The Impact of Surprise Bills - What's Your Lab Going to Do About It?
In the time of information accessibility, patients are still left in the dark when it comes to their insurance coverage, which leads to surprise medical bills flooding one out of five American mailboxes. This distress creates a negative ripple effect that not only disrupts their financial situation but also affects labs.
If payments are not made, labs will send the bills to collections or write it off as bad debt. In either case, labs will only recoup a fraction of the earned revenue, or even worse, nothing at all. In this competitive space, most labs are consolidating, improving efficiencies, and cutting costs to ultimately stay in the black. What is your lab doing?