How Labs Can Achieve Financial Stability During Turbulent Times
During these turbulent times, many labs struggle 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 turbulent 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 in order to achieve maximum profitability.
The Connected Laboratory: Leveraging LIS & RCM to Grow Your Business
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.