LigoLab’s RCM Module Features an Automated A/R Payer Projection Tool
March 3, 2021
LOS ANGELES, CA – March 3, 2021 -- LigoLab, a developer of innovative and comprehensive software for medical laboratories, has designed its Revenue Cycle Management (RCM) module to automatically monitor, project, and balance accounts receivable cash flow. With the simple click of a button, LigoLab RCM users can use this A/R Payer Projection tool to view seven-day future payment amounts, issue dates, posting dates, and more.
“With ever-changing rules and increasingly more complex insurance regulations, medical lab executives need effective financial forecasting and cash flow planning,” said LigoLab CEO Suren Avunjian. “It’s more important than ever to have a firm grasp on who’s paying what, and when. Manual processes are outdated, take too much time, and create havoc for high-volume labs.”
LigoLab’s response to this issue was to develop automated A/R payer projection functionality that accurately reconciles and balances A/R for clients without the headaches associated with manual processes.
LigoLab’s A/R payer projection tool works as a real-time interface that connects to thousands of payers who are electronically registered and enrolled for Electronic Funds Transfer (EFT). Through a comprehensive set of filters, LigoLab’s RCM module automatically tags corresponding issue dates and posting dates and then compiles them into a single, easy-to-view dashboard. With the simple click of a button, a process that once took hours, if not days, can now be completed instantly. The dashboard is updated continuously, so labs can improve their financial workflow and maximize accounting efficiencies.
“Our billing specialists have extensive, hands-on laboratory and billing department experience,” added LigoLab Billing Manager Farzad Abdi. “We know how cumbersome and inefficient manual A/R reconciliation and balancing can be. This payer projection tool saves time, provides certainty, and improves financial forecasting, all of which ultimately increase revenue and profit for our clients.”
The A/R payer projection feature is the latest example of how LigoLab equips its laboratory clients with the keys needed to truly unlock their revenue potential.
LigoLab’s fully integrated platform unifies laboratory ecosystems and improves conflict resolution through extensive clean claim scrubbing, powerful automation, and improved billing workflows. This solution unites the LIS and RCM modules into one transparent, accessible, and fully informative single encounter data entity that produces clean claims paid on the first submission over 98 percent of the time.
By leveraging the advantages that come with LigoLab’s fully integrated platform, and its comprehensive audit trail, medical laboratories gain a powerful software solution; one that ensures maximum revenue and profit, and one that improves compliance. On average, LigoLab’s fully integrated customers experience 30-to-50 percent improvement in productivity, and 25-to-35 percent improvement in patient, client, and payer net collections (adjusted for growth), when compared with previous non-integrated LIS and RCM solutions.
To learn more about LigoLab and how its enterprise software can transform your laboratory into an information-driven, connected, and thriving business, visit LigoLab.com.
LigoLab is a leading provider of innovative end-to-end healthcare software for medical 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 on one integrated platform that supports the entire lifecycle of all cases, enabling laboratories to differentiate themselves in the marketplace, scale their operations, and become more profitable. The RCM module is deeply integrated with the LIS and automates ICD and CPT coding. 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.