June 2023 Newsletter - Turn Your Mid-Sized Medical Laboratory into a Thriving Large-Scale Operation
Turn Your Mid-Sized Medical Laboratory into a Thriving Large-Scale Operation
Going from a start-up to an established lab has its own special set of challenges, and if the goal is to turn your mid-sized medical laboratory into a thriving large-scale operation, there will be new barriers and threats to overcome.
LigoLab's CEO Suren Avunjian can relate. Prior to co-founding LigoLab Information Systems in 2006, he faced a similar circumstance while leading the IT department of Healthline Clinical Laboratories, a business that grew to become the largest privately held lab in California.
The Top Five KPIs: Driving Successful Lab Revenue Cycle Management
At LigoLab, we believe that lab revenue cycle management (RCM) should be an integral part of all laboratory workflow and that lab billing should no longer be a back-end process. That’s why we’ve engineered LigoLab Informatics Platform with a powerful automation engine that builds and leverages millions of rules to ensure clean claim submissions while also improving compliance and first-pass payment rates.
In addition to supporting laboratory billing at order inception with verification and scrubbing components that help ensure error-free claims and faster payments, the platform can also create detailed statistical reports to monitor trends and key performance indicators (KPIs).
What follows is a closer look at five key metrics that help lab billing managers meet their reporting needs and minimize revenue leakage, thereby mitigating financial risk and maximizing profit.
Free Webinar with Industry Expert Stan Schofield - Sign Up Today
Register for our June 28 webinar, Healthcare Disruptors & Transition Strategies for Success, and hear from industry expert Stan Schofield. He'll cover the challenges today’s independent clinical laboratories & pathology groups are facing, plus offer up some proven strategies to help your lab overcome them.
For a webinar overview and your chance to register and reserve your spot, click on the "Register Now" button below.
Getting an Optimal Return on Your Laboratory Information System Investment
Implementing a modern laboratory information system is a big decision and a significant investment. To help lab managers better understand the landscape and make better and more informed decisions, we've put together a blog post with a few tips to help when evaluating the value and ROI needed to justify this mission-critical decision.
We also encourage all lab managers in need of a more efficient, comprehensive, and agile LIS to connect with one of our product experts while evaluating their LIS options. Sign-up for a free consultation and get your LIS questions answered.