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Blog Posts by Tag: Revenue Cycle Management

Top 5 Industry News Topics of 2019

2019 saw many policy changes and newsworthy events that affected labs and medical billers. Here is a recap of our most-viewed industry news articles of 2019:1. New Codes Effective July 1, 2019 – Proprietary Laboratory Analysis (PLAs)The following new codes may need to be manually added to the HCPCS file by the MACs with an effective date of July 1, 2019. These new codes are also contractor-priced...

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Hottest Blog Topics of 2019

In 2019 we discussed many thought-provoking topics and trends regarding laboratories, medical billing, revenue cycle management, and much more. Here is a short recap of the top 5 most-influential blog posts:1. Hidden Landmines in Revenue Cycle Management: Industry Challenges, Patient Engagement, and Denial TrendsMany trends in payor behaviors and reimbursement go unnoticed due to outdated RCM...

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Critical Elements for an Accurate Total Cost of Billing

A miscalculation of the total cost of billing in a laboratory can lead to a weak bottom line and inferior laboratory accounts receivable performance. Often-missed line items, such as software maintenance, cost of reporting, business intelligence add-ons, and hardware costs, can result in a cost that's closer to four times greater than what was predicted.For example, a laboratory that fails to...

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Is Your Lab Embracing the ‘Consumerism in Healthcare’ Era? It Should.

Enjoy the following content from our partner, FrontRunnerHC. The concept of consumerism in healthcare has evolved over the years, and whether we are in support of it or not, we must trust that the industry landscape has a new driver: the patient. The patient is taking charge of their healthcare more than ever. As consumers, they are proactively researching the different service options available...

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The Impact of Hospital and Outreach Laboratory Revenue Cycle Management Incentive Misalignment

Many hospital finance leaders think they are collecting at a higher rate than they actually are since write-offs appear as an adjustment to revenue. At the same time, they try to maximize the value of their revenue cycle management (RCM) technology investments and workforce by requiring the outreach laboratory claims to be handled by the same team and systems as the hospital and health...

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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...

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3 Steps to Ease the Prior Authorization Burden

Enjoy the following content from our partner, Infinx. It’s no secret that prior authorization (PA) requirements create a time-intensive burden that delays patient care and takes providers and staff away from their clinical activities only to spend that time with administrative tasks and redundant paperwork. The American Hospital Association (AHA) reported that...

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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...

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