CARMEL,
Ind., April 23, 2024 /PRNewswire/ --
Today, Orchard Software announced the release of its expanded
billing functionality to include insurance verification automation.
With this addition, Orchard's enterprise laboratory information
system (LIS) solutions can decrease denial rates that may delay
reimbursements, reduce revenue cycle time, reduce time to patient
treatment, and reduce the administrative burden on lab resources
that perform verification manually. Automated insurance
verification is an important add because 43.8% of claim denials are
due to inaccurate, obsolete, or missing patient demographic and
insurance information.
Orchard's newly enabled insurance
verification can decrease denial rates that may delay
reimbursements.
"Healthcare organizations and their laboratories can benefit
from our updated billing support by integration with insurance
verification vendors, eliminating that manual process and allowing
automated responses from insurance verification vendors to update
the patient record," said Billie
Whitehurst, CEO of Orchard Software. "Orchard continues to
listen to its customers and add innovative features and products
that support the lab's overarching mission to support patient care
improvements."
Integrating this feature at the pre-analytical stage ensures
insurance and benefits eligibility are confirmed before any tests
are conducted. This approach is significantly more efficient than
addressing it during the Revenue Cycle Management (RCM) phase after
resources and finances have already been expended on testing. This
preemptive verification process not only streamlines operations but
also enhances overall financial management and patient
satisfaction. Orchard's newly enabled insurance verification uses a
standardized application programming interface (API) to integrate
with insurance verification vendors. This added support will reduce
billing discrepancies and allow laboratories to seamlessly perform
insurance verification prior to claim submission—reducing rejected
claims and improving billing efficiency.
About Orchard Software Corporation
Orchard Software
Corporation is a leader in the laboratory information system
industry and offers a variety of solutions. Orchard serves more
than 2,000 laboratories across the country, helping them improve
efficiency, reduce errors, and enhance integration. Orchard's
cloud-based solutions are installed in physician groups and
clinics, hospitals, independent reference labs, student health
centers, veterinary labs, public health organizations,
universities, and retail facilities. For more information regarding
Orchard Software Corporation, visit www.orchardsoft.com.
Media Contact:
Steve
Hurwitz, Vice President of Marketing
(800) 856-1948 | shurwitz@orchardsoft.com
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SOURCE Orchard Software Corporation