Focusing on RCM for future financial success
Lab leaders not only need to have a firm handle on revenue, but also need the tools to be able to identify when the lab is being chronically under-reimbursed. Having this understanding – and the data to back it up – supports the pursuit of additional collections, as well as payor contract renegotiation. With an advanced level of data and automation, labs will no longer lose out on revenue. Having a robust RCM system allows labs to better track key performance indicators such as profitability by payor, profitability by provider, and other management data that are necessary to strategically manage the business.
A lab’s financial success and valuation is all about top line revenue, profitability and minimizing risk. RCM is the key for labs to unlock valuation success.
About the author: Vicki DiFrancesco is the chief strategy officer for XIFINBack to HCB News
