Blog Posts by Tag: Business Intelligence
Choosing to Outsource Your Revenue Cycle Management (RCM) or Do it Yourself? Key Considerations
Achieving operational efficiency throughout a hospital, health system, independent laboratory, or independent diagnostic testing facility (IDTF) is an important criterion to ensure success. Diagnostic leaders know that by gaining efficiency and effectiveness in their revenue cycle management (RCM) processes and improving cash collections, they can significantly improve the profitability of the...
Still Using Spreadsheets to Manage Your Lab Business? There Is a Better Way – Practical AI and Advanced Analytics
Laboratories, pathology practices, molecular diagnostic providers, and hospital outreach programs, as well as remote patient monitoring device companies, process millions of claims worth billions of dollars each year. Yet many diagnostic providers are still using spreadsheets, or legacy data management tools to do their financial or operational analysis. As a result, key financial and operational...
The Evolution of Diagnostics: Climbing the Value Chain
The diagnostics industry has seen miraculous growth in the last two centuries and continues to make great leaps forward. However, there is much still to be accomplished. One hundred fifty years ago, a doctor relied on his or her five senses to diagnose disease. Fast forward 100 years and physicians were starting to use basic tools to define diseases and figure out how to start treating...
Enhancing the Value of Precision Medicine Informatics
Exploring the value of precision medicine informatics (PMI), a recent XIFIN and The Journal of Precision Medicine study reported that approximately 60% of respondents said that their enterprise system, such as their EMR or EHR, did not meet or only partially met their needs as a precision medicine user.Survey-takers said the most challenging physician, or a patient-facing IT system/software issue...
6 Key Areas Lab RCM Provides Value
Too often, hospital outreach and outpatient lab leaders have enterprise revenue cycle management (RCM) systems pushed on them in a misguided attempt to save money or increase the ROI of the health system’s hefty EMR or EHR technology investments. However, a purpose-built laboratory RCM more than pays for itself while improving enterprise system ROI by increasing cash collections while reducing...
IDC Makes the Case for Purpose-Built Revenue Cycle Management Solutions
In September, International Data Corporation (IDC) released a new white paper, “Making a Case for Purpose-Built RCM: How Actionable Data and Lab Visibility Benefits Health Systems.” In this paper, IDC research director, Mutaz Shegewi outlines the many reasons that a laboratory-specific revenue cycle management (RCM) system is the best choice for hospital and health system outreach laboratories.In...
How the Most Successful Laboratories in the Country Continue to Thrive in the Midst of an Increasingly Complex Reimbursement Environment
The business of laboratory revenue cycle management (RCM) becomes more complex every day; with reductions in reimbursement, increasing rejections and denials, payor specific billing rules, shifting financial reporting and accounting requirements (PAMA, FASB ASC 606, medical economics reporting), OIG and EKRA (false claims) compliance standards, malware and ransomware attacks, etc. Once there was...
Hidden Landmines in Revenue Cycle Management: 4 Rules of Report Analysis to Follow (Part 3)
This is the third post of a three-part blog series focused on key areas of business performance management for pathology practices, hospital outreach programs, diagnostic laboratories, and molecular diagnostic providers. The other blog posts in this series can be found here: Part 1 and Part 2 At the recent Executive War College, I had the honor of...
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