What is a Laboratory Billing System?
There are a lot of things to take care of at a busy medical lab. There will be more patients coming to your lab, then to a physician’s office or any other places for patients. Patients needs tests and doctors will order them to the lab to take these tests and so your lab will be filled with patients throughout the day.
There is a big difference between staff working in a medical lab than those working in a doctor’s office. Taking samples and analyzing them is the main job of staff in a medical lab but the staff in a doctor’s office have a different job. Staff in a medical lab who schedule these tests have a busy workload while the assistance at the doctor’s office simply take appointments for the doctor.
Your medical lab team can work efficiently and quickly with computerized operations that can keep everything organized. And this is the reason why billing software designed for labs can improve your financial operations which can help you collect more payments in a faster way.
Labs providing medical testing for patients would benefit from a laboratory billing system since it will help improve their lab’s financial standing and help the staff work more quickly. Laboratory billing systems are designed specifically for labs and their unique requirements.
If you want to know how a laboratory billing system works, then check it out below.
One of the uses of the software is for scheduling appointments with patients in the office or over the phone. In order to avoid surprises after the testing, patients are pre-tested by the system for insurance eligibility.
The system allows you to view patient’s claims in real-time. From the software, it is easy to edit and resubmit denied claims. There will still be profitability in your lab since it will be faster to receive revenue.
Your lab billing system has a reporting feature that can be used to report your PAMA data. 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.
Your lab billing system also includes Laboratory Information Systems or LIS. A single solution is created for all of your lab data with LIS integration. Because of data conversions from existing systems, it has become possible to integrate with other systems in your facility.
With laboratory billing solutions come two varieties including billing software and billing services. You need to compare that two so that you can decide which one to commit to.
If you go for laboratory billing software, you will experience many efficiencies and improvements from paper-based and generic software solutions. If you opt for laboratory billing services, then you outsource your billing to an expert third party. And since billing service spends all their time on lab billing, they can process your claims faster than people on your own staff could.
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