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TRENDING
Capitalize on your Revenue Cycle
Capitalizing on revenue cycle performance in today’s of an effective AR system is that it enables the lab to
hospitals has become increasingly difficult, as payments access financial and operational reports in real-time,
are changing almost on a daily basis. To stay on top, it’s thus allowing management to accurately make decisions
important to leverage today’s technologies and align that could affect the program’s outcome.
processes to create additional income.
A revenue cycle management system designed
Research indicates that hospital outreach laboratories specifically for laboratory billing offers advanced features
have positioned themselves and are holding their own in that meets specific billing requirements in the laboratory.
market share, as compared to national laboratories. These features are designed to support complex
A recent survey reported the contribution margin business workflows and improve operational outcomes,
(less incremental outreach cost) for successful outreach thus ensuring a profitable gain to laboratory revenue.
labs that continue to gain is in the 23.0% to 32.9% range. When exploring options for a revenue cycle management
(Chi Solutions, Strategic Implications of Chi Laboratory system for laboratory outreach program, look for features
Outreach Survey Findings, September 2016) such as those shown in Figure 1.
Starting or enhancing an outreach program— With so many revenue cycle management vendors to
by implementing additional technologies and a revenue choose from, ensure that your vendor of choice
cycle management system—will add measurable revenue understands and can work within the IT structure to
to your hospital’s margin as compared to the traditional achieve the hospital’s objectives and goals. Building a
way of performing laboratory billing. Laboratories can be solid and strong collaboration will secure future revenue
part of the billing process using the AR system and focus that will positively impact the hospital’s bottom-line profits.
on high-volume, low-dollar claims. A notable AR feature
Figure1:
