Running a busy lab is undoubtedly a stressful endeavor that keeps you perpetually on your toes. According to directions from a doctor’s office or the medical desk, tests must be performed continually, and reports must be submitted in time. In a laboratory, you are not managing physicians and their assistants and nurses but radiologists and other skilled personnel to collect samples and perform analyses.

Due to the much higher volume of patients and workload, the personnel who conduct these tests have more work to accomplish every day than the clerks who schedule appointments for any ordinary doctor’s office. You must manage your actions as much as possible so your team can keep things on track. For this reason, billing softwaredesigned especially for labs will improve the business’ overall financial processes and enable you to accept more payments quickly and efficiently.

After 15 years of dedicated work in the billing and corporate management sector, Innovative Lab Solutions (ILS) proprietors sought to provide a comprehensive suite of billing and other lab management elements. ILS understands that labs have challenges with management and billing systems and are committed to ensuring that you achieve your billing and financial objectives. 

Here are seven ways our billing systems can benefit your lab.

7 Reasons to Choose Innovative Lab Solutions’ Billing Systems

1. Bridge the Gap Between LIS and RCM Systems

A new integrated back-end billing procedure is replacing the outdated and disjointed one, allowing laboratories to start the billing cycle as soon as they get an order. Innovative methods that maximize cash collection and safeguard labs against reimbursement reductions, rapidly shifting payer criteria, rising patient financial responsibility for healthcare expenses, and other external challenges underpin this new laboratory billing solution paradigm.

With RCM capabilities integrated into the LIS functionality, labs can effectively utilize third-party billing services to automate administrative duties and receive genuine verifications for important health information, including biodata and insurance’s prior authorization. This information is effectively checked, confirmed, and instantly shared throughout the LIS and RCM platform. This eliminates the requirement for synchronization and the problems associated with incorrect data transported across various systems.

2. Increase Focus on Quality Care

When a lab uses an ILS billing system, it can stop wasting time on claim appeals and mistake remediation. This system enables labs to invest more time and resources in providing quality care. Even helping providers switch from conventional fee-for-service payment processes to value-based reimbursement approaches is possible with an ILS billing system.

3. Value-Based Reimbursement

Value-based payment methods were designed to improve the quality of care by emphasizing quality over quantity of healthcare. Even when health results weren’t improving, fee-for-service systems encouraged healthcare institutions to see more clients and prescribe more treatments or tests for those individuals. Inversely, value-based reimbursement pays healthcare professionals according to the economic worth of the treatments they offer, rewarding them for their efficacy.

Value-based care aims to lower healthcare expenditures while simultaneously improving the quality of service and patient outcomes. Quality, cost-effectiveness, and patient satisfaction factors are used to determine value. Measuring high-quality patient outcomes is a key component of value-based payment strategies. To achieve better treatment outcomes and enhanced population health management, it is essential to thoroughly and precisely record patient health statuses to collect these data.

4. Pricing Flexibility

You can simulate almost any service, term, configuration, and price if your lab has a flexible catalog with a dynamic pricing model. With standard or customized billing cycles, you may set up flexible pricing structures such as recurring, usage-based, one-time, and pre-payment. You may pre-validate a pricing model to have some foresight into how it will impact future income streams before using it.

5. Improved Patient Experience

Effective revenue cycle management enhances the entire patient experience by placing a stronger emphasis on patient outcomes. Patients may anticipate receiving a more individualized and thorough treatment, lowering the chance of readmission.

To provide a better experience for patients and administrative personnel, RCM streamlines procedures, including scheduling, completing intake paperwork, and invoicing. Additionally, patients will have a better understanding of their insurance eligibility from the beginning. RCM emphasizes rigorous insurance verification upfront. In this manner, future out-of-pocket payments won’t come as a surprise to them.

6. Agile Billing

Customers are only paid depending on how much of a product or service they consume under usage-based or metered pricing. A system supported by a smart and adaptable billing engine to accommodate any user-based pricing model is needed to convert this consumption data into money. To appropriately charge a consumer for their usage, this engine must be able to start a variety of actions depending on user settings.

7. Compliance

Although the restrictions have been in effect for a long time, they are interpreted differently. The industry’s advancements in technology might sometimes induce adjustments. Developing knowledge of the regulatory process may be connected to other modifications. The clinical use of test data may be relevant to additional issues. ILS is committed to ensuring that labs that use our systems conduct their business ethically.

The experts at ILS stay compliant and provide clients with compliance services. Labs have access to compliance choices and information that are suited to their company, from regular compliance assessments to comprehensive consultancy services.

In-depth responses to inquiries concerning proper invoicing procedures and other compliance concerns are available from our qualified personnel. We are committed to making sure that every customer has the knowledge and assistance they need to follow laws and regulations and transact with the highest level of integrity and ethics.

Harness the power of a billing system that will fuel the growth of your business. Contact us today to learn more about our offerings and find the right solution for your laboratory’s needs.