Innovative LAB Solutions LLC

Innovative LAB Solutions LLC Providing a full suite of custom billing, consulting, staffing, and compliance services backed by 15 years of experience.

ILS was founded in 2013 by laboratory billing and organizational management specialists with over 15 years of experience. We are dedicated to providing a full suite of specialized billing, consulting, staffing, and compliance services to meet the ever-changing needs of independent and specialty laboratories. ILS understands that each lab is unique and we are dedicated to serving all types of clien

ts, whether large or small, local or national. Our knowledgeable team will identify and deliver a complete array of custom services your lab requires to efficiently operate at its full potential. Through a comprehensive understanding of revenue cycles and a commitment to hands-on support, our experts bolster each lab’s ability to maximize efficiency, grow its business, and improve its bottom line. By staying up to date with changes in the healthcare industry, we are able to deliver cutting-edge solutions to each and every laboratory.

The SALSA’s off the table. The Saving Access to Laboratory Services Act (SALSA) would require Centers for Medicare and M...
03/30/2023

The SALSA’s off the table.

The Saving Access to Laboratory Services Act (SALSA) would require Centers for Medicare and Medicaid Services (CMS) to modify the methodology it uses to set laboratory fees. But the bill didn’t pass.

Reports from the Congressional Budget Office estimated SALSA would have cost $6 billion over 10 years. And a one-year delay to PAMA cuts would instead save $730 million over 10 years in reduced test payments.

The good news: SALSA is expected to be reintroduced in the new session of Congress.

Your lab’s profitability depends on efficient medical billing. But if your staff is struggling to handle denied claims, ...
03/28/2023

Your lab’s profitability depends on efficient medical billing. But if your staff is struggling to handle denied claims, it might be time to outsource the process. When a professional RCM handles your billing, you instantly save money on billing software, annual training and overhead.

Plus, most RCMs guarantee an increase in cash flow. But the benefits don’t end there. You’ll also eliminate costly billing and coding errors (which most claims have). And payments will get finished in a few days, rather than a few months.

Want a skilled RCM on your side? Reach out to ILS. We’ve helped labs lift monthly revenue since 2013.

Want a quick primer on laboratory billing? Here’s what you need to know: 1. Laboratory billing is a complex process that...
03/25/2023

Want a quick primer on laboratory billing?

Here’s what you need to know:

1. Laboratory billing is a complex process that requires multiple departments to manage it profitably.

2. The billing cycle begins when a lab receives an order for a test.

3. Tracking order volumes and the costs they incur will give you baseline analytics for running a profitable lab.

4. Lab billing often requires calculating expected billing and comparing it to actual revenue reports.

5. Billing also focuses on cash collected, not just total revenue, for a holistic view of the lab’s accounting.

6. The highest-earning labs understand the profitability of each test in order to project revenue.

Perhaps most importantly, a lab’s billing process must function like a well-oiled machine.

When it doesn’t, labs risk critical cash flow shortages (often due to claims denials and poor revenue forecasting).

Good news for labs and pathologists:On December 29, the Consolidated Appropriations Act (CAA) was signed into law. CAA p...
03/23/2023

Good news for labs and pathologists:

On December 29, the Consolidated Appropriations Act (CAA) was signed into law. CAA provides a 2.5% positive adjustment to Medicare's physician conversion factor for 2023. This means that instead of a 4.47% cut, the updated physician conversion factor will only be subject to a 2.08% cut.

As a result, the global Medicare reimbursement rate for CPT 88305 will remain flat in 2023 – instead of receiving a previously scheduled 2% cut. The CAA also contained a one-year freeze for the Medicare Clinical Laboratory Fee Schedule (CLFS).

Optimizing your claims reimbursement is vital to running a profitable lab. Because when your process is running smoothly...
03/21/2023

Optimizing your claims reimbursement is vital to running a profitable lab.

Because when your process is running smoothly, you qualify for full reimbursement (with minimal turnaround time).

Here are 5 tips to help you get started:

1. Make sure you’re billing correctly: always use the right codes when billing, and keep records of all the services provided.

2. Track denials: if your claims are frequently denied, tracking them accurately will give you insight into patterns and problems, which you can fix in the future.

3. Decrease coding errors: it sounds easier said than done, but the best way to decrease your coding errors is by keeping your staff properly trained. Professional staff training – as well as frequent claims audits – will help reduce your coding errors.

4. Identify problematic accounts: focus your energy on finding accounts that are constantly being rejected or have a high error rate. By identifying and optimizing for these accounts, you’ll improve cash flow and free up more time.

5. Follow up on delinquent accounts: every laboratory has to chase bills from time to time. Dedicate part of your process to following up regularly with delinquent accounts to ensure payment for services rendered.

If you’ve tried to optimize your accounts, and have struggled to get the results you need, team up with a professional RCM like ILS to manage your medical billing process.

5 ways your lab can minimize billing errors: 1. Establish standard procedures: by creating standard operating procedures...
03/16/2023

5 ways your lab can minimize billing errors:

1. Establish standard procedures: by creating standard operating procedures, you can process claims effectively and quickly, and lower the risk of mistakes brought on by delays.

