July 2023 Newsletter - Cost of Inaction: The Dire Consequences of Neglecting Modernization in Laboratory Operations and Informatics
Today's medical laboratory landscape is extremely challenging. With issues like declining reimbursements, staffing shortages, and competitive and regulatory pressures at the forefront, it's become crystal clear that having an advanced laboratory information system (LIS) is no longer a luxury, it's a necessity.
Even though these robust lab information systems are readily available and provide game-changing features like interface and automation engines, lab report customization with multiple delivery options, even in-house lab billing solutions, many independent clinical labs and pathology groups still have not prioritized modernization, choosing instead to stick with their legacy LIS. This inaction can be far more expensive in the long run than the cost of investing in a modern, efficient, and scalable LIS.
To learn more about the direct costs associated with the continued use of an outdated laboratory information system, we invite you to continue reading.
Boosting Lab Revenue with Billing and Coding Automation
Medical labs are facing an uphill battle in terms of how they get paid for services rendered. Testing volumes have never been higher, and an unprecedented shortfall of qualified staff and overly complicated and ever-changing payer rules are taking their toll, making it almost impossible for billing departments to manage the high number of claims with simple billing systems and mostly manual revenue cycle management (RCM) processes.
Improper coding and other clerical errors play a major role in denials. To combat this, many labs are turning to sophisticated revenue cycle management solutions that automate much of the billing and coding processes.
Latest Webinar Now Available: Healthcare Disruptors & Transition Strategies for Success
In a recent LigoLab-hosted webinar, industry expert Stan Schofield offered up his 5 Rules for Successful Laboratories. He also unpacked the key disruptive factors currently affecting all independent clinical laboratories and pathology groups, and compared "old school" and "new school" approaches for reducing expenses, adding clients, retaining clients, creating new revenue opportunities, and getting paid.
This informative webinar is now available on demand. Simply click on the "Watch Now" button below to access it anytime.
Solutions Showcase: LigoLab's Anatomic Pathology Module
LigoLab's anatomic pathology module debuted in March 2007 and continues to be enhanced with new software releases every quarter to help mid-to-large-sized pathology groups break through artificial barriers and grow quickly and efficiently.
Is your pathology lab struggling with any of the pain points listed below?
Common LIS Challenges that Slow Growth:
- Reliability and performance issues
- Limited functionality (lacking modules and features)
- Limited configurability (reliance on external vendor support)
- Scalability constraints (can't handle increasing demand)
- Inefficient workflows and time-consuming manual processes
- Inadequate sample management and specimen tracking systems
- Difficulty accessing data on processes, bottlenecks, and compliance
- Data silos between departments and operations
If yes, it might be time to see what LigoLab Informatics Platform has to offer as an alternative.
At LigoLab, we help pathology groups and clinical laboratories reach their full potential by developing LIS solutions that streamline operations and increase productivity. We take pride in positioning our laboratory partners for success by offering them an agile and comprehensive solution that's constantly evolving to meet and surpass industry demands.
To learn more about LigoLab's anatomic pathology module, click here or contact us to set up a brief call with a LIS specialist.