What You Need to Know About the Laboratory Billing Process
Evidence suggests that there is a lot of revenue that is being made by diagnostic and medical laboratories. One of the main difficulties that is faced by diagnostic and medical laboratories is billing due to the huge sums of money that these labs make One of the consequences of the billing problem in the diagnostic and medical laboratories is that of lowering their profitability.
There are some steps however that one can follow in order to make the laboratory billing system much easier. Keep reading to learn more on how to solve the billing problem.
Laboratory coding is one of the very essential steps that ought to be taken by those labs that are grappling with the problem of billing. An insurance company will then make use of these codes to know if they are willing to pay for the services or not.
Diagnostic as well as medical laboratories have several coding measures that they can institute. One of the examples of the coding styles include the international classification of diseases as well as current procedural terminology. The positive attribute of these coding methods is that they have been universally accepted by the World Health Organization.
Having a revenue cycle management is also very vital if the problem of billing is to become a thing of the past in diagnostic and medical laboratories. Sending the payer the bill is usually the initial step in revenue cycle management. Owing to the fact that the bills are sent by electronic means that is via electronic data interchange, there is no difficulty in sending the bills. Upon receipt of the claims from the diagnostic and medical laboratories, it will be the work of these labs to examine these claims.
The result of the examination by the insurance companies can be either a denial or an approval. A person can review an insurance claim and then later resend it back to the insurance company.
For the diagnostic and medical laboratories, there are some errors in billing that one ought not to make. It is for example very essential that one does refrain from giving information that has been mistyped. The consequence of any mistyped information is usually delays. One of the other billing problems that one needs to stay away from is that of accepting inactive insurance.
Another error in billing that occurs in most cases is that of not properly managing denials. If you do not manage denials well, it can lead to delays.