Revenue cycle management (RCM) is a crucial aspect of any laboratory’s operations, affecting financial performance and patient satisfaction. However, many labs struggle with inefficient, outdated, or fragmented laboratory billing processes that lead to errors, delays, and lost revenue. Transparency ensures RCM in lab billing uses best practices and takes advantage of upgraded technology to create […]
Compliance is a critical component of comprehensive and efficient revenue cycle management (RCM) in the laboratory industry. With the ever-changing rules and regulations, a diligent laboratory RCM should establish a stringent compliance plan to prevent loss of income due to heavy fines and legal fees. Impact of Regulatory Changes on Lab Billing and Coding Lab […]
Strategies for Labs and Pathology Practices in the Post-COVID Era The COVID-19 pandemic placed an unprecedented burden on labs and pathology practices as they became the backbone of testing efforts. But it also presented an opportunity to swiftly enhance revenue with an influx of testing services that catered to various industries beyond healthcare, including schools, […]
Any discussion about converting data into valuable assets begins with understanding the significance of usable information. In the realm of laboratory and pathology practices, raw data generated by information systems often appear chaotic and indecipherable. Terms like current procedural terminology (CPT) codes, diagnostic (Dx) codes, payers, and American National Standards Institute (ANSI) code rejections can […]
We always said it was too good to be true, and it was. COVID payer actions are increasing. Two common “surprises” to many medical practices, laboratories and medical specialties have recently been: (a) the surprise inspections conducted by the Centers for Medicare and Medicaid Services (CMS), and (b) the equivalent of Medicare audits happening beyond […]
