The Fully Integrated LigoLab RCM
Turn your laboratory operation into a profit center with LigoLab’s all-in-one solution for revenue cycle management (RCM). Combine the power of the LigoLab LIS & RCM on one united and integrated laboratory platform to gain full visibility of all of your lab operations and activities.
The Benefits of an Integrated LIS & RCM
The LigoLab LIS & RCM Operating Platform is a true game-changer for pathology, clinical, and reference laboratories. Our platform is integrated to maximize efficiency and automation, positioning labs to grow and thrive while defending against industry trends like high denial rates, shrinking reimbursement cuts, and increased patient payment responsibility.
LigoLab Integrated Revenue Cycle Management
- Increase of overall efficiency in every department
- Increase in claims paid on the first submission
- Accelerated cash flow and reduction in accounts receivable
- Increase of margins without added operating costs
- An integrated and transparent platform
- Precise and automated control over claim validation,
claim generation, client billing, distribution, and payment
and claim processing
A Paradigm Shift of RCM
Unlike traditional RCM solutions, LigoLab starts the revenue cycle process as soon as the laboratory receives the order. That is when the automatic demographic and financial verification functions prevent rejections and denials and are integrated into the lab’s real-time queue-facilitated workflow. This verification component is then shared by the LIS & RCM without the need for synchronization.
Laboratory RCM has traditionally been viewed as a “backend” process rather than one that starts on the front end. This outdated view is changing because vital and accurate information needed for successful billing activities can now be interwoven throughout the LigoLab LIS workflow.
Read More: The Connected Laboratory (Leveraging LIS & RCM to Grow Your Business)
Unlock Your Laboratory’s Revenue Potential
The LigoLab LIS & RCM Operating Platform gives labs the keys needed to unlock their revenue potential. Our robust and future-ready solution features the following benefits:
- Gain full control and transparency of operations and finances while curtailing clerical errors
- Capture valuable and accurate information needed for billing on the front end such as demographic check/validation, insurance discovery, eligibility verification, prior authorization acquisition, and dynamic procedure send-out logistics, all utilizing real-time integration and automation
- Utilize full bi-directional synchronization with third-party services such as mailing companies, multiple clearinghouses, NPI registry, and payment processors
- Apply automation, operational and financial insights, and highly detailed data mining and tracking to streamline order processing and billing workflows
- Manage automated CPT coding at various data lifecycle stages in compliance with every known regulation including PTP, MUE, NCCI, and custom payer requirements
- Expedite collection on claims and appeals in a timely manner while minimizing labor costs through auto-assignment of the rendering provider, the rendering facility, the billing facility, and auto TC/PC splitting
- Address financial regulations during a patient visit by generating an Advance Beneficiary Notice (ABN) and collecting pre-payment
- Apply QA and QC throughout the entire billing cycle with a fully inclusive audit trail
- Apply machine learning to relevant data and drive continuous process improvement
- Employ high-visibility components such as real-time workflow queues for each data processing stage
- Create detailed statistical reports and dashboards to monitor trends, key performance indicators, and benchmarks within the operation, all from the convenience of an inclusive dashboard platform
Overcoming an Industry Challenge
Across the United States, an estimated 35 percent of claim denials are caused by inaccurate or missing data, and manual processing of claims is both labor and time-intensive.
Standalone RCM systems that are interfaced with LIS platforms but not fully integrated greatly contribute to this high denial rate. Inconsistent data and a lack of transparency and synchronization are the typical outcomes of such systems. When LIS & RCM functions operate within separate silos, even if interfaced, the full capabilities of each cannot be obtained and the laboratory struggles. Only when LIS & RCM functionalities are fully integrated on a shared platform can the consistent quality of laboratory data and processes be ensured.
Integration, Automation and Operational Efficiency = Real Results with LigoLab
Many of our client laboratories reported major growth in total revenue. One lab, in particular, enjoyed 31 percent growth in year-over-year total revenue when comparing the LigoLab LIS & RCM with its old legacy/stand-alone RCM system. That same laboratory also reported big gains across the board, with patient billing up 30 percent, client billing up 45 percent, and payer billing up 27 percent year-over-year, all without the need to add additional staff.
We Make it Easier to Get Paid Faster
Simply put, the all-in-one LigoLab LIS & RCM Operating Platform makes it easier for both clients and patients to reimburse for the service your laboratory performed. They receive accurate, easy to navigate, and customizable statements that arrive much faster than before, giving your business the advantage it needs to stand out.
Can your current revenue cycle management system deliver the following benefits designed to collect payment easier and faster?
Join Other World-class Labs and See how LigoLab will Help Your Business
To experience the benefits of a modern, user-friendly and reliable LIS, contact us or request a demo today.