LigoLab RCM Presentation (Video and Transcript)
April 21, 2021
LigoLab is a leading provider of innovative end-to-end healthcare software for laboratories, servicing 100+ facilities nationwide. As a comprehensive enterprise-grade solution, the LigoLab LIS & RCM Laboratory Operating Platform™ includes modules for AP, CP, MDx, RCM, and Direct-to-Consumer, all-in-one integrated platform that supports every role, department, and the entire lifecycle of all cases, enabling laboratories to differentiate themselves in the marketplace, scale their operations, and become more profitable.
LigoLab’s RCM module is deeply integrated with the LIS. It automates ICD and CPT coding and many other financial tasks while also mitigating risk and increasing margins. Billing processes start at order inception with verification, eligibility, and scrubbing components that increase clean claim submissions and revenue, and decrease claim denials and compliance risk.
To learn more about LigoLab’s LIS and RCM integration and what it can mean in terms of net collections and profit, we invite you to watch this LigoLab RCM Presentation (the transcript of the presentation is also available as you page down).
Thank you for giving us your time to introduce ourselves and share who we are and how our innovative software platform can help save you time, improve workflow efficiencies, reduce payer denials, and gain financial and administrative insight, and how through all of this, we can help improve compliance and accountability, mitigate risk, and increase your revenue and your profit.
Our name LigoLab comes from the Latin word ligo, which means “to unite,” and this concept is at the core of not only what we provide, uniting LIS and RCM into one encounter-based system, but it's also who we are. You see, our founders joined forces and became the perfect trifecta for a very unique product that intelligently, practically, and seamlessly responds to the laboratory needs of improving efficiencies, reducing denials, and increasing both revenue and profit. Their expertise includes 20 years in the fields of laboratory pathology, cutting-edge software development, and both laboratory finance and billing operations. The three came together to create a solution to challenges they themselves had encountered. They knew there must be a better way to improve the prior siloed, disconnected, and cumbersome system. So, after many years of hard work, they made an innovative, intuitive, and really industry-changing LIS and RCM platform, and they never stopped further improving it every single day. Given that after all this time, we've never lost a client to another competitor, we know we must be doing something right. Once we take you through this presentation, we hope you will feel the same way.
To begin with, we are based in Los Angeles, California, and we've been in business for over 15 years. We have approximately 40 employees who are equally passionate about essentially creating a better mousetrap in the healthcare software provider space. We are proud to say that each and every one of our team members is best in class in each of their fields, which includes anatomic pathology, clinical and molecular testing, highly advanced medical software development, laboratory operations, both administration and management, accounting, medical billing and regulatory compliance, hands-on training remote and on-site, 24/7 customer service with a turnkey solution mindset, and customized and prompt solutions for clients’ needs. We have an amazing group of people who know their business and whose collective expertise has enabled us to become a leader in the LIS and RCM software industry.
What sets LigoLab apart is it's a fully integrated and transparent platform, providing an interwoven laboratory information system and a dynamic revenue cycle management tool all in one, and further powering it with extensive automation tools, intuitive user visual interface, and deep third-party integration. It's a truly end-to-end and patient-centered solution.
We believe the main benefit of an integrated LIS and RCM platform is having everything in one place, all with intuitive navigation and two-way, lab-to-billing, and billing-to-lab workflow interconnection, and built-in custom rule engines. Altogether, this provides an extremely powerful set of tools for claim processing, which leads to increased workflow efficiency, accelerated cash flow, and most importantly, increased margin and profit.
With LigoLab’s intelligent end-to-end RCM module, you gain full transparency and control of billing workflow with upfront patient demographic and insurance eligibility check, insurance discovery, real-time workflow queues and reports, extensive clear audit trail functionality, and automated CPT and ICD coding, all to provide proactive mitigation of denials and rejections which leads to increased revenue and profit.