2. Undertake proficiency tests: testing for proficiency ensures lab employees have the skills to bill for services, are knowledgeable about the various coding systems and are familiar with the laws and rules governing billing.

3. Use clinical automation: automation can spot billing errors, highlight missing or incorrect data, and alert staff to potential coding inconsistencies.

4. Reduce transcription errors: making sure insurance details, and billing codes are added to the file is one way to minimize transcription errors. When accurate data is input into the system, it cuts down the time needed for manually fixing errors.

5. Monitor billing processes regularly: consistent monitoring makes it possible to identify billing errors and have them fixed right away, allowing laboratories to maintain accurate and up-to-date records.

If billing errors are costing your lab money – and you’ve tried the solutions mentioned above – reach out to ILS for professional revenue cycle management today!

In 2021, Medicare Part B spending on genetic tests rose to $1.9 billion. That’s a 56% increase from $1.2 billion in 2020...
03/14/2023

In 2021, Medicare Part B spending on genetic tests rose to $1.9 billion. That’s a 56% increase from $1.2 billion in 2020.

The average payment size? $666 per test.

This spending is part of a larger CLFS spending from Medicare Part B, which totaled $9.3 billion in 2022. Chemistry test spending rose as well – although it’s still below pre-pandemic levels – to $2.1 billion.

Compliance warning for clinic laboratories 2023…If your lab has…- Offered discounts to encourage testing - Paid hospital...
03/11/2023

Compliance warning for clinic laboratories 2023…

If your lab has…

- Offered discounts to encourage testing
- Paid hospitals on per-patient-basis to collect phlebotomy specimens
- Filled testing requests for telemedicine visits

Your lab could be in violation of key compliance issues.

According to Laren Lovitch, Chair of health law and health care enforcement defense practices at Mintz Levin, these were the top 3 compliance issues for laboratories last year.

If your lab is new or growing, and you’ve been focused on maintaining your bottom line, but not ramping up your compliance, Levitch says…

“Every lab should have a person who has responsibility for legal and compliance matters even if the lab does not have a formal compliance program yet.”

The best way to protect your lab is to know the policies and stick by them.

Want to keep your in-house billing profitable? You need to reduce the number of AR days. But this isn’t as simple as it ...
03/09/2023

Want to keep your in-house billing profitable?

You need to reduce the number of AR days. But this isn’t as simple as it might sound.

Each insurance company is different, so your staff needs to understand the best practices for billing each one.

It’s important that labs not rely on their teams to guess here. They need to be professionally trained when it comes to medical billing. Otherwise, they won’t know how to scrub and analyze claims efficiently.

So, before you can drop the number of AR days, make sure your staff is up-to-date with best practices by investing in professional training.

Optum’s Laboratory Benefit Management program gives labs a chance to manage the rising costs of routine and genetic lab ...
03/07/2023

Optum’s Laboratory Benefit Management program gives labs a chance to manage the rising costs of routine and genetic lab tests. Many health plans have been quick to adopt the program already.

The LBM benefit covers commercial health plan members, Medicare Advantage and Medicaid managed care plans. The software, installed at more than 100 health plans, automatically denies payment for tests deemed unnecessary, such as expanded thyroid panels and unapproved genetic tests.

The benefit for labs?

The real-time enforcement will increase auto-approval rates and reduce prior authorization requests.

Your lab could get maximum reimbursements starting today. ILS has helped labs reach peak earning potential for over 15 y...
03/04/2023

Your lab could get maximum reimbursements starting today.

ILS has helped labs reach peak earning potential for over 15 years.

We’ll improve your bottom line by:

- Eliminating write offs
- Reducing aging claims
- Finding missing claims information

If you’re seeing denial rates of 15% to 30%. Or failing to close claims after 60, 90, 120 days or more, and wasting hours each week hunting missing claims info…You’re potentially losing $10,000 of profit or MORE each year.

If you’re tired of spending every waking moment trying to run a successful lab, while knowing you’re losing money to easily avoidable errors every day, reach out to ILS to handle your RCM today!

In-house medical billing comes with more than a few challenges. Denied and returned claims… A complex insurance system…C...
03/02/2023

In-house medical billing comes with more than a few challenges.

Denied and returned claims…

A complex insurance system…

Constant regulatory changes…

These can be hurdles for even the most qualified staff. To make it worse, every time an error goes unnoticed, your monthly revenue drops. Not only because you’re missing out on billable services but because every time you resubmit a claim, you’re paying an extra fee to do so.

Luckily, there are standardized medical billing services. By using systems to run your medical billing services, you can streamline your claims process and reduce the risk of losing money to denials.

The best way to bring standardized billing into your practice?

Professional staff training.

By training your office employees, you can make use of proven models for successful medical billing. Because why reinvent the wheel if you don’t have to?

Address

1 Old Country Rd Suite 427, Carle Place
Carle Place, NY
11514

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+17183130549

Website

Alerts

Be the first to know and let us send you an email when Innovative LAB Solutions LLC posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Practice

Send a message to Innovative LAB Solutions LLC:

Shortcuts

Share

Category