What is a Laboratory Billing System?
There are a lot of things to take care of at a busy medical lab. If you compare your medical lab to a physician’s office, or other places for the sick, then you will notice that there are more patients in your lab than in these other places. Many of these patients go to the medical lab in order to have tests done to them as ordered by their doctor.
There is a big difference between staff working in a medical lab than those working in a doctor’s office. In a medical lab, your staff takes samples for analysis but in a doctor’s office, they don’t do this kind of stuff. There is more foot traffic inside a medical lab than in a doctor’s office.
In your medical lab, in order for the staff to work quickly and efficiently, there is a need to computerize your operations as much as possible so that everything will be kept organized. IF your lab uses a billing software, your financial operations can improve and can help you to quickly collect more payments.
A laboratory billing system is a solution that is designed to improve your lab’s financial standing and help the staff work as quickly as possible. Laboratory billing systems are not like medical practice billing systems since they are designed uniquely for lab requirements.
The following is a summary of how the laboratory billing system works.
The software can be used for scheduling appointments with patients in the office or over the phone. The patients are pre-tested by the system to determine their eligibility for insurance so that there will be no surprises after the testing.
All your patient’s claims can be viewed in real-time. You can easily edit and resubmit denied claims directly from the software. Since revenue will be coming faster, then this ensures that your lab remains profitable.
Your PAMA data can be reported using the reporting feature of your lab billing system. Since you need to generate reports for your weekly, monthly, quarterly, and annual meetings, the software can make it easy to handle all of these. The lab billing system can also handle accounting and sales commission data and financial and management KPIs with ease.
Laboratory Information Systems or LIS is included in your lab billing system. All your lab data can have a single solution with the LIS integration. Now it is also possible to integrate with other systems in your facility and this is because of data conversions from existing systems.
When it comes to laboratory billing solutions, you either focus on billing software or billing services. In order to choose whether you will commit to billing software or billing services, it is important to compare the two varieties.
Laboratory billing software provides numerous efficiencies and improvements over paper-based and generic software solutions. If you opt for laboratory billing services, then you outsource your billing to an expert third party. There will be faster processing of claims since their staff is dedicated to lab billing.
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