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How Laboratory Billing Software Can Increase Your Revenue
The medical industry has undergone a tremendous change in the last few years. Thanks to the advancement in technologies. As compared to hospitals, urgent care centers, and physicians’ clinics, laboratories get more footfall on a daily basis. That’s why labs need an automated system to keep running their busy facilities in an efficient manner. One such technology that eases the load of laboratories and makes their work easier is laboratory billing software. Here’s how a billing system can improve your financial position and increase revenue.
Reduces Errors
Medical billing errors can have huge financial repercussions. A recent study by Access Project (healthcare advocacy group) found that 80% of medical bills have errors in them. Another study found that billing errors result in billions of lost healthcare spending. That’s a huge number! How to avoid these errors and huge losses? Use technology to ensure accurate and pertinent patient data in every computer system and at each stage of the billing process.
Medical billing software is designed keeping in mind the needs and requirements of labs. Such systems can automatically check for errors before the bill is finalized. Patient data is required to be entered once, so the chances of errors at subsequent stages will reduce to zero. No billing errors mean no revenue loss.
Eliminates Bill Denials
Post-bill denial prevention is an important part of revenue cycle management. On on average, 9% of provider claims are denied, which cost a whopping $262 billion annually. A proactive approach to claim denial burden is to use laboratory billing software.
This type of automated system has a pre-billing report module that helps in searching for missing patient and provider’s data, identifying zero priced components, checking for incorrect or wrong documentation, and finding improper coding and lack of medical necessity.
Helps You Stay Compliant
Billing and coding are different processes, but you need both for receiving accurate payments from patients and to stay compliant. Billable information extracted from medical records or documents and provided with codes. These codes used to create bills and insurance claims for patients.
Government agencies have set standards for laboratory compliance to ensure accuracy, timeliness, and effectiveness in the test methods, test results, and billing process. A laboratory billing software helps you maintain the highest level of accuracy and reliability in each step, be it coding, billing or patient results, and avoid denied claims due to inaccurate information. Your practice stays compliant and it helps to maximize your revenue opportunities.
Conclusion
Laboratories face a number of challenges – data collection, proper coding, and reporting requirements. Doing all these things manually pose a lot of risks. Automate your lab’s billing process using laboratory billing software. It provides you the support your practice requires, from coding compliance, billing, denial and accounts receivable management, to robust reporting. PROLIS lab software has an integrated billing module that can remove inefficiencies in the billing process and enhance productivity. To know how PROLIS can improve your lab’s revenue cycle management, request a demo here.
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