Third-party commissioned research explores the value of lab-specific RCM, and the benefits of actionable data and improved lab visibility for health systems
SAN DIEGO, Calif., — November 6, 2019 — With the shift to value-based care and a realization that pre-existing enterprise solutions are suboptimal for laboratory revenue cycle management (RCM), the market is moving toward next-generation, end-to-end revenue cycle solutions with greater value propositions.To provide decision-makers with greater insight, XIFIN commissioned IDC Health Insights to examine enterprise systems and laboratory-specific RCM, a previously overlooked area by many major IT analyst firms. In the recently published IDC White Paper, “Making a Case for Purpose-Built RCM: How Actionable Data and Lab Visibility Benefits Health Systems,” IDC analyzes how laboratory RCM can improve the value of existing electronic medical records (EMRs), while maximizing reimbursements and supporting compliance efforts in the laboratory and reducing risk for health systems.
Hospital-based outpatient laboratories and outreach programs can be bogged down by high-cost structure and suboptimal volume models. Remote registration, complex workflows, and dirty or siloed data are too often commonplace, leading to vast inefficiencies and dissatisfactory experiences. For health systems to establish laboratories as a profit catalyst and data provider, rather than simply a cost center, the operational model must take the uniqueness and challenges of laboratory RCM into account.
“Looking across the market, it’s time for a closer look at key considerations for RCM, business intelligence, and data exchange so that laboratories can contribute to health system profitability and better patient outcomes and experiences,” said Mutaz Shegewi, Research Director, Provider IT Strategies, Lead Analyst, IDC. “Laboratories have the ability to become catalysts that positively impact the profitability of a health system, but to do that, these elements must be propelled across the operational model to benefit all stakeholders – including patients.”
The IDC White Paper emphasizes that the ideal end state for laboratories is a future-ready, high performance and service-oriented diagnostic profit center. To get there, next-generation and purpose-built laboratory RCM solutions are capable of handling larger data assets and proactively responding to new emerging market drivers, trends and challenges. The report also features:
- A review of RCM specializations that benefit hospitals by maximizing reimbursements and supporting compliance and risk mitigation efforts.
- Key findings from IDC interviews with four laboratories, drawing upon their learnings and experiences while seeking to transform their laboratories.
- A balanced solution profile of XIFIN RPM as an example of a purpose-built laboratory RCM and business intelligence platform.
“Pre-existing enterprise systems like EHRs put forth the argument that they can solve laboratory problems with no additional cost beyond the original investment,” said Sandra Greefkes, Associate Vice President of Product Marketing at XIFIN. “For the last number of years, health IT teams have been focused on becoming data-rich, and they are now challenged to help their organizations be data-driven. Given the exponential growth of healthcare data, we need to shift away from the status quo of enterprise system data silos and enable data integrity and accessibility by embedding intelligent technology solutions within healthcare operations with data as a currency.”
To download the White Paper, please visit www.xifin.com/resources.