With layers of complexity in revenue cycle management, it’s pertinent laboratories and pathology practices understand the challenges that may unknowingly be impacting revenue. Industry trends consistently change how we approach the nuances of the RCM process. How trends in top denials shifted in the last several year's impacts how we edit on the front-end and appeal on the back-end. Routinely measuring the success and failure rates of appeal-types shifts our strategy. Higher deductibles shift the way we engage patients and ultimately how we improve their propensity to pay.
A number of trends in payor behaviors and reimbursement go unnoticed due to outdated RCM management practices. Additionally, even known areas of reimbursement deficiency, such as medical necessity denials or increasing patient bad debt, can be easily neglected due to lack of resources or knowledge of an effective resolution. Further, it’s critical laboratories understand their costs per tests so they understand profitability and financial impact when a test is performed and goes unpaid.
Join Al Sirmon and us at the Executive War College on Wednesday, May 1st at 8:30 am to learn more about the top trends in the laboratory and pathology industry, addressing not only the root of the obstacles, but how small, medium, and large laboratories and pathology practices can better manage each of those challenges.