Laboratory medical billing refers to the process of invoicing and collecting payments for various laboratory services. In simple words, the tests provided by healthcare laboratories are translated into standard codes and submitted to insurance companies for the purpose of claim reimbursements. These codes are usually known as the Current Procedural Terminology (CPT) codes. These codes are recognized by insurance companies and other healthcare payers.

Digging deeper into this aspect, it can be found that the Healthcare laboratories are diverse in size and function. These are often located within or near hospital facilities. They play a crucial role in supporting physicians. This is because of the fact, they are helpful in diagnoses and the formation of treatment plans for the patients. These tests are known for their smaller contribution ranging from 3 to 5% to the total revenue of a hospital. However, it has also been observed that the findings from laboratory tests are responsible for 70 to 80% of an electronic health record (EHR) of a patient. In fact, the results of lab tests are so influential that approximately 70% of medical decisions are based on them. Read More...