How Much is Your Outdated RCM Costing Your Lab?
April 12, 2020
We know a lot of laboratories are sick and tired of the high denial rates and sizable write-offs that come with outdated processes and legacy RCMs. Is that the case for you and your laboratory team?
Stand-alone laboratory information and revenue cycle management systems are siloed and struggle with issues like lack of transparency and synchronization. They are also typically buried in an avalanche of claim denials caused by missing or inaccurate data. This forces lab operators to either use expensive manual labor to rework the claims or write-off the claims as bad debt.
The LigoLab LIS & RCM operating platform is a complete end-to-end laboratory management solution that leverages integration and automation on one united platform for the ultimate in performance and efficiency. Unlike legacy RCMs, our platform gives users a head start on the billing cycle by providing the tools needed to start RCM in real-time at order entry, a major advantage in the current environment of shrinking margins and increased government regulations.
This head start allows labs to capture the valuable and accurate information needed for optimized billing on the front-end. Through automation and third-party integration, our users are able to verify key items like the patient’s address, demographics, and insurance coverage. These and other very important details are needed to ensure a first pass acceptance rate well over 90% for claims sent to payers.
I can go on and on about the advantages of the platform, but a live demo of the software in action will really show you what LigoLab can do for your lab.
Related Reading: Improving RCM Workflow to Prevent Common Errors
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