{"id":366,"date":"2020-11-23T11:25:09","date_gmt":"2020-11-23T11:25:09","guid":{"rendered":"http:\/\/velaninfo.com\/resources\/?post_type=casestudies&p=366"},"modified":"2024-06-03T13:56:11","modified_gmt":"2024-06-03T13:56:11","slug":"rcm-services-stabilize-billing-practices","status":"publish","type":"casestudies","link":"https:\/\/www.velaninfo.com\/rs\/casestudies\/rcm-services-stabilize-billing-practices\/","title":{"rendered":"Velan Assists A Kentucky Lab Services To Decrease AR Days, Reduce Denials & Stabilize Their Billing Practices."},"content":{"rendered":"

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.<\/p>\n

CHALLENGES<\/strong><\/h3>\n
    \n
  1. Absence of latest annual release codes for LAB billing procedures.<\/li>\n
  2. Many submitted Claims did not reach the payors<\/li>\n
  3. Less than normal reimbursement from payors (CPT based)<\/li>\n<\/ol>\n

    SOLUTIONS<\/strong><\/h3>\n
      \n
    1. 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.<\/li>\n
    2. 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.<\/li>\n
    3. 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<\/li>\n<\/ol>\n

      RESULTS<\/strong><\/h3>\n
        \n
      1. Cash flow improved month over month with a decrease in coding related denials by 30%<\/li>\n
      2. All the claims were sent for processing by the payor for a single reimbursement, which resulted in a 15% increased cash flow.<\/li>\n
      3. Started receiving allowed reimbursement for the CPTs which resulted in 10% increased cash flow.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

        Velan identified the correct lab codes for 2017 and submitted the sample claims to the insurance(s), made concurrent follow ups to get the claims processed.<\/p>\n","protected":false},"author":1,"featured_media":2323,"comment_status":"open","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-366","casestudies","type-casestudies","status-publish","has-post-thumbnail","hentry","Categories-medical-billing-coding"],"yoast_head":"\nStabilize your Billing Practices with RCM denials management Services<\/title>\n<meta name=\"description\" content=\"Velan Assists to Stabilize your Billing Practices with revenue cycle denials management Services.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.velaninfo.com\/rs\/casestudies\/rcm-services-stabilize-billing-practices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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