LigoLab’s primary driving force is its real-time queue-facilitated workflow design. All relevant information within the workflow process including order and specimen, patient and payer demographics, coding, billing, and remittance processing is all consolidated within our billing encounter data entity, and this interwoven billing logic is built-in throughout the entire LIS and RCM lifecycle.
As we know one of the laboratory industry's biggest challenges is reducing insurance denials. It's estimated that 35 percent of claim denials are due to inaccurate or missing data, data that's been entered manually in a very time-consuming manner. So, investigating and verifying patient personal information and active insurance coverage with our third-party integrated tools, and employing extensive automation and claim processing is so important, and we've made it all just a click away with features such as patient demographic lookup through white pages, address validation through USPS, real-time insurance eligibility check and pre-authorization, real-time insurance discovery, regulatory institution compliance, including PTP and MUE, NCD/LCD and NPI registry, payment gateways and financial institution integrations, clearinghouses, client and patient portals, and collection agencies, and automated and flexible statement distributions, such as fax, email, and SMS.
The unique properties of our real-time, queue-based workflow design include user-defined queue filter templates, ease of navigation, intelligent filters, and its ultimate ability to allow for strategic distribution of work with full audit trail visibility. The workflow relevant data is compartmentalized within the encounter, which is the source of everything thereafter, almost like an interconnected relay race of data that seamlessly proceeds throughout the laboratory operations lifecycle. This provides synchronization of demographics and payment information, consolidation of multiple sessions, direct access to relevant patient data, and accurate representation of performed procedures, consolidation of related claims, and EOB's and an automatic generation of statements and claims.
This slide expands on the interconnectivity of the encounter. Here we show multiple fields including lab order. This is where you see client information, patient demographics, payer information, tests, specimen info, panels, and even external data, lab test results, which is where you see CPT codes, pathology, diagnosis and reports and then imaging, so you can check requisition scans, send out reports, or see payer insurance information. And then settings, which is where the powerful rules and automation live along with CPT codes, and NCCI, MUE, and custom edits, TC/PC splitting, and pricing policies, just to name a few. Finally, we have any and all associated claims and invoices consolidated here, all just a simple click away.
Our distribution engine accommodates numerous vehicles for statement and report delivery, such as auto manual fax, secure email notification, EHR interoperability, and IVR and printing to a remote server. There are many options for distribution, and they are all extremely intuitive.
The payment resolution module and LigoLab is a well-oiled machine. Transaction processing is intuitive and optimized. Payment tools are transparent and data of any category is easily extracted. Payment history is designed to be easy, comprehensive, and is a reliable source of accounting insights, and our payment search engine is very robust and fast.
With LigoLab, you can access accurate statistical analysis of all financial data, you can easily monitor industry trends, performance indicators, and benchmarks. And with this detailed statistical reporting, users have the ability to balance AR down to a cent, extract a point in time posting summary, create dynamic customized reports with even the most elaborate format, build dashboards for all types of financial and medical analysis, and track all workflow data. All of this information can be extracted from the system in excel or in a customized PDF format.
Our reporting template engine is quite powerful and can achieve the highest level of customization with documents or reports of any kind. Users may design their own client invoices, appeal inquiries, collection letters and so much more, all with the touch of a button, and we have many additional features including streamlined appeal and denial management, auxiliary data event alert functions, batch claims submission, claim submission, acknowledgment reports, comprehensive payer group and individual settings, flexible patient billing policies including payment plans, automatic multi-channel bill distribution and scheduling, and regulatory policy compliance.
In summary, we are a true partner who aligns with your organization to meet the challenges of a rapidly changing environment. Our integrated platform provides visibility and deep insight for your financial, administrative, and technical operations, all to increase productivity, mitigate risk, and improve compliance, enabling you to effectively and efficiently scale your business and increase both revenue and profit. We've helped many labs do exactly that, and we look forward to the opportunity of partnering with you to assist you in achieving your growth objectives.
We thank you for your time and we look forward to speaking with you soon.