White Papers

During these turbulent times, many labs are struggling to scale and grow financially. A big reason for this is that payers remain in the driver’s seat when it comes to financial growth opportunities for labs, with the major roadblock being regulations that impact reimbursement. When combined with today’s economic environment and other common laboratory billing challenges, shoring up a lab’s financial stability can be difficult.

To achieve financial stability during turbulent times and prepare for a successful future, lab managers must innovate and focus on improving their revenue cycle processes and workflows. During this critical period, labs simply cannot afford to leave revenue on the table by not acting decisively.

This White Paper delves into the issues involved, the statistics and trends laboratories are experiencing, and the solutions many laboratories are implementing to achieve maximum profitability.

The majority of laboratories rely on stand-alone information systems for both operations and testing (LIS), and revenue cycle management (RCM). High denial rates and sizable write-offs have long been part of this siloed implementation. Now, downward market trends and shrinking margins are forcing pathology, clinical, and reference labs to consider changing the way they approach LIS & RCM functionality or face an onerous future.

This White Paper examines how labs have traditionally handled laboratory RCM, and offers a new perspective while highlighting the many advantages that come from an all-in-one system that unites LIS & RCM functionality.

Pandemic-driven disruptions have greatly affected the healthcare industry as a whole, and laboratory medicine is still trying to recover. The result has been unpredictable demand for services, supply chain shortages, and, most alarming, high stress on the clinical laboratory workforce.

The pandemic brought into sharp focus the shortage of qualified laboratory professionals, specifically Medical Laboratory Technologists. This White Paper takes a closer look at how we got here, and what steps need to be taken to solve the problem. It also examines the role of Laboratory Information Systems (LIS) as part of a long-term solution to the staffing crisis.

Medical insurance denials in healthcare continue to be a major problem, and clinical and pathology labs have been hit particularly hard by the pandemic, increased expenses, reduced reimbursements/margins, and constantly changing payer rules. Add to this a growing population of uninsured and underinsured patients and it's easy to see why lab managers are struggling to make ends meet, and why they are in desperate need of a better billing solution.

Although, indeed, some denials are simply part of the cost of doing business, in most cases they can be avoided thanks to billing and coding automation that removes the potential for human error and ensures that a lab's hard-earned revenue is no longer left on the table.

This White Paper focuses on how a modern laboratory revenue cycle management (RCM) system based on rules and automation can produce error-free billing and greatly increase laboratory revenue.

Pathology's dwindling workforce and increasing caseloads have made complete digitization inevitable. That's according to LigoLab CTO Tony Oganesian, who believes that unique circumstances were stunting digital pathology growth until recent events like the pandemic changed the landscape.

To learn how the pandemic opened the door for digital pathology and how systems like the LigoLab Platform can become the foundation for a digital pathology ecosystem, we encourage you to read this White Paper.