The medical establishments consider laboratories as unique parts because they appear in a number of sizes and iterations. The largest percent of the electronic health record of patients is made up by findings of such facilities even if a small percentage of the total revenue of a hospital is accounted by them. In addition to that, such facilities are necessary because they formulate the most critical parts of the healthcare decisions. Because of that reason, you need to pay careful attention to the revenue produced by the labs if you want to improve the patient outcomes. The working cash flow available also needs to be accounted for by those who would like to improve technology, staffing, and other lab resources.
Even though revenue is a critical point of focus for medical laboratory, the primary lab workers are not often involved in billing and revenue process. In many cases, you find that most labs house their billing facilities separately from other portions of labs because lab employees are not included in the billing process. When this separation exists, primary lab workers focus only on the laboratory information system and procedural equipment. In addition to that, they are not involved in other tasks such as billing and revenue processing, and because of that reason, precise and accurate results can be provided by them as they continue to interact with patients and doctors.
A physician’s office or hospital should not be the only one that provides laboratory medical billing, but also the involvement of medical lab staffs is necessary. A set of current procedural terminology is used to bill all labs, and this makes the work or lab billing to be complex. Because medical laboratory billing begins with interactions with a doctor, lab order, insurance company, and then back to the doctor, it is regarded as a cycle process. Multiple interactions between parties involved are needed in the billing cycle, which on the other hand, makes the process to last for several days, weeks, or even months. The billing cycle is navigated by a completely separated coding and billing department, and that’s why the process takes a lot of time.
When you are ordered by a physician via a specific code to go to such facilities, that’s when the billing cycle begins. When the lab staffs finish analyzing the specimen, they are assigned a diagnosis code. One of the two separate coding indices used by medical or insurance companies is used to assign this type of code. Insurance companies can be helped to decide whether to pay the claim or not by those codes because they have the necessary information. The lab collection and revenue cycle management phase begins when the insurance companies determine the codes. A certain file that is submitted electronically is used by labs to bill insurance companies.