Healthcare CFOs Say They’ll Continue to Spend on Technology and Automation Despite the Pandemic
Deep declines in volume and revenue brought on by COVID-19 are forcing healthcare CFOs to cut or defer spending, but the results of a recent Black Book Research poll published in Healthcare Finance News revealed that even with the deep cuts, most don’t plan to reduce spending in the areas of technology and automation.
According to the poll results, 88 percent of those surveyed said they would continue to spend on technology and automation, citing the need for a digital transformation to ensure survival and to position their businesses to thrive in what will be the new normal post-pandemic.
From the laboratory perspective, shrinking margins and complex payer requirements were already major threats even before the negative impact of COVID-19. Lab Leaders were looking for an alternative approach to revenue cycle management. The coronavirus has since magnified the need for an innovative software solution to navigate these uncertain times and come out even stronger than before.
So, if the budget for technology and automation remains, what revenue cycle management software solution should laboratory CFOs pursue?
At LigoLab, we believe a paradigm shift within the industry has begun and that the sure way to unlock your lab’s true revenue potential is with a fully integrated LIS & RCM operating platform. One that provides end-to-end coverage and enables the billing cycle to start as the order is received.
Traditional back-end billing processes with siloed systems for LIS and RCM lead to inconsistent data, high denial rates, the costly reworking of claims, and sizable write-offs.
Compare that with the maximum efficiency, real-time patient and insurance data verification, clean claim validation, and laboratory insights that come with a fully integrated LIS & RCM on one shared platform, and you can see why this new model is taking hold.
The idea of upgrading during an economic slowdown can be hard to grasp at first, but it might actually be the perfect time for lab innovation. Remember those bottlenecks that caused headaches pre-pandemic? They won’t magically go away.
With a new mindset and a new collection model that connects all LIS & RCM workflows, labs can gain insights into all departments and processes, minimize the effects of COVID-19, and prepare to hit the ground running post-pandemic.