Clean Sweep Live Auction on Wed. February 27th. Click to view the full inventory

DOTmed Home MRI Oncology Ultrasound Molecular Imaging X-Ray Cardiology Health IT Business Affairs
News Home Parts & Service Operating Room CT Women's Health Proton Therapy Endoscopy HTMs Mobile Imaging
Current Location:
> This Story

Log in or Register to rate this News Story
Forward Printable StoryPrint Comment




More Industry Headlines

Medical device cybersecurity: Need for practical solutions Experts from ECRI Institute address the number one threat to healthcare delivery

Uber and Lyft showcase rideshare for healthcare at HIMSS19 Leading competitors seek to carve out patient transport verticals

Datatrak launches system for unifying imaging capture and adjudication workflows Enhances clinical trials, takes place on Datatrak's Enterprise Cloud platform

Women's brains appear three years younger than men's at the same age: PET study A machine-learning algorithm assisted with the analysis

What will the right RIS system bring to your imaging department? There is no one-size-fits-all solution for RIS needs

HIMSS Analytics releases new model to help adopt enterprise imaging Eight-stage DIAM model helps organizations track their progress

The exam room of the future: Nuance unveils AI-based clinical documentation product at HIMSS Improving patient experience and freeing up physicians

Maybe competition is good for what 'ails' hospitals Mergers may be good for business, but what about patients?

AI and personalized medicine to raise the bar in radiology reporting New innovations could provide myriad benefits to clinical workflow

Three decades of data clearly show mammography saves lives Breast cancer mortality statistics support benefits of mammo and early detection

RCM: The untapped potential for lab valuation

By Vicki DiFrancesco

In today’s shifting healthcare environment, lowering cost of care and increasing reimbursements are more important than ever. For laboratories in particular, finding the best ways to increase both revenue and operating margins is of critical importance.

The complexity of lab revenue cycle management (RCM) is unmatched in all of healthcare, as labs routinely perform thousands of tests – and that number is continuously growing. Each of these tests brings its own coding and billing challenges, which are exacerbated by constantly changing requirements and rules for coverage and reimbursement by third party payors. With all of these challenges, RCM is an important way that lab leaders can increase the profitability and valuation of their business in the near term.
Story Continues Below Advertisement

RaySafe helps you avoid unnecessary radiation

RaySafe solutions are designed to minimize the need for user interaction, bringing unprecedented simplicity & usability to the X-ray room. We're committed to establishing a radiation safety culture wherever technicians & medical staff encounter radiation.

Challenges abound in the lab market
No one can say for certain how the healthcare landscape will evolve over the next few years, let alone the next decade, but several things are clear. Insurance companies will continue to look for ways to cut costs. Therefore, the already small profit margins of some labs will evaporate unless proactively managed. Volume of tests will continue to go up, but economies of scale will be necessary to take the greatest advantage of this growth. Even the largest labs are likely to see reductions in profit margins, meaning labs of all sizes must find ways to maximize the returns of every claim.

The good news is that RCM is one of the fastest routes not only to financial improvement, but to successful navigation of the financial and regulatory challenges of today’s market. Some of the main challenges facing labs that RCM can address include compliance, coding issues and manual workflow inefficiencies. Here’s why addressing these areas is so critical:

Avoid costly penalties through compliance – Many labs do not fully realize how serious non-compliance can be. In the eyes of the Office of Inspector General (OIG), a mistake by the billing staff is not distinguished from fraud – and there are serious penalties. For example, an average lab testing claim that might originally cost around $50 could result in potential damages in the amount of $30,000 due to a single incorrect procedure code. Reporting around the Protecting Access to Medicare Act (PAMA) is another challenge for labs. Under PAMA, there are strict penalties for non-reporting, and labs can face up to $10,000 in penalties per day for failure to report, or misrepresentation or omission in reporting applicable information.
  Pages: 1 - 2 - 3 >>


You Must Be Logged In To Post A Comment

Increase Your
Brand Awareness
Auctions + Private Sales
Get The
Best Price
Buy Equipment/Parts
Find The
Lowest Price
Daily News
Read The
Latest News
Browse All
DOTmed Users
Ethics on DOTmed
View Our
Ethics Program
Gold Parts Vendor Program
Receive PH
Gold Service Dealer Program
Receive RFP/PS
Healthcare Providers
See all
HCP Tools
A Job
Parts Hunter +EasyPay
Get Parts
Recently Certified
View Recently
Certified Users
Recently Rated
View Recently
Certified Users
Rental Central
Rent Equipment
For Less
Sell Equipment/Parts
Get The
Most Money
Service Technicians Forum
Find Help
And Advice
Simple RFP
Get Equipment
Virtual Trade Show
Find Service
For Equipment
Access and use of this site is subject to the terms and conditions of our LEGAL NOTICE & PRIVACY NOTICE
Property of and Proprietary to DOTmed.com, Inc. Copyright ©2001-2019 DOTmed.com, Inc.