The laboratory business continues to face consolidation and margin pressure, with far fewer independent labs now than just a decade ago. A laboratory’s financial success and valuation is all about top line revenue, profitability, and minimizing risk— elements that can be positively impacted by state-of-the-art revenue cycle management. Oversight of the entire revenue cycle, by conducting a constant and consistent analysis of the front-to-back end revenue processes through specific tools and workflows, can maximize the efficiency and adaptability of all of the components of the revenue cycle process to net the greatest return.
In addition, new or changing regulatory and compliance requirements are placing increasing challenges on labs. With up to 40% of laboratory claims containing missing or inaccurate information—leading to delays, denials and write-offs—and with only about half of denied claims ever returned for processing, it is precisely these exception claims, as well as inaccurate net verses gross revenue recognition, that negatively impacts labs’ revenue and cause them to lose up to half of their profits. This means that maximizing laboratory reimbursement remains a superior opportunity for increasing cash and revenue.
By focusing on thorough revenue cycle management and compliance processes, laboratory leaders can increase the profitability and valuation of their business by recovering more revenue, as well as actively monitoring the quality of their business through detailed financial reporting and clean compliance reports. This FREE White Paper will show you how.
Table of Contents
Introduction: Revenue Cycle Management In The Lab – Page 3
Key Metrics Of Lab Profitability – Page 6
Net Sales – Page 6
Contractual Allowances – Page 7
EBITDA – Page 7
RCM Challenges In The Lab – Page 11
Workflow And Manual Processes – Page 11
Compliance And Fee Schedules – Page 11
Coding Challenges – Page 12
Positively Impacting Lab Revenue Through RCM – Page 14
Technology Infrastructure – Page 14
Best-In-Class Revenue Cycle Management – Page 15
System Capabilities – Page 18
Data Processing – Page 20
Cloud-Based Software – Page 21
System Delivery And Deployment – Page 22
Conclusions – Page 23
A-1 About the Author – Page 25
A-2 About XIFIN – Page 26
A-3 About The Dark Intelligence Group, Inc. and THE DARK REPORT – Page 28
A-4 About The Editor – Page 31
Contact Information – Page 41
Legal Notices – Page 41
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