Pathology laboratories play an important role in maintaining hospital Reimbursement rates. The Centre for disease control and prevention ( CDC) is well aware of the importance of lab results and the role they play in Revenue cycle management, which is why CDC has estimated that almost 70% of every Doctors’ Medical decision is based on Lab Test results. In scenarios such as this where Lab test results play a vital role in Healthcare organizations and generate only 3% to 5% of Hospital revenue, their findings make up 70 to 80 percent of a patient’s electronic health record(EHR).
Why are CPT codes important?
Proper billing and coding of these pathology lab services is important because healthcare organizations tend to face huge monetary backfires if bills are not handled by coding and billing experts. Without CPT codes, proper Pathology lab billing is not possible. The coding staff has to ensure that proper coding is done in order to get full reimbursement. For that, the coders or hospital authorities require prompt reports immediately after the tests are done.
Whether it be an independent laboratory, clinical laboratory or billing laboratory, the pathology coders have to take every patient’s need in consideration and act accordingly. Everything including the CPT Codes, documentations required and various procedural sets are to be jotted down to avoid claim denials.
Role of Medical Billing services:
There are numerous Medical Billing services that can help the healthcare organizations in coding for pathology lab billings. It is not everyone’s cup of tea to ace this task because the process of pathology coding and adding the modifiers is complex as the coders need to understand the different tests that can qualify under each modifier. This cannot be done by hospital workers who are not well aware of these complex coding details. If the pathology codes are not recorded correctly, it would mean a loss in revenue for the pathology labs, which will affect the entire system eventually.
Ensure less errors in Pathology coding and Billing:
The laboratory lab workers and hospital workers are mostly occupied with patients and lack billing skills.So the only way to ensure that the pathology laboratory service can give the best results is to seek specialized coding and billing companies like I-conic Solutions who can help a lot with Revenue Cycle Management.