How to Save Money on Lab Tests

How to Save Money on Lab Tests

Exams and diagnostics are among some of the most common and expensive services in the healthcare industry today. How much you spend on a lab test depends on the test, but, on average, lab tests cost between $1500 and $3000. Something as simple as blood work can cost up to $2000. Fortunately, you have insurance to cover a good portion of the costs.

However, you may still get stuck with a bill that is too high after so many tests. The good news is that you can save money on lab tests by being more proactive in choosing the right healthcare providers and services. Below, we look at some ways to save money on lab tests and related services.

Shop Around for Affordable Labs

Most medical decisions are affected by lab testing, yet the cost of lab services differs depending on where you get the test. One way to save money is to find a lab that offers the best price. Typically, lab testing done in a hospital is much more expensive than lab testing at outpatient centers, and even outpatient centers vary in price. Ask for price transparency from lab services near you to make the most cost-effective decision.

You may also want to ask friends and family where they go to get lab work done. Go online and check out reviews from patients. However, in your pursuit to save money, make sure that you do not sacrifice quality service. Lab work often dictates a diagnosis and subsequent treatment for a variety of conditions. Therefore, the lab service must be reputable.

Avoid Unnecessary Lab Testing

Most of the medical tests your doctor orders for you are part of the diagnosis of your medical problem, and they help determine your treatment plan. There are valid reasons for having multiple diagnostic tests, but sometimes doctors order unnecessary tests. There are several reasons why some tests are unnecessary.

  • Not all tests are accurate, regardless of technology or testing method.
  • Screenings during diagnosis may be used but are only necessary for prevention.
  • Doctors may overcompensate with testing to avoid a lawsuit.
  • Patients may request more testing than is necessary despite their doctor’s recommendation.
  • Profit may also be a motivator for excessive lab testing.

Unnecessary testing costs money. The most direct effect is on your health insurer’s profits, but they generally raise premiums to make up for that. Government payers, similarly, raise taxes or cut back on other benefits to compensate for high health care costs. The cost of overtesting affects everyone, including you.

Monitor Your Medical Records

Perhaps the simplest and most practical way to save money on lab tests is to keep careful records and know where your tests are. For instance, let’s say you had blood work done at a local lab three months ago. Your current doctor or specialist may have records of the lab work but never sent you an actual copy. Even worse, they failed to send the lab work to the next specialist you see, who also failed to ask for them. 

As a result, you spend more money on more blood work when it was not necessary. Patients spend thousands of dollars on lab tests each year. Or their premiums go up simply because they do not keep careful records of their lab tests.

Know What Your Health Insurance Policy Covers

While some health insurers will cover various lab tests, some companies deny even the most basic of tests. Before you have a test done — especially if it is likely to be non-essential — determine if your health insurance company will cover it.

Regardless of the lab test or that your health care provider requires it, your health insurance company might still deny coverage for the test. If your insurer doesn’t cover the test, you can determine if there are options for those with low income. If you qualify for a medical research program or qualify for financial help getting a test, you can still get the information you need to make the right decision about your care.

Welcome to the MultiPlan PHCS Network

What are the benefits of PHCS coverage? You get to choose any doctor within the PPO network. You have an additional opportunity to save your healthcare dollars. MultiPlan’s PHCS Limited Benefit Network gives you discounted access to qualified doctors, healthcare facilities, labs, imaging centers, and hospitals at no additional charge.

Multiplan is one of the oldest and largest healthcare networks in the U.S. Currently, MultiPlan contracts with over 770,000 respected practitioners, 5,000 hospitals, and 70,000 ancillary care facilities, making it easier to find a participating healthcare provider in your area. You save an average of 20-30% off inpatient and outpatient hospital charges when you use the MultiPlan Network.

A Health Insurance Solution That Makes Sense

  • We leverage what you pay for medical services. You end up paying much less than what insurance companies pay out.
  • We negotiate procedures and services from healthcare providers and treatment facilities within Multi-Plan on your behalf. So, if you are self-paying, you save up to 80 percent when you use a provider that is in the network.
  • PHCS Multi-Plan is the largest healthcare PPO network in the country.
  • You choose any doctor in the network.
  • Our plans pay out benefits based on all benefits schedules regardless of whether the benefit exceeds your discounted price. You simply pay the remaining balance.
  • Use Healthcare Bluebook, a simple online tool, to help you find the best care and price for your procedure in your local area.

Contact Insurance Enterprise for Premier Health Insurance

If you have questions about health insurance and need health insurance quotes, contact Insurance Enterprise at 888-350-6605. Speak to a licensed agent and find out more about how you can get an affordable health insurance plan.