Laboratory medical billing and coding specialists are responsible to provide complete audit, data storage, and configuration services to assist your administration side. They help to configure healthcare revenue cycle management and improve efficacy in the collection management of your clinical labs. It is the duty of medical billers to receive the CPT codes from physicians and follow recommendations to let the clinical lab operators perform diagnostic procedures.
Laboratory medical billing service process consists of the following steps;
1. Scheduling and Eligibility Verification:
Medical billers and coders use their extensive knowledge and smart equipment to schedule appointments with patients in their office or over the phone. Meanwhile, they perform the complete audits to pre-test to determine the insurance eligibility of their patients. It helps to avoid billing errors and ultimately claim denials.
2. Track Claims in Real-Time:
Lab medical billing services always require real-time data to accurately submit execute claim submission. Therefore, lab billing specialists utilize smart billing solutions to modify and resubmit denied directly from the software. It helps them to ensure that your lab remains profitable and optimize revenue generation.
3. Keep a Record of Your Data:
Laboratory Information Systems or LIS integration is the most essential solution for laboratory medical billing services. It helps to create a single channel for all of your lab data inventory.
4. Laboratory Medical Billing Solutions:
There are two key factors of a feasible lab billing solution;
- Medical billing Software.
- Medical billing Services.
You should always study the market trends and compare several software solutions prior to buying one for your practice. You should also consider your stakeholder requirements before committing to any lab billing software vendor.
5. Laboratory Medical Billing Software:
Certainly, lab medical billing services require a host of assisting software solutions to improve efficiency over your manual data inventory and generic software solutions. It just not only involves LIS integration but also advanced EHR software to record healthcare data. It will help the billing professionals to configure and access data easily. Hence, convenient accessibility to well-organized data will embed efficiency in the laboratory billing services.
Moreover, features like automatic patient eligibility verification, real-time claim tracking, and customized fee schedule help to streamline the efforts you make to improve lab billing services. It helps to efficiently request, monitor, and receive payments for every single diagnostic procedure conducted by the lab operators. It is an ideal situation for laboratory medical billing services that they have already a strong billing partner with their own hosting from their own data center.
6. Laboratory Billing Services:
Some clinical laboratories will find it more suitable to outsource their lab medical billing services to professional third parties such as Medcaremso. An offshore lab billing company will use effective revenue cycle management applications and communicate with your laboratory information system. Since the lab billing firms spend all of their time to manage healthcare revenue cycle management, therefore, they always stay on top of the latest in the healthcare industry.
Hence, they can file and submit claims faster than your in-house billing staff. Therefore, outsourcing laboratory medical billing services isn’t a novel approach anymore. Medical labs that have multiple locations and don’t want to invest more in information technology than they already have.
Since most of the lab billing companies work with cloud computing and ensure that all of your data would be easily accessible from anywhere via the internet. It is a plus point that they have certification of HIPAA and OIG compliance to ensure that they follow all legislative guidelines for data security. Hence, they promote secure and accessible dataflow across the official channel.
They also create secure data backup in redundant locations so that it can be restored in the time of emergency or disaster. Laboratory billing companies always fulfill billing requirements that may not be easily met with conventional, off-the-shelf billing software. Therefore, clinical labs should decide to outsource lab medical billing services to the most suitable organization that also have their advanced lab medical billing software solution in place to manage your medical coding and billing efficiently.
Key Takeaways:
Medical laboratories must strive to have a lot more foot traffic than doctors’ offices. This means that your medical billing and coding staff provide effective assistance to drive financial growth. The top of the line laboratory medical billing software enables you to monitor and engage with all patient claims in real-time. They can conveniently identify errors and prepare accurate claims instantly and then resubmit to obtain maximum reimbursements.