Learn About the Single Most Important and Proactive Solution to Remaining Profitable in Today’s Rapidly Changing Environment

Inflation is still uncomfortably high and we’re experiencing supply chain interruption and labor shortages like never before. These new realities are compounding the negative financial effects for clinical laboratories and pathology groups, and it’s becoming increasingly harder to make a profit in an industry that despite the challenges is becoming more essential every day.

Business volume is in flux for medical labs. However, due to these factors, the cost of doing business has drastically grown, reducing profitability. Additionally, with an increased focus on UTI, STD, and toxicology testing, labs need to adjust operations and pivot quickly to accommodate the changing environment created by these trends.

What is the Formula for Remaining Profitable During Turbulent Times?

Initially, the target will be improving laboratory workflow efficiency, laboratory billing (lab revenue cycle management) 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, which could cost 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 laboratory billing 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 businesses and adopt LIS laboratory information system software 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. 

Learn More: Reduce Denials and Stop Revenue Leakage With Integrated Laboratory Billing Management

What is the ‘Shield’ and How Can it Benefit My Lab?

It’s referred to as “best-in-class software automation” due to the ability to unify laboratory information system (LIS system) with lab revenue cycle management (lab RCM) components into a single informatics platform designed to streamline all aspects of laboratory workflow management (clinical lab workflow) by creating a user-friendly and intuitive, centralized lab information system with powerful billing software for labs functionality. 

With this highly customizable automation clinical lab workflow for the laboratory billing process can be configured to avoid manual intervention at any desired level and efficiently and accurately handle eligibility, preauthorization, 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 lab billing, and even payment plan support. 

Learn More: Laboratory 101: Improving the Laboratory Billing Process To Prevent Common Errors

The LigoLab LIS & RCM Laboratory Informatics Platform can protect your lab with an automated shield that performs all these lab RCM functions and much more.

The LigoLab Platform can locate and validate patient and payer data, ensure regulatory compliance (PTP, MUE & NCD/LCD), provide extensive data scrubbing, and prevent user error. In addition, the platform consolidates multiple accessions with an accurate representation of all performed procedures while offering full access to all order-related LIS system and lab revenue cycle management data as well as related claims, invoices, statements, and EOBs.

Additionally, 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 that 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 the payer
• By payment turnaround time
• By margin by CPT/payer
• And much more

Additionally, the LigoLab Platform can deliver accurate “real-time” reports with the pathology reporting software revealing areas of opportunity and allowing for proactive action addressing potential future problems before they become realities.

Learn More: Six Factors That Should Be Considered Before Upgrading Your Lab's Pathology Reporting Software

The bottom line is that the power of automation will create a shield while delivering proactive laboratory billing solutions, addressing all of the current industry obstacles and fast-approaching future challenges. This modern adaptable LIS system software 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 LigoLab’s lab pathology software (integrated medical LIS and lab RCM solutions), click here to be connected with a laboratory billing product specialist. 

We look forward to better understanding your clinical laboratory management and RCM process pain points and offering innovative laboratory billing solutions that only LigoLab can provide. 

Learn More: Six Reasons Why You Should Choose an Integrated Laboratory Billing Solution for Your Medical Lab

Learn More About LigoLab’s Pathology Management Software

LigoLab is an award-winning provider of innovative end-to-end pathology lab software for medical laboratories, servicing nearly 300 facilities nationwide. 

As a comprehensive enterprise-grade pathology report software solution, the LigoLab LIS & RCM Laboratory Informatics Platform™ includes modules for anatomic pathology (pathology information system), clinical laboratory (LIS medical), molecular diagnostics (molecular LIS), laboratory billing/lab revenue cycle management (lab RCM), and direct-to-consumer lab testing (TestDirectly and TestDirectly.com), all on one united and integrated platform that supports every role, department, and case. 

LigoLab empowers laboratories to serve patients better, differentiate themselves in the marketplace, scale their operations, and become more compliant and profitable.