Posted in:

Laboratory Billing Services: Key to a Successful Healthcare Industry

Laboratory billing services:
The laboratory billing services are the centralized billing services for the clinical laboratories to execute claims submission procedures and collect payments from the health insurance companies. A laboratory medical billing professionals are certified experts who embed improvement in the financial standing of labs providing medical testing for patients as well as help the clinical labs’ staff work as quickly as possible (while still maintaining the highest levels of service).

Unlike ordinary medical billing and coding professionals, they consider the unique requirements of clinical laboratories and account for the payment collection of their services. Running a busy clinical lab would keep you suffer from the workload ever. As compared to a physician’s office, urgent care facility, or other places of healthcare services, you likely will be observing many more patients coming through your labs every day. These patients will arrive to follow their physician’s prescription for medical tests or because they are being screened for using illicit substances.

So, your staffing makeup will be quite distinct from the lab medical billing and coding team that provides services in a doctor’s office. The administration staff of lab medical billing and coding team will have more workload than the medical billing staff in the physician’s office since the foot traffic is so much greater.

Laboratory owners and managers have already an exaggerated burden of workload, they have to ensure a faster flow of revenue through their office to observe that scheduling optimizes the number of patients being served and diagnosed. Another way to reduce the workload for medical staff is to install patient check-in kiosks in the healthcare industry.

How Does a Laboratory Billing System Work?

Laboratory medical billing and coding professionals provide complete audit, data storage and configuration services to assist your revenue cycle management procedures and embed efficacy in the collection management of your clinical lab.

They receive the CPT codes from physician’s medical billers and then follow their recommendations to let the clinical lab operators perform diagnostic procedures.

1. Scheduling and Eligibility Verification:

Lab medical billing and coding teams use their extensive knowledge and smart equipment to schedule appointments with patients in the office or over the phone. Meanwhile, they perform complete audit to pre-test to determine the insurance eligibility of their patients in order to avoid billing errors after testing.

2. Track Claims in Real-Time:

Lab medical billing and coding professionals keep up with the real time data of these patients. It’s convenient to modify and resubmit denied claims directly from the software. This assists them to ensure that your lab remains profitable because revenue will be coming in faster.

3. Keep a Record of Your Data:

The lab medical billing system must include Laboratory Information Systems or LIS integration, which can create a single solution for all of your lab data inventory.

4. Laboratory Medical Billing Solutions:

When it comes to laboratory medical billing solutions, you must focus on two key aspects: medical billing software and medical billing services. Deciding which route to take requires a comparison so you and your essential stakeholders will have all the facts before committing to one or the other.

5. Laboratory Medical Billing Software:

Lab medical billing software brings a host of efficiencies and improvements over your manual data inventory and generic software solutions. Not only does it include LIS integration, it will interact well with your electronic health record or EHR software.

Automatic patient eligibility verification, real-time claim tracking and customized fee schedule coupled to streamline the efforts you make in requesting, monitoring, and receiving payments for every single diagnostic procedure you conduct.

Maintaining your own laboratory medical billing software is ideal for such clinical laboratories that already have a strong IT department and that prefer to do their own hosting from their own data center.

6. Laboratory Billing Services:

Some clinical laboratories will find it best to outsource their lab medical billing services to expert third parties. A revenue cycle management application used by an offshore lab medical billing company will communicate with your laboratory information system. Since the lab medical billing services firm spends all their time on lab medical billing, they are always on top of the latest in the healthcare marketplace. Conclusively, they can process your claims more rapidly than in-house lab medical billing and coding professionals.

Opting for a laboratory billing services solution is appropriate for medical labs that have multiple locations and do not want to invest more in information technology than they already have.

Since you can work with cloud computing for the outsourced lab billing, you can rest assured that all of your data will be easily accessible from anywhere via the Internet. What’s more, your data will be stored in redundant backup locations so that it can be restored in the event of a disaster.

The work that goes on in laboratory settings will result in billing requirements that may not be so easily be met with generic, off-the-shelf billing software. Therefore, you need to find the most suitable lab billing system for your particular organization. Chances are you still have some questions before committing to purchasing one system over another.

Of course, taking time to do research and read extensively about laboratory billing systems is useful before making a decision with your fellow stakeholders about how to proceed. But to get a better sense of what is involved, we invite you to click here to watch our free, informative laboratory billing software demo.

Key Takeaways:

Medical laboratories must strive to have a lot more foot traffic than doctor’s offices, which means your lab medical billing and coding staff provides an effective assistance to drive financial growth. The top of the line lab medical billing software enables you to monitor and engage with your all patient claims in real time, making it convenient to identify errors and accurate the claims instantly and then resubmit to obtain optimum revenue. Most of the Healthcare organizations have started using tools such as QuickBooks Dedicated Server Hosting on a Citrix Virtual Desktop which is also an excellent software for keeping an eye on medical billing.

Lab medical billing professionals should make it easier to execute activities in accounting, sales and revenue cycle management. It’s a best approach to review laboratory medical billing software as well as billing services companies before making a commitment to buy.