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Reduce Denials and Stop Revenue Leakage With Integrated Laboratory Billing Management
April 26, 2024
If you’ve visited this space recently, you may already know about the tremendous value of starting laboratory revenue cycle management (lab RCM) on the front end of the laboratory billing cycle.
If you’re new to the LigoLab platform, we invite you to continue reading and learn more about the advantages of integrated lab revenue cycle management.
Pathology Lab Software and the Laboratory Billing Process
Unlike a standard standalone laboratory billing system, LigoLab’s integrated laboratory information system and lab RCM informatics platform can provide clinical laboratories and pathology groups with an all-in-one pathology lab software solution that creates a silo-free, efficient, and reliable lab revenue cycle management workflow.
With LigoLab, the laboratory billing process begins as the case order comes into the lab, a welcome change for labs that continue to struggle with a back-end laboratory billing system and common lab RCM challenges such as reduced reimbursements, payer complexity, and regulatory compliance. LigoLab’s billing software for labs also requires much less labor, is scalable, and significantly decreases denials and revenue leakage.
Learn More: Understanding the Real Costs of Non-Integrated RCM Systems
In the following head-to-head comparison, we’ll show you how non-integrated RCM systems require more labor, have limited scalability, and are subject to clerical mistakes, data silos, and compliance issues, all of which are preventable with the right laboratory billing system.
Comparing Medical Laboratory Solutions for the Lab RCM Process
It’s a given that every medical laboratory would like to improve its RCM process and maximize profit, and thanks to advancing technology, forward-thinking labs can now accomplish this goal by integrating laboratory information system data and lab revenue cycle management data into one united, automated, and transparent workflow.
As one can see from the 2024 CAP Today Lab Billing/Lab Revenue Cycle Management Product Guide, there are several laboratory billing systems and lab vendors to choose from. Most offer lab RCM as a standalone product that can be interfaced with a laboratory information system (LIS) or Electronic Health Record (EHR).
Please note that interfacing isn’t the same as integrating, and the only true way to ensure end-to-end data integrity with the LIS system and lab billing workflows is by being fully integrated.
Dennis Winsten, a healthcare systems consultant with 30-plus years of experience, recently wrote about the need for more medical labs to utilize the integrated LIS-Lab RCM model to combat external pressures and establish (and maintain) a successful laboratory business. His article is linked below.
Learn More: Business Success Through Advanced Laboratory Information System Technology: Connecting All The Pieces
So what are the major differences between LigoLab’s modern lab billing solution and standard lab revenue cycle management? Continue reading for high-level summaries of both.
LigoLab’s Billing Solution: Integrated Laboratory Revenue Cycle Management
- An unlimited amount of operational configuration and customization options are available and adaptable to all aspects of laboratory workflow.
- A fully integrated, all-in-one LIS system and lab billing informatics platform that delivers significant revenue growth.
- Features embedded data validation RCM tools and utilities backed by powerful third-party lab vendors resulting in a 98% First-Pass Clean Claim Ratio.
- Features synchronized workflow queues geared toward accountability, transparency, and maximizing workflow efficiency.
- Advanced automation driven by an innovative Rule Engine combined with white-glove service proactively maintains fiscal growth.
- Robust and customizable executive-level report generation, plus real-time KPI metric analytics.
- A partnership business model with 20 years of industry experience derived from continued relationships with over 200 clients nationwide.
Legacy Lab Billing: Standard Revenue Cycle Management
- Limited functionality and a lack of laboratory billing system flexibility.
- A combination of rigid modules requiring constant synchronization.
- Labor-intensive and error-prone data validation processes combined with limited visibility.
- Questionable laboratory workflow management options mean increased chances for error resulting from a lack of streamlining and compartmentalization.
- Higher risks associated with scaling, unanticipated industry changes, and longer vicious business cycles.
- Basic metrics analytics and static reporting capabilities.
- Typical lab RCM vendor in a constantly changing industry landscape facing more stringent payer reimbursement regulations.
Pathology Management Software and LIS System and Lab Billing Workflow Case Study
In addition to our head-to-head comparison of laboratory billing systems, we’ve included a recent case study featuring Avero Diagnostics to document the success LigoLab customers have enjoyed soon after choosing to integrate the LIS system and lab RCM workflows.
Click on the link below for all the details about Avero’s move from a well-known standalone lab RCM system to LigoLab’s all-in-one informatics platform.
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LigoLab’s All-in-One LIS & RCM Laboratory Informatics Platform
LigoLab Informatics Platform is an all-in-one laboratory information system (LIS) and laboratory revenue cycle management (lab RCM) solution designed to help pathology groups and clinical labs digitally transform into modern and efficient organizations that are more productive and more profitable.
The enterprise-grade LIS software platform features modules for anatomic pathology (LIS pathology), clinical laboratory (LIS medical), and molecular diagnostics (LIS molecular) workflow, plus laboratory billing (lab RCM) and direct-to-consumer lab testing (TestDirectly and TestDirectly.com) functionality, all embedded within an integrated database and software infrastructure that eliminates data silos and efficiently manages all departments and operations with maximum interoperability.
See how LigoLab’s comprehensive and flexible platform can digitally transform your organization. Contact our team today and start a conversation.
