A study from the nonprofit group CAQH finds that the healthcare industry could save $13.3 billion annually if eight administrative tasks in the revenue cycle were automated and no longer manual processes.
The eight tasks (listed below) are all elements of a traditional revenue cycle management (RCM) model. In addition to the cost associated with each action, these processes are slow, tedious, and prone to human error.
Average Cost Per Administrative Task When Performed Manually
1. Claim status inquiry: $10.13
2. Prior authorization: $14.24
3. Eligibility and benefit verification: $8.77
4. Attachments: $5.06
5. Claim submission: $4.22
6. Remittance advice: $4.22
7. Claim payment: $3.18
8. Coordination of benefits: $1.05
To read the full report, click here
This is timely news for laboratory operators across the country motivated to cut costs and increase margins while improving RCM for their anatomic pathology, clinical pathology, and molecular diagnostics laboratories.
The LigoLab all-in-one LIS & RCM platform uses automation to capture valuable and accurate information like patient demographics and insurance validation even before a sample enters the laboratory. CPT and ICD-10 coding are also automated in real-time, fully integrating the billing process throughout a lab’s workflow. That’s possible because all LIS & RCM functionality rests on one shared platform with one common database. This means no interfaces, no silos, and no duplication or synchronization issues.
The traditional RCM model is slow and lacks transparency. The LigoLab LIS & RCM operating platform provides full visibility and accurate data in real-time, allowing labs to unlock their revenue potential and collect on all claims and appeals in a timely manner.
At LigoLab, we’ve provided customized all-in-one solutions for laboratories since 2006. Our LIS & RCM laboratory operating platform is currently driving efficiency, performance, and growth for over 100 facilities nationwide.
Contact us to schedule a demonstration and we’ll show you how our fully integrated LIS & RCM can unite and transform your lab’s financial, administrative and technical operations.
To request a demonstration, contact Suren Avunjian at (818) 395-4659 or firstname.lastname@example.org.
For more information visit LigoLab.com.