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Monday, September 28, 2020

What Lab Managers Should Know About Billing Software?

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Managing a medical lab, even a small one, can keep the staff on their toes. When compared to a doctor’s office or urgent care business, most labs see more patients come through their door. Patients arrive to fulfill a physician’s orders, for drug testing and other needed chores such as pre-employment screening.

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A lab’s staffing consists of something different than a physician’s office. A lab director manages phlebotomists and other professionals as samples are taken, analysis is conducted and necessary health workups are performed. The workers scheduling the tests usually have more work every day than the receptionist who makes appointments for a doctor’s office.

Keeping it all organized and moving smoothly depends on computerized operations which include billing. Billing software designed for labs improves financial transactions and aids in collecting more payments, quicker.

A lab billing system is a specific answer for improving a lab’s financial standing. The software, when used correctly, will help maintain the highest service levels possible even while being mindful of the unique requirements of stand-alone laboratories.

Lab software is explicitly selected for the particular industry. A jewelry store wouldn’t use software designed for a pet store, and the same applies to the medical field. As lab owners and managers are busy with the routine requirements of their work, laboratory billing systems designed for laboratories are a must. People new to lab billing systems should understand how they work.

Scheduling and Eligibility

The lab staff uses the software to schedule appointments and, with the data collected, can determine insurance eligibility. No one likes billing surprises after testing is completed.

Tracking Claims

Patient claims can be tracked in real time as it is simple to edit and re-submit denied claims. The ease of editing and re-submitting helps to make sure the lab stays profitable as revenue comes in faster.

Advanced Reporting

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Of all the reports generated for weekly, monthly, quarterly and annual meetings, the lab’s billing system produces one report, broken down into the schedule required. Accounting and sales are entered, printed and monitored easily.

Tracking Data

Quality lab billing systems will create one solution for all of the laboratory data. Integrating with other systems is possible and fast due to data conversion from existing systems.

Billing Solutions

Two varieties of lab billing solutions need to be the focus:  PGM software and billing services. Deciding on which software to choose requires comparing both. Stakeholders must have the facts before committing to either.

Billing Software

Laboratory billing software by http://www.pgmbilling.com/ is an improvement over paper-based solutions and generic software. As it includes LIS integration, the software will also interface with electronic health record (EHR) software. Automated patient eligibility verification claim tracking and custom fee schedules all blend to streamline requesting, tracking and receiving payments for every test conducted.

Lab Billing Services

Some labs find it easier to outsource billing services. A revenue cycle management app interfaces with lab information systems. As the billing services contractor focuses their time on billing, they remain cognizant of the latest best practices in lab billing.

Therefore claims can be processed faster than in-house staff. Outsourcing laboratory billing is best for medical labs with multiple locations. This doesn’t look right to me, but it’s my understanding from the spreadsheet. If I screwed it up, please let me know.

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Disclaimer: This article is purely informative & educational in nature and should not be construed as medical advice. Please use the content only in consultation with an appropriate certified medical or healthcare professional.

Editor
Editorial Staffs at Healthtian, A team of Writers.
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