Learn About the Laboratory Billing Process
Evidence suggests that there is a lot of revenue that is being made by diagnostic and medical laboratories. A complex scenario often arises in diagnostic and medical laboratories due to the huge sums of money that these labs make. One of the consequences of the billing problem in the diagnostic and medical laboratories is that of lowering their profitability.
In a bid to bring to an end this problem of billing that affects very many medical and diagnostic laboratories, there are some steps that one ought to be followed. In this writing, emphases are laid on how the billing problem that affects most of the medical and diagnostic laboratories can be solved.
One of the measures that is mandatory for the diagnostic and medical laboratories in order to solve the billing problem is that of undertaking laboratory coding. Once the laboratories have offered the codes for the services that they give, insurance companies will then read those codes to establish if they will pay or not.
There are several coding styles that may be used by the diagnostic as well as the medical labs. One of the examples of the coding styles include the international classification of diseases as well as current procedural terminology. The benefit of these coding styles is that they have been made uniform by the World Health Organization.
To deal with the problem of billing that affects these labs, it is also very essential to have a revenue cycle management. When it comes to revenue cycle management, it all starts by sending the bill of the lab to the payer. It is important to note that sending the bills is quite easy since they are sent online via the electronic data interchange. By using the services of medical claim examiners or adjusters, insurance companies then interrogate those bills they receive from the labs.
After the claims have been reviewed by the insurer, they either approve that claim or refuse approval of that claim. If the response from the insurance company is a denial, one then revises that claim and later re submits it to the insurer.
There are some mistakes that one needs to refrain from in the process of billing for the diagnostic and medical laboratories. It is for example very essential that one does refrain from giving information that has been mistyped. The consequence of any mistyped information is usually delays. Accepting insurance that has been rendered inactive is also something we must say a no to if we are to succeed in making billing much better.
Another error in billing that occurs in most cases is that of not properly managing denials. Failure to manage denials well could result to lack of payment in the long run.