Technology in Laboratory Revenue Cycle Management
Laboratory owners want an efficient laboratory revenue cycle management system, a system that would not only aid in business operations but also contribute to the overall business development. A streamlined approach, right from obtaining orders, processing them quickly and initiating the reimbursement process ensures the practice remains profitable.
Medical laboratories see a number of patients on a regular basis. Surprisingly, this number is even greater than the number of patients treated in a clinic. Owners have to focus on collecting and testing samples for analysis and diagnosis of health conditions. Accuracy in operations is important, and when testing operations are accompanied by billing responsibilities, it becomes difficult to handle both at the same time.
An efficient laboratory revenue cycle management system may help. These specialized applications are meant to assist doctors, hospitals, labs and clearing houses in handling billing chores with ease. Apart from just helping in billing, they keep track of revenue as well. Any errors that often crop up can be eliminated before making claim submissions. Revenue cycle management systems are equipped with advanced reporting capabilities that speed up information transfer and help in better communication.
Laboratories are said to witness overall improvement in operations. While that is the only motivation enough to justify why a billing system may be maintained, here are some more convincing factors:
Laboratory revenue cycle management systems have the ability to instantly verify payer based eligibility prior to testing. This helps avoid unnecessary claim denials and saves time to be spent on exhaustive follow-up process. This automatic feature results in fewer clicks of the mouse and keystrokes for the lab staff.
Claim Tracking Capabilities
A laboratory revenue cycle management system can also help when you need to know the exact status of a particular claim. A laboratory billing software will enable a laboratory owner to see claims that are still in payer queue and claims that have been processed. It also provides with the live status of claims whether they are worked on or not.
Powerful Reporting Capabilities
A laboratory software will assist in generating PAMA compliant reports as well. These efficient laboratory revenue cycle management systems can handle all reports on sales commissions as well as those concerned with the lab itself. This system provides reporting with advanced analytics so progress in patient and financial data may be interpreted effectively.
LIS Integration and Data Conversion
This advanced software system can successfully integrate with LIS (Laboratory Information System). Having these with labs can offer a one-stop solution to integrate medical billing software with the EHR (Electronic Health Record) system; directly enabling data conversions from one form to another.
Outsourced Laboratory Billing Services
If you prefer comprehensive outsourced laboratory revenue cycle management services, Bikham Healthcare could be the right choice for you. With complete compliance with HIPAA standards and billing laws, we devise expert lab billing solutions meant to benefit labs in the long term. Visit www.bikham.com for more information.