Learn About the Single Most Important and Proactive Solution to Remaining Profitable in Today’s Rapidly Changing Environment
August 12, 2022
Inflation is officially at 9.1 percent. Gas prices have drastically increased over the last year, and we are experiencing supply chain interruption and labor shortages like never before. Collectively these realities are compounding the negative financial effects for laboratories, and it’s becoming increasingly harder to make a profit in an industry that’s becoming more essential every day.
Clinical laboratories’ and pathology groups’ business volume is certainly in flux. However, due to these factors, the cost of doing business has drastically grown, reducing profitability. Additionally, with an increased focus on UTI, STD, toxicology, and other areas of testing, along with a rise in at-home test collections, labs will need to adjust operations and pivot in order to accommodate the changing environment these trends are creating.
What is the Formula to still Remain Profitable?
Initially, the target will be improving workflow efficiency, clean claim pass-through rates, and decreasing denials, all while addressing the rising cost of labor and high turnover rates. However, simply extending business hours, instilling higher workloads, or settling for ‘any’ type of potential new hires are counter-productive, temporary fixes. Furthermore, these factors can be detrimental to efficacy, accuracy, execution, and regulatory liability, all possibly costing labs exponentially more.
Throwing money at isolated problems is a short term solution. This does not resolve the underlying issues, especially during these tumultuous times. Ignoring potential long-term solutions initiates a never-ending cycle of increasing expenses and delivering less revenue, leading to business contraction.
Now is the time for all diagnostic labs to upgrade their business to adopt an infrastructure that can seamlessly and limitlessly scale to match the growing demands and ever-changing landscape. It’s time to future-proof one’s business with a shield that enables labs to address future challenges efficiently, and profitably.
So What is this So-called ‘Shield’?
It’s referred to as “best-in-class software automation” due to the ability to unify laboratory information system (LIS) with revenue cycle management (RCM) components into a single platform designed to streamline all aspects of lab workflow by creating a user-friendly and intuitive, centralized system. Lab workflows can be configured to avoid manual intervention at any desired level as a result of these customizable automation features. Automation that efficiently and accurately handles eligibility, pre-authorization, coding, charge assignment, submission, claim rejection and denial processing, payment posting, denial analysis and management, auto-billing (secondary and tertiary claims), collections and appeals, and client & patient billing, and even payment plan support.
The LigoLab LIS & RCM Laboratory Operating Platform has the capability to perform all of those functions and much more.
The LigoLab Platform is able to locate and validate patient and payer data, ensure regulatory compliance (PTP, MUE & NCD/LCD), provide extensive data scrubbing, and user error prevention. In addition, the platform consolidates multiple accessions with an accurate representation of all performed procedures while providing full access to all order-related LIS and RCM data as well as related claims, invoices, statements, and EOBs.
What’s more, the LigoLab Platform has future accounts receivable capabilities enabling fiscal staff to track upcoming revenue. The platform is loaded with executive-level statistical reporting tools able to generate clear and accurate pivot table-like reports with the option of creating custom charts in limitless formats. Payer rate searches can include the following criteria:
- By CPT code
- By denial percentage by CPT by payer
- By payment turnaround time
- By margin by CPT/payer
- And much more
Additionally, the LigoLab Platform is able to deliver accurate “real-time” reports. These reveal areas of opportunity and allow for proactive action addressing potential future problems before they become realities.
The bottom line is that the power of automation will create a shield while delivering proactive solutions, addressing all of the current industry obstacles and fast-approaching future challenges. This modern adaptable technology increases productivity and accuracy, enabling staff to dedicate more time to intricate, complex issues, drastically improving the per employee cost/return metric.
To learn more about the LigoLab LIS & RCM platform, click here or call (800) LIGOLAB / (800) 544-6522 to be connected with a product specialist. We look forward to better understanding your pain points and offering solutions only LigoLab can provide.
LigoLab is an award-winning provider of innovative end-to-end healthcare software for pathology laboratories, servicing 150+ facilities nationwide. As a comprehensive enterprise-grade solution, the LigoLab LIS & RCM Laboratory Operating Platform™ includes modules for anatomic pathology, clinical pathology, molecular diagnostics, revenue cycle management, and direct-to-consumer, all on one powerful and integrated platform that supports every role, every department, and every case. LigoLab empowers laboratories to better serve patients, differentiate themselves in the marketplace, scale their operations and become more compliant, and more profitable.