What You Need to Know About the Laboratory Billing Process
According to statistics, there is a lot of money that is being earned by medical as well as diagnostic laboratories. One of the main difficulties that is faced by diagnostic and medical laboratories is billing due to the huge sums of money that these labs make The billing problem therefore in a very big way affects the profitability of very many of these diagnostic and medical laboratories.
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. If you are affected by this problem, look no further as this article will detail on some of the steps on how to solve the billing problem.
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 very many types of coding that may be used by the diagnostic and medical laboratories. One could for instance make use of the international classification of diseases coding style or the current procedural terminology style. The benefit of these coding styles is that they have been made uniform by the World Health Organization.
One of the other steps that need to be followed in a bid to correct the billing menace is that of having the revenue cycle management. The first step in revenue cycle management is sending the payer the bill. Owing to the fact that the bills are sent by electronic means that is via electronic data interchange, there is no difficulty in sending the bills. After the insurance companies have received these claims, they then proceed to examining this claims using the medical claim examiners or adjusters.
An insurance company can either pay or refuse to pay a claim from the labs upon examination. If a claim is denied by an insurance company, you can review it and then later re submit it.
It is important to appreciate the fact that it is very vital that you avoid certain billing mistakes. One of the most common billing mistakes is that of mistyping insurance information. The consequence of any mistyped information is usually delays. It is also important that people do avoid accepting the insurance that is inactive.
Failing to manage denials well is also one of the other billing problems that affects many people. If you do not manage denials well, it can lead to delays.