ANALYTICAL & LABORATORY EQUIPMENT
NWP realised considerable savings when adopting the integrated solution
95%, much higher than the year before and the national average. Automated coding and real-time rejection and denial queues were other key elements that contributed to the significant growth in this category. NWP also benefited from key performance indicators that can be directly traced back to full LIS and RCM integration and improved efficiency. For example, NWP’s percentage of annual net collections per employee went up 31% because the lab’s full-time equivalents didn’t change year-over-year and total net
collections went way up, reflecting growth without added operating costs. Lastly, thanks to the improvements
provided by this all-in-one platform, NWP was able to increase its operational output dramatically. Te lab submitted 22% more claims (adjusted for growth) than the previous year.
NWP employs a talented team of pathologists at its Washington state lab
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www.scientistlive.com
DON’T WAIT! Te reality is that several industry challenges and pressures exist, so the time to evaluate your lab’s RCM solution is now. Te right solution can unlock a lab’s true potential to not only survive but also grow and thrive despite the present threats. But the platform should be carefully selected. It should be integrated with the lab’s LIS, easily accessible with open architecture, comprehensive, transparent and secure, providing vital real-time data at the beginning of the billing process through deep third-party integration and automation. Te solution should also propel the lab to a near-perfect clean claims percentage on the first-pass, while also scoring much higher than
the national average of 91% for claims accepted after only one submission, and dramatically decrease the need for expensive and time-consuming manual processing of claims. Te right laboratory billing system solution should include automatic coding and billing and secure payment processing via an online portal. It should be able to handle vast amounts of data and turn that data into currency as the platform teaches itself in real-time and gradually becomes more efficient.
As the NWP case study clearly shows, a modern and integrated LIS and RCM can put a lab in a position to efficiently scale due to a spike in net collections that will come as a result of this optimised software solution, one that has been engineered to meet the complex and specific needs of all laboratories, no matter their size.
Suren Avunjian is the co-founder and CEO of LigoLab.
www.ligolab.com
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