Five Benefits of Automating Your Lab Billing Operations

Five Benefits of Automating Your Lab Billing Operations

Five Benefits of Automating Your Lab Billing Operations

As a lab consultant, we offer many customized pathology lab solutions to help many lab businesses increase revenue and grow in their industry.  We assist and support you through everything from lab buildouts to staffing to billing practices.  When it comes to billing practices, we urge many of our clients to consider automation of their billing procedures.  These are some of the main reasons why you may want to consider automating your lab billing practices for your lab business.

Automation Provides Security Benefits

Some medical billing software used in the market is Health Insurance Portability and Accountability (HIPAA) compliance, providing patient information security. The medical providers and patients can safely access their account information and learn about any outstanding balances, upcoming appointments, financial data, and insurance information to help them understand the medical billing process.

Automation Increases Turnaround Time

Giving the patients access to all the information they need to fully understand their medical bills will help them pay their bills more quickly and efficiently. Equally, they can learn about all the insurance information, appointment data, prices for procedures, copayments, and much more when they have an account on your software program. These eliminates the need for you to make numerous phone calls to answer questions about concerned patients and their bills.

Automation Has Workflow Benefits

Automated lab billing is known to improve the overall workflow in your facility from the moment a patient walks in the door until the bill is paid in full.  Diagnostic services payments are received in the database, send out bills or invoices efficiently without the need to physically drop them in the post box, and the billing cycle begins when a patient completes their procedures and is smoothly completed.

Automation Provides Data Analysis

The moment you automate the lab billing services, the software will track the client's data and identify patterns and cycles. One can take advantage of any opportunities to increase cash flow and tap into any unutilized revenue streams you may not know. If any weaknesses arise, the software developers will provide strategies to help you improve the performance and create new revenue streams.

Optimize Your Reimbursement Benefits

Automating lab billing services optimizes reimbursement for customer personal injury and employee compensation claims. The affected patients tend to follow up on the concerned parties' remuneration to pay their medical bills. But it could take months for them to receive it.  Automated billing methods significantly increase the reimbursement rate by streamlining the process and reducing time spent.  Instead of manual data entry and collection, the automated processes free the employees to focus on other tasks, such as patient care.
These are just a few of the reasons why you will want to consider automating your billing practices so that you can focus on other aspects of running your lab.  With the help of Hankins Consulting, you can get these billing operations under control.  Contact us to hear about our customized pathology lab solutions for your business today.

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