LIS System and Lab Billing Data are Interdependent So Why not Integrate Both into ONE Powerful Informatics Platform?

We all know how frustrating laboratory billing can be, dealing with the dreaded data silos created by disparate laboratory software systems, synchronization issues, mostly manual processes, and missing or inaccurate data that delay reimbursement. 

Unfortunately, all these limitations lead to lab billing denials, inconsistent cash flow, and ultimately lost lab revenue. Add in the fact that reimbursements for lab services are continually being cut, expenses are increasing, and payer requirements and government regulations are becoming more complex. All these factors make it abundantly clear that traditional laboratory billing solutions are inadequate. 

Learn More: How Much is Your Outdated Laboratory Revenue Cycle Management Costing Your Lab?

It's no longer business as usual for clinical labs and pathology groups and the sooner lab leaders realize this, the better.

The current state of lab billing (lab RCM) presents a major challenge for most clinical laboratories and pathology practices, and things will only get worse for those in the C-suite if appropriate action isn’t taken immediately. 

To put it bluntly, the traditional approach to the RCM cycle, with the laboratory billing process beginning only after the final report has been finalized and distributed, is no longer sustainable. In truth, it's a real threat to any laboratory's long-term financial health. 

Fortunately, a better approach, and a new way of thinking, are gaining momentum. 

Instead of starting lab revenue cycle management well downstream and dealing with the consequences, lab leaders can deploy modern laboratory information system (LIS abbreviation medical) solutions like the LigoLab LIS & RCM Laboratory Informatics Platform that enables the RCM process to begin at order creation. 

Learn More: A Conversation With LIS System Administrator Kristie Becerra

Even better, these modern LIS software systems with high-end lab RCM functionality support key features like demographics verification, eligibility, and scrubbing components that greatly increase a lab’s clean claims ratio, effectively address compliance liability, and stop revenue leakage in its tracks.

Learn More: Reduce Denials and Stop Revenue Leakage With Integrated Laboratory Billing Management

Integrated LIS Systems Maximize Laboratory Workflow and Net Collections

The LigoLab platform is simultaneously an advanced LIS laboratory information system (LIS system) built on rules and automation and an innovative laboratory billing system that improves all lab RCM processes and maximizes net collections for services rendered. It’s a one-stop informatics solution for medical labs, no matter their testing discipline, testing volume, or testing complexity. 

Lab Billing Software No Longer Needs to Be Separated From Laboratory Information System Functions

The secret to LigoLab's success is its fully integrated pathology lab management system featuring a flexible LIS system software architecture and a comprehensive database that provides “one source of truth” for all laboratory workflow management, including all laboratory billing processes. 

Learn More: Laboratory Information Systems Are Not Commodities!

This arrangement is a game-changer for labs interested in replacing manual labor with automation, achieving end-to-end data integrity, and most importantly, accelerating cash flow and increasing margin and profit.  

LigoLab’s Automated, Integrated, and Transparent Laboratory Billing Solutions 

LigoLab’s lab RCM module provides full transparency and control of the lab billing workflow at every stage, with up-front RCM tools like address and patient demographic data validation and insurance eligibility & discovery checks, all available in real-time and only a click away. The module also features robust workflow queues, extensive audit trail functionality, rules and automation, and flexible statement distribution. 

The Billing Encounter makes this possible by consolidating all relevant information within a single data entity. This includes order and specimen information, patient and payer demographics, coding, billing, and remittance processing data. The Billing Encounter is the driving force behind the logic that supports the entire LIS system & lab RCM lifecycle. 

From the Billing Encounter, data seamlessly flows into workflow queues that provide users with easy navigation and user-defined filters and templates that allow for the strategic distribution of work with full audit trail visibility. 

The lab billing module, supported by a customizable Distribution Engine, presents multiple channels for a billing department to deliver its statements, either by Electronic Health Record (EHR), remote server, email, SMS, fax, or mail. It also features a Payment Resolution module for transaction processing, payment workflow, payment search, and payment history. The module also includes an automated and hybrid Payment Reconciliation tool for reconciling payments. 

LigoLab’s combined LIS system & laboratory billing system also support comprehensive statistical reporting features that enable access to and interpretation of all of the lab’s financial data. For example, users can build widgets and dashboards and create dynamic, customized reports. This data can also be easily extracted from the laboratory billing system to monitor trends, performance indicators, and benchmarks. 

Learn More: Understanding the Importance of Real-Time Analytics in the Modern Clinical Laboratory

Lastly, LigoLab’s complete and flexible laboratory billing solutions also include a Reporting Template Engine, streamlined appeal and denial management, remittance resolution, batch claim submission, and a customizable and flexible patient/client Pricing Policies Engine, as well as patient lab billing policies such as payment plans, automated multi-channel distribution, and compliance.

Move Your Laboratory Billing Process Upstream with LigoLab’s Laboratory Billing System

Let’s face it. The laboratory billing process for medical laboratories includes a complex mixture of documentation, coding, compliance, and regulation between multiple parties. One incomplete form, coding error, or missed deadline can easily result in a claim denial. 

Years ago, when margins were higher and medical labs were more profitable, enhanced laboratory revenue cycle management wasn’t the priority item it is today. Most labs at that time relied on standalone and siloed laboratory billing solutions even though this often resulted in high denials and significant write-offs. Much of this was caused by starting lab RCM only after the lab report had been submitted to the client.

Fast forward to the present and that same laboratory billing process simply doesn’t work any longer. 

Fortunately, a new perspective and new technology are taking over, with medical lab owners now able to take control of the situation and move forward with new and advanced laboratory billing solutions that protect their businesses from external threats.

One such lab is Avero Diagnostics. 

Laboratory Revenue Cycle Management Case Study

With LigoLab, medical labs across all genres can unite their operations and finances within an all-in-one LIS system and lab billing solution that leverages automation, integration, and transparency to mitigate denials and transform clinical lab workflow and profitability. 

To learn more, we invite you to take a few moments to read a case study featuring Avero Diagnostics. 

In this case study, we dive deep into the issues that Avero was having with its standalone laboratory billing system and we examine the results after the full-service high-volume laboratory decided to drop its prior underperforming lab RCM solution and move to LigoLab’s fully integrated LIS system & lab RCM informatics platform. 

LigoLab Case Study: Documenting the Avero Diagnostics Move From a Legacy Lab RCM System to LigoLab’s All-in-One Lab Informatics Platform

LigoLab’s All-in-One LIS System System and Laboratory Billing Platform

For nearly two decades, LigoLab has been a trusted laboratory LIS company for clinical laboratories and pathology groups, supporting almost 300 facilities nationwide with the latest pathology lab software technology and innovative lab informatics solutions. 

Book a demo today and learn how the LigoLab platform modernizes laboratories, empowering them to operate more efficiently and scale more rapidly. 

Learn More: Navigating the Future of Pathology: The LigoLab Advantage