. - Full-Service Billing
The processing of rejections and denials is what sets great billing services apart from mediocre companies. Medwave never overlooks an opportunity to appeal an insurance denial to make certain your lab gets paid accurately for your services in as little time as possible. We’ve determined that this is an essential role of a medical billing company, every bit as important as submitting claims. We fight for every dollar and will not write off anything without the client’s prior approval. - Proper Coding
Does the billing company know the correct codes for which tests and which payers want which code? Billing for laboratory testing is highly complex and undergoes frequent changes. Moreover, to ensure labs obtain proper reimbursement, billers must keep current of changes to guidelines from both Medicare and commercial payers and know how to apply existing rules and regulations. Labs consistently turn to Medwave for their COVID-19 test billing. That’s because we’re well-informed in the subtleties of lab test billing and work with your lab to pinpoint the correct billing procedures your payers adhere to, which includes understanding which CPT codes are used in COVID-19 billing. - Transparency
Getting an accurate picture of your lab’s financial performance is demanding. With data hidden in spreadsheets and out-of-date systems, collecting information essential to optimizing operations and to plan for the future is often strenuous and time consuming. To help meet these challenges, Medwave offers cutting-edge financial and practice assessment tools, explicitly designed to give greater visibility of your operation and acquire key data and metrics for regulatory reporting. - Security
Patient privacy is essential to your lab’s success and not only because you’re supporting a business and your clients are trusting you with their confidential information. But you must also adhere to federal and state laws, especially HIPAA rules and regulations. Medwave is a trustworthy provider of lab billing services, one that takes security as seriously as you do. - Reduction of Billing Employees
Partner with Medwave and allow us to be your billing staff. You’ll no longer have to be concerned with taxes, vacation/sick leave, payroll or personnel management for an in-house billing department. If you do choose to maintain part (or all) of your existing billing staff, but redistribute their responsibilities, you can always be confident that your billing is being processed skillfully and with minimal fuss.
Additional reading: 6 Advantages of Outsourced COVID-19 Testing Billing
A Billing Solution for COVID-19 Testing Labs
In today’s healthcare landscape, independent laboratories and COVID test kit manufacturers are constantly searching for ways to stay financially solvent. At Medwave, our task is to maximize your billing revenue, help you make sound business decisions and pilot a course through the maze of this healthcare environment.
Our team is always working to stay atop of ever-changing requirements in the medical billing industry. You can rest assured that your claims filing, patient billing and accounts receivable management are in the hands of dependable, knowledgeable medical billing professionals.
We invite you to contact us today to see how we can be the finest asset in your test laboratory by helping you get paid quickly and efficiently. Our staff is here to help you succeed in preparing claims and getting fully reimbursed.
Summary
Outsourcing your COVID-19 testing billing can provide a range of benefits, including access to expertise, reduced administrative burden, increased revenue, access to advanced technology, and compliance with regulations. Medwave is well-versed in COVID-19 testing billing for new variants, as well. These benefits can help you run your practice or laboratory more efficiently and effectively, ultimately improving the quality of care you provide to your patients.