Managing a busy lab is definitely a nerve wracking process that will constantly keep you on your toes.
There are constantly tests to be conducted and reports made according to instructions from a doctor’s office or the desk of a hospital.
Your personnel structure is going to be very different from the team working in a doctor’s office.
For example, instead of physicians, nurses, and physician assistants, you are managing radiologists and other specialists to take samples and perform analyzes (unless you have any of this research performed off-site).
The staff who plan these tests have more work to do each day than the receptionists receiving appointments for any typical doctor’s office as the overall traffic and workload is much greater.
Maintaining things well coordinated and going along relies on you managing your activities as much as possible so your team can operate rapidly and efficiently.
Of this purpose, billing software developed specifically of laboratories will boost the organization’s overall financial operations, allowing you to receive more fees at a time, faster.
What Is A Laboratory Billing System And How Does It Work?
A laboratory billing system is a comprehensive solution designed to enhance the financial status of laboratories conducting patient medical research and to help the staff operate as efficiently as possible (while ensuring the highest quality of service).
Unlike a billing system designed for a medical practice or other organization, a laboratory billing system takes the specific requirements of the unique requirements and specifications that labs often have. Choosing software that has been developed specifically for your particular industry makes sense.
After all, when running a jewelry shop, you wouldn’t buy a pet store operating program. The same goes for medical devices. Laboratory owners and managers have their hands full of their position’s requirements, from ensuring a smoother revenue flow across the company to seeing that scheduling maximizes the number of patients being seen and checked.
Knowing how laboratory billing systems operate, you can understand that this kind of software solution is much better than having to rely on a generic management software.
Your staff uses the program to arrange meetings at the office or on the phone with patients.
Meanwhile, these patients should be pre-tested by the company to assess their eligibility for benefits, while eliminating billing surprises during testing. All the patient reports are also viewable in real time.
Editing and re-sending of rejected claims directly from the program is easy. It means the laboratory stays competitive because revenue is coming in quicker.
In your lab billing system, the reporting feature is ideal for reporting your PAMA data.
Think about all the reports for weekly, monthly, quarterly, and annual meetings you need to produce. The laboratory billing system can manage KPIs, accounting and sales commission data with ease.
The laboratory billing system involves laboratory information systems (LIS) or integration of an ERP system with LIS, which provides a single solution for all your laboratory data.
It is also possible to connect with other systems within your facility, thanks to data transfers from existing systems. You only need to focus on two varieties when it comes to laboratory billing solutions: billing software, and billing services.
Deciding which route to take requires a comparison so before committing to one or the other, you and your fellow stakeholders will have all the facts. Lab billing software delivers a host of efficiencies and improvements over your software solutions based on paper and generics.
It not only includes LIS integration, it will also interface with your electronic health record or EHR software well.
Automatic patient eligibility checks, real-time claim tracking and custom fee schedules combine to streamline your efforts in applying for payments, tracking them, and receiving them in exchange for tests.
Many laboratories would find it best to outsource their accounting services to third party experts.
An application used by an RCM organization to control the sales cycle integrates with the laboratory information system. Since the billing Services Company spends all its time on lab billing, they are still on top of the new best practices in industry, so they can handle the statements more quickly, above competitors.
Opting for a solution for laboratory billing services is ideal for medical laboratories which have several locations and do not want to spend more in information technology than they already do.
If you can deal with cloud computing for outsourced laboratory billing, you can rest assured that all your data will be conveniently accessible over the Internet from anywhere.
Key things of note to remember include the fact that health laboratories appear to have much more foot traffic than doctor’s offices, ensuring the team would have much more work cut out for them.
Your lab’s needs are also much different than those of physicians so it is best to make use of billing software designed for laboratory use.
Finally, opt for the best lab billing software which has real-time tracking and monitoring features, which allows you to sport errors, and make quick and easy fixes. Despite this though, careful review and objective analysis is the best course of action in choosing a lab billing system for your lab.
The research in laboratory settings can result in billing specifications that cannot be met with standardized, off – the-shelf billing applications as easily as that.
And you need to find the most acceptable laboratory billing method for your specific organization. Chances are you will have a few questions before you agree to buying one device over another.
It is of course useful to take time to do research and read extensively on laboratory billing systems before making a decision with your fellow stakeholders on how to proceed.
But we invite you to click here to watch our free, informative laboratory billing software demo, to get a better sense of what’s involved.
Syncoria is a digital transformation firm based in Canada and is an official Odoo Ready partner.