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Reduce Denials and Stop Revenue Leakage With Integrated Laboratory Billing Management

Reduce Denials and Stop Revenue Leakage With Integrated Laboratory Billing Management

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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 LigoLab’s all-in-one informatics platform, which combines a powerful laboratory information system (LIS) software with an integrated lab revenue cycle management module, keep reading to discover how this unified approach can transform your lab’s financial and operational performance.

Industry Insights: Tips for Laboratory Billing Reimbursement Challenges

LIS System Software and the Laboratory Billing Process

Unlike a traditional standalone laboratory billing system, LigoLab’s integrated medical LIS system and lab RCM informatics platform provides clinical laboratories and pathology groups with an all-in-one pathology lab reporting software solution that creates a silo-free, efficient, and reliable laboratory billing process

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 back-end laboratory billing systems and lab RCM challenges such as reduced reimbursements, payer complexity, and regulatory compliance. LigoLab’s advanced billing software for labs requires less labor, is scalable, and significantly minimizes both denials and revenue leakage. 

Industry Insights: Roundtable Discussion - Laboratory Billing Solutions and the Lab RCM Process

In the following head-to-head comparison, we’ll highlight how non-integrated lab 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 modern laboratory billing solutions.

Discover More: Understanding the Real Costs of Non-Integrated Laboratory Billing Solutions

Comparing Laboratory Billing Solutions for the RCM Cycle

It’s a given that every medical laboratory would like to improve its RCM cycle and maximize profit, and thanks to advancing lab billing technology, forward-thinking labs can now accomplish this goal by integrating their LIS system and lab revenue cycle management data into a single, automated, and transparent clinical lab workflow

As the annual CAP Today Lab Billing/Lab Revenue Cycle Management Product Guide shows, there are several RCM systems and lab vendors to choose from. Most offer lab RCM products as standalone medical laboratory solutions that can be interfaced with LIS systems and electronic health record systems (EHRs).

Keep in mind that interfacing is not the same as true integration. The only reliable way to achieve full end-to-end data integrity between your LIS system and laboratory billing workflows is through a fully integrated platform.

Discover More: The Best Laboratory Information Systems - LIS Software Solutions for Clinical and Pathology Labs

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 system/lab billing model to combat external pressures and establish (and maintain) a successful laboratory business. His article is linked below. 

Industry Insights: Business Success Through Advanced Laboratory Information System Technology - Connecting All The Pieces

What are the key differences between LigoLab’s modern laboratory billing solutions and traditional lab revenue cycle management systems? Continue reading for a high-level comparison of both approaches.

Industry Insights: Navigating the Coding Minefield - Labs Struggle with RCM Rejections Amid Rising Scrutiny from Payers

LigoLab’s modern lab billing solution

LigoLab’s Laboratory Billing: Integrated Laboratory Revenue Cycle Management

  • Operational configuration and customization options are unlimited, available, and adaptable to all aspects of clinical lab workflow.
  • A fully integrated, all-in-one LIS system and lab billing informatics platform that delivers significant revenue growth.
  • LigoLab’s solution features embedded revenue cycle management tools and partnerships with third-party lab vendors for data validation, resulting in a 98% First-Pass Clean Claim Ratio.
  • It also features synchronized lab workflow queues designed for accountability, transparency, and maximizing workflow efficiency.
  • Advanced automation driven by an innovative Rule Engine, combined with white-glove customer service, stimulates proactive fiscal growth.
  • A partnership lab RCM/medical LIS model with 20 years of industry experience derived from continued relationships with hundreds of clients nationwide.

Legacy Lab Billing: Traditional Lab Revenue Cycle Management

  • Limited functionality and minimal flexibility within the laboratory billing system.
  • Rigid, disconnected modules that require continual syncing to stay aligned.
  • Manual, error-prone data validation workflows paired with poor operational visibility.
  • Inefficient laboratory workflow management increases the risk of errors due to fragmented processes.
  • Greater exposure to scaling challenges, unexpected industry shifts, and prolonged business disruptions.
  • Basic analytics and static reporting that offer little actionable insight.
  • Traditional lab vendors struggle to keep pace with rapidly evolving industry demands and increasingly strict payer reimbursement rules.

Discover More: Is Your Lab RCM Software Vendor Putting Your Needs First?

Logo Avero

Laboratory Information System and Lab Billing Workflow Case Study

In addition to our head-to-head comparison of laboratory billing solutions, we also highlight a recent case study featuring Avero Diagnostics that showcases the rapid success labs experience after unifying their laboratory information systems and lab billing workflows with LigoLab.

Click the link below to explore how Avero transitioned from a well-known standalone laboratory billing system to LigoLab’s fully integrated informatics platform, combining LIS system and lab RCM workflows for end-to-end operational and financial transformation.

Case Study: Documenting the Avero Diagnostics Move From a Legacy Lab Billing System to LigoLab’s All-in-One Lab Informatics Platform

 LigoLab’s all-in-one informatics platform

LigoLab’s All-in-One LIS System with Lab RCM: End-to-End Data Integrity

LigoLab’s fully integrated LIS system with advanced laboratory revenue cycle management enables medical labs to digitally transform into modern, efficient operations that are more productive and consistently more profitable.

Discover More: The Benefits of a Modern Pathology Lab Management System

The enterprise-grade LIS system platform includes modules for anatomic pathology, clinical laboratory operations, molecular diagnostics, laboratory billing, and direct-to-consumer lab testing (TestDirectly). All components run on a single, integrated database and LIS software infrastructure that eliminates data silos, maximizes interoperability, and efficiently manages every department and workflow across the organization.

Discover More: Navigating the Future of Pathology - The LigoLab Advantage

Discover How LigoLab’s All-in-One Platform Can Transform and Scale Your Laboratory

See how LigoLab’s comprehensive, flexible informatics platform can modernize your organization and support its long-term scalability. Connect with our product team today to learn how advanced laboratory information system software can elevate your operational performance, and don’t forget to ask about LigoLab’s four flexible pricing tiers, each designed to maximize value for your laboratory.

Act Now: Connect with a LigoLab Product Specialist!

Michael Kalinowski
Author
Michael Handles Marketing and Communications for LigoLab

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Book Your Demo Today

Meet with our product experts and learn how LigoLab helps clinical labs and pathology practices digitally transform into modern, efficient, and profitable organizations.  
Pick the Solution(s) of Interest:
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We respect your privacy
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Thank you!

We will contact you soon!
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