ANALYTICAL & LABORATORY EQUIPMENT
The right solution can unlock a lab’s true potential
northwest portion of the state of Washington for over 25 years. To increase both efficiency and transparency throughout all of its operations, including billing, NWP switched from a “LIS only” solution to a fully integrated LIS and RCM solution about three years ago. Soon after deploying this
comprehensive, fully integrated solution, NWP enjoyed unprecedented revenue growth, with net collections going up 31%. Even more impressive, the lab’s explosive growth rate came without added operating costs, and the growth was sustained over time.
IMPROVED PATIENT COLLECTIONS Powered by automation, the flexibility to schedule and distribute statements, fully customisable statement templates and better patient engagement, NWP’s patient-related net collections experienced
30% growth from January 2019 to January 2020. Te lab, equipped with efficient tools created by the shared LIS & RCM capabilities, was able to send patient bills on average three weeks faster than before, and that early outreach accelerated laboratory cash flow. Te platform also provided a more patient-centred payment experience, making it easier for patients to pay their bills via an online portal that automates posting. Patients received regular notifications through email and SMS, and 36% of them took advantage of the online portal option to pay their bills. NWP’s client net collections (hospitals, businesses, and government organisations) also grew thanks to the automation, integration, customisation and convenient payment management built into the platform. In this area of its operations, NWP experienced an impressive 45% increase in revenue. Te added efficiencies
also led to a big reduction in the need for manual labour, resulting in fewer clerical errors (human errors account for the lion’s share of billing and claims issues). Another added benefit was the
platform’s client notification functionality, an automated process that gave NWP clients the ability to review charges daily instead of going through a lengthy document at the end of the month. Clients could call in advance of their monthly invoice to report errors, dispute a charge or ask a question. Tis led to fewer concerns post-receipt, resulting in faster payments. In addition, after deployment of this LIS and RCM solution, net collections from insurance companies increased by 27% as NWP’s real-time access to patient demographics, insurance discovery and insurance eligibility led to optimised clean claims and a first-pass resolution rate of
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