Laboratories play an integral part in the health care system and precision and accuracy are the forefront players. Without the information laboratories produce, there would be no foundation for medical diagnoses. Laboratory results and data make up most of a patient’s electronic health record, which is the blueprint of a patient’s medical history. Which is why at Credence we understand how essential it is for your laboratory to focus on the most important aspect, which is producing patient data and results. We design our solutions to provide complete optimization of your laboratory using evolutionary technology, such as intelligent automation.
Laboratory Billing Cycle
The laboratory billing cycle is a complex and interactive process that, at times, can be tedious. Since it involves multiple parties, such as the provider, the lab itself, and insurance company, it can make for a difficult and ongoing process. The billing cycle requires time, patience, and knowledge on how to navigate it so that way your laboratory can improve its cash flow. Even with all these resources, it can take up to months for the billing cycle to complete and even then, you might experience oversights, causing a delay in completion.
ICD vs CPT Codes
There are two central codes you will need to be familiar with: ICD and CPT. ICD codes (International Statistical Classification of Diseases) are recognized globally and encompass a comprehensive list of disorders, diseases, and injuries. The focal point of the ICD code is purely based on what the diagnosis is. Whereas CPT (Current Procedural Technology) codes entail the specific type of treatment needed based on the diagnosis and any procedures it might require. Knowing the ins and outs of both these codes will help eliminate coding errors. However, outsourcing your laboratory billing to us can help decrease overall errors and if errors come up, we are well equipped to get them resolved.
By taking a step back and analyzing the numbers, it allows you to see the bigger picture. Analyzing the data permits you to see where your strengths and weaknesses lie as a company. The key components you should track are monthly patient volume, net and gross charges, and the specific code assigned to each patient. Compare your expectations to the actual data. Nonetheless, data analysis is a time-consuming task which is why, at Credence Global Solutions, our expertise in lab optimization includes data abstraction. We can specifically pinpoint potential opportunities for growth and strengthen any flaws that are causing a decrease in your revenue stream.
How Credence Offers Lab Optimization
At Credence we offer solutions and support to maximize your revenue. Our services include accounts receivable management, documentation management, and business insight. Credence doesn’t just take care of the billing process but provides IT Support Services along the entire way in order to bring forth increased connectivity and awareness.