Because laboratories appear in many sizes and iterations, they are unique parts of the medical establishments. The findings of such facilities make up the largest percentage of the electronic health record of patients even if they only account for a small percentage of the total revenue of a hospital. More to that, such facilities formulates the most critical parts of the healthcare decisions, which makes them necessary. 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. The primary lab workers focus only on the laboratory information system and procedural equipment when this separation exists. On top of that, because they are not involved with other tasks such as billing and revenue processing, they can provide precise, accurate results and also continue engaging patients and physicians.
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. Lab billing is a complex task because all labs are billed through a set of current procedural terminology. It begins with interactions with a doctor, lab order, insurance company, and the back to doctor when it comes to medical laboratory billing, which makes look like a cycle process. Because this billing cycle needs multiple interactions between parties involved, it can take several days, weeks, or even months. The process takes a lot of time because labs have a completely separate coding and billing department that navigates the billing cycle.
The lab billing cycle will begin when you are ordered by a physician via a specific code to go to such facilities. When the specimen is analyzed completely by the lab staffs, a diagnosis code is assigned to them. The medical or insurance companies uses one of the two separated coding indices to assign this type of code. Those codes are important because they have the necessary information that can help insurance companies to decide whether to pay the claim or not. The lab collection and revenue cycle management phase begins when the insurance companies determine the codes. Insurance companies are billed by labs using a certain claim file that is submitted electronically.