Blog
Remembering COVID: Healthcare CFOs Say They’ll Continue to Spend on Technology and Automation Despite the Pandemic
March 17, 2025
Editor’s Note: On May 11, 2023, the World Health Organization officially declared the end of the global COVID-19 Public Health Emergency. While much of the world has moved forward, healthcare professionals - particularly those in laboratory information systems (LIS systems) and pathology lab management - must continue to reflect on the lessons learned to strengthen preparedness for future infectious disease threats.
Learn More: End of the Federal COVID-19 Public Health Emergency (PHE) Declaration
At LigoLab, supporting our laboratory partners throughout the pandemic remained a top priority. We adapted to their evolving needs, delivering innovative medical LIS software solutions to help them navigate unprecedented challenges. Our collaboration ensured resilience during the crisis, from optimizing laboratory workflow management to enhancing patient and provider safety.
Learn More: The Four Most Important Things to Consider When Modernizing a Laboratory
A defining aspect of this journey was capturing our partners' resilience on the front lines in real-time. As we honor their dedication, we look back at a pivotal moment from July 1, 2021 - examining COVID-19’s impact and the future of pathology LIS systems technology.
Despite Financial Strains, Healthcare CFOs Still Prioritize Tech and Automation
Deep declines in volume and revenue collection brought on by COVID-19 are forcing healthcare CFOs to cut or defer spending, however, the results of a recent Black Book Research poll published in Healthcare Finance News revealed that even with the deep cuts, most don’t plan to reduce spending in the areas of technology and automation.
Read the Article: Healthcare CFOs Look to Technology and Automation for COVID-19 Recovery