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 However, many labs struggle with inefficient, outdated, or fragmented laboratory billing processes that lead to errors, delays, and lost revenue.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 […]
Regulatory compliance refers to a healthcare organization’s extensive efforts to ensure they have the appropriate measures and hospital billing processes that enable them to meet all legal and professional obligations. Maintaining regulatory compliance while managing hospital staff, caring for patients, and ensuring the highest standards of medical treatment is a complex and demanding endeavor that […]
Business process outsourcing (BPO) is a widely adopted strategy in healthcare that allows providers and facilities to delegate administrative tasks and non-clinical functions to third-party companies. With increasing pressure to deliver high-quality patient care while reducing costs, healthcare providers are leveraging BPO to streamline their non-core functions. Outsourcing services such as medical billing, coding, and […]
The healthcare industry faces increasing pressure to comply with various regulations and standards, such as HIPAA and Health Information Technology for Economic and Clinical Health (HITECH). Patients are concerned about their privacy and protected data, while providers strive to protect a patient’s information and deliver quality care. Regulations are in place to protect the privacy […]
Outsourcing revenue cycle management (RCM) is common among hospitals that want to improve financial performance and efficiency. Hospital revenue cycle management involves the processes from billing to payment collection. Hospitals can reduce administrative costs, increase cash flow, and focus on the mission and vision by outsourcing these tasks to a third-party vendor. Benefits of Outsourcing Revenue Cycle […]
Key performance indicators (KPIs) offer physician practices a calibrated lens to gauge progression, pinpoint expansion opportunities, and illuminate areas primed for optimization or adjustments. These metrics act as the compass within the intricate landscape of healthcare management, navigating your course toward refined patient care, operational prowess, and continuous advancement. In this area of healthcare, KPIs […]
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, […]
The fast pace of the healthcare industry demands that hospitals stay in tune with the delivery of care and the technology it uses to capture the necessary information for accurate and timely billing, coding, and payment submission. Hospital medical billing can also be a source of errors, fraud, and inefficiencies that affect providers and patients. […]
