November 2021 - Top Stories:
1. Full Focus: Utilizing AI and Cloud Technology to Boost Your RCM
Thanks to Federal HIPAA law, every medical claim and remittance advice in the US is stored in the same common format, including your claims and remits that you exchange with Insurance Payers. However, without the proper tools it can be burdensome and time consuming to extract meaningful insight from this data. To address this issue, Lighthouse Lab Services has created RCM Spotlight, an analytical solution that allows you to use data you already own to gain business insight and improve your revenue cycle management without additional human labor.
Read on in this month's Lab Insighter and sign up for our Nov. 30 webinar below to gain a better understanding of how this technology can help you track and manage payer performance, reimbursement levels, policy changes, volume changes, unadjudicated claims, and more.
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1. Trending Issue: Roadblocks When Billing for Genetic and Molecular Testing
Billing for molecular and genetic testing has traditionally been a challenge due to a variety of billing and reimbursement guidelines. There are several roadblocks that a lab can face when seeking reimbursement, but which one is the worst offender?
Recently, we polled more than 130 lab owners on this topic, with "unclear reimbursement guidelines" drawing the most responses. Are any of these obstacles giving you a headache? Let us help. We’d love to help you maximize your lab’s reimbursement.
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2. Lighthouse Unveils RCM Spotlight to Track Payer Performance, Enhance Revenue
Lighthouse Lab Services, the nation’s leading laboratory consulting firm, today unveiled RCM Spotlight, a cloud-based software that utilizes artificial intelligence (AI) to provide business insight and improve revenue cycle management (RCM) without additional human labor. Designed and developed by Vitali Khvatkov, Chief Information Officer for Lighthouse, RCM Spotlight connects to billing data and establishes service in minutes with no installation required.
By using a copy of the standard claim and remit data labs already exchange with their payers, RCM Spotlight analyzes data using its proprietary AI engine to compare reimbursement and denial results across payers and similar providers.
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3. Tips for Thriving in a Hybrid Work Model
Whether they primarily work from home, at a co-working space, or split time in both areas, Lighthouse employees have the ability to work with their supervisor and Human Resources to come up with a plan that allows them to be most effective in their positions.
With that in mind, here are some tips and tricks to working within a flexible workplace. No matter which type of work environment you choose, they each come with their own pros, as well as challenges that you may want to consider ahead of discussing what might work best for you.
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Recently, while attending the Executive War College in New Orleans, Lighthouse President of RCM Consulting Mick Raich attempted drill down on the current state of the anatomic pathology workflow and diagnose some of the issues impacting staffing. As part of that effort, he interviewed Tara Luellen, Vice President of Lab Director Services for Lighthouse. He also listened in on an overview of the pathology market by Rich Cornell, President of Sante Consulting.
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“We are seeing an all-time high of open Pathologist positions, while training programs are turning out fewer graduates and fellows each year,” Luellen said. “Demand is exceeding supply. Employers, labs, and hospitals need to pull out all the stops to attract top-level talent in today’s market.”
-- Tara Luellen, VP of Lab Director Services, Lighthouse Lab Services
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The following article examines:
- Factors creating the workforce shortage.
- An overview of open positions across the country.
- Revenue factors that may be exacerbating these issues.
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UPCOMING CONFERENCES WE'RE ATTENDING |
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1. Diagnostic Coverage and Reimbursement Conference
Hosted by Q1 Productions.
2. National Conference on Addiction Disorders East
Hosted by the North American Center for Continuing Medical Education.
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This email is brought to you as a service from Lighthouse Lab Services to provide quality and timely information that can improve your laboratory operations. We strive to maintain our position as the country’s premiere lab consulting firm and support your success. |
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The Lab Insighter is a monthly publication for Lab Owners and Decision Makers.
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Contact us at:
(919) 443-6553
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