How AI Can Optimize the Laboratory Revenue Payment Lifecycle

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Maximizing revenue in the laboratory healthcare industry’s complex third-party payer system has always been a challenge. With increasingly elaborate payment models and escalating payer scrutiny for high-tech testing, it’s never been more critical to stay current with new technological advances in the revenue payment lifecycle.

For our purposes, let’s define the lifecycle as two-fold: 

1. Patient access, including prior authorization and insurance verification, coupled with
2. Revenue cycle management (RCM)—coding, billing, and AR management

Automation Makes the Process Much Less Cumbersome

Start with Patient Access

One of the more frustrating problems with the laboratory revenue payment lifecycle is patient access—that initial point when you receive a specimen and the accessioning process begins. If you don’t have the current and correct information, collecting revenue becomes a complicated rework exercise where accurate insurance information must be tracked down, and prior authorizations (PAs) have to be resubmitted and followed-up.

Whether a hospital-based outreach, routine or specialty lab, by employing advanced automation integrated with your existing LIS system, these functions can be completed in real-time with only complex situations needing human intervention:

• Insurance information, whether received from a third party or directly from the patient, can be verified prior to initiating testing; and
• PAs, through an integrated portal utilizing automation and AI-driven technology , can be determined, initiated, verified, and followed-up on – reducing the need to write off denied amounts or appeals with retro payment requests

Find Support After Testing is Complete

Once a patient has had their testing completed, the revenue collection process begins. If you have correctly verified the patient’s insurance information and obtained a PA (if required), then using automated technology and third-party expertise can create a winning combination to capture all possible revenue.

In summary, laboratory reimbursement is under assault from all angles. You need to arm yourself with the tools to bring advanced automation into your entire laboratory revenue payment lifecycle—from the point of patient access continuing through the entire RCM workflow.

Contact us to discuss your laboratory revenue payment lifecycle and where automation and AI-driven software can make a positive difference.

Interested in learning more about how AI can harvest insights that could be a catalyst for health system decision making? Watch this complimentary webinar.

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