LigoLab Gives Labs a Convenient and User-Friendly Way to Incentivize Patients and Accelerate Payments
It’s a trend in healthcare that’s not going to go away, and it directly affects a laboratory’s bottom line.
How do clinical labs and pathology practices protect themselves from financial exposure due to unpaid claims as insurance companies continue to limit coverage and shift more and more of the burden of payment onto the patient?
In response to this trend, LigoLab has designed a streamlined patient portal that provides a convenient and user-friendly way for labs to incentivize patients to pay their bills faster.
“With LigoLab, it’s simple,” said Farzad Abdi, LigoLab’s Billing Manager. With the LigoLab RCM Patient Portal, all the patient needs to do is enter his or her last name and the five-digit pin found on the invoice to get into the account. It’s a straightforward and easy process.”
This differs from competing patient portals that typically call for the patient to enter his or her first name, last name, address, and date of birth on top of a lengthy invoice number. These same portals often require the user to create an account and password to gain access to the account.
Abdi said these are unnecessary steps that make it more difficult for the laboratory to collect payment.
“The goal is to increase the patient payment rate while decreasing the time the invoice spends in A/R,” said Abdi. “With our platform, the payment is automatically posted to the patient’s account and deposited into the lab’s bank account.”
Abdi also noted that LigoLab customers can leverage the platform’s rule-based engines and targeted automation to customize invoices and create a greater incentive for the patient to pay faster.
“Our invoice templates can be customized to include the ordering provider, the doctor’s name, and the date of service, so when the patient receives the invoice, he or she knows exactly where it’s coming from and is more likely to make the payment upon receipt,” said Abdi, who also said that this level of customization can be additionally used to offer a discount for prompt payment.
“We provide our clients with a flexible template that can be adjusted at each stage of the billing cycle,” said Abdi. “With a basic understanding of our platform, users can create a new pricing policy, offer a discount, and adjust the due date and grace period. They can also communicate any desired message by adding a note to any invoice.”
Once the invoice is ready for the patient, LigoLab provides its customers with several options for distribution, all of which are convenient, flexible, and automated.
To learn more about how LigoLab's patient portal and its fully integrated RCM can help your laboratory increase its revenue and profit, visit the Revenue Cycle Management Solutions page at LigoLab.com or call 818-395-4659 to schedule a software demonstration.
Unite Your LIS & RCM and Truly Revolutionize Your Business
With the LigoLab LIS & RCM Operating Platform, it’s possible to access the accurate information needed for a smooth and productive billing workflow at order inception. That’s where verification and scrubbing components are shared by both the LIS and RCM modules, and real-time patient and payer data verification tools are seamlessly integrated into a live queue-facilitated workflow to prevent rejections and denials.
To learn how leveraging LIS & RCM connectivity can boost your business’ bottom line with significant revenue growth, download our White Paper: The Connect Laboratory.