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Advantages of AI to Optimize The Laboratory Revenue Payment
Bringing intelligent automation to the billing and payment lifecycle can help a laboratory in maximizing revenue. It can dramatically improve laboratory functions through streamlined processes, reduced denials, increased reimbursement, flawless payment methods, and more.
With many problems of functions, machine learning and artificial intelligence have come up to positively impact the bottom line of clinical laboratories and hospital labs. Thanks to ever-developing technology that has made it possible to stay connected with new technological advances and improve the overall revenue structure of the payment life cycle.
The lifecycle can be define as patient access that includes insurance verification and authorization, and laboratory revenue cycle management (coding, billing, and AR management). Below is a brief explanation of how automation can help:
Patient Access
It is one of the most frustrating problems laboratories face today. It is the initial point when your laboratory gets specimens and the process of access begins. In case of unavailability of correct and current information, collecting revenue may come up as a challenging task. In such cases, accurate insurance information needs to be track down and Prior Authorization should be resubmitted and followed-up. By employing advance automation, these tasks can completed in real-time without requiring human intervention.
The technology can help with insurance information, no matter where it is receive from – a third party or directly from the patient. The information can be verified before initiating the testing process. PAs can also determined, initiated, verified, and followed-up through an integrated portal that utilizes automation and AI-driven technology. It eliminates the need to write off denied amounts or requests with retro payment appeals. Can help healthcare organizations to save time and money on denied claims. It can be easy to identify potential denials and quickly work on them before they go out for the first time. AI can auto-correct the claims and prepare supporting documents in advance.
Find Support After Testing
Once the process of testing is done, the next step of revenue collection begins. If you are sure that you have verified insurance details and PA. Then using AI and third-party can help to capture all possible revenue. The coding part of an AI-driven system can done from the service provider. Eliminating the need for any kind of training or preparation. Various other concerns of payers like charge entry, payment posting, and credit balance can easily be resolved with this efficient software.
Final Words
A clinical laboratory information system is a software that gives access to the basic functionalities required by laboratories. Whether a lab is hospital-based or a standalone commercial lab facility. Empowering the functions with a highly technological solution or system helps in reporting facilities.
Prolis is an advanced LIS that works with AI-powered laboratory revenue cycle management software to offer more flexibility, scalability, and connectivity to help healthcare facilities with their complicated demands of streamlined and managed laboratory revenue structure.
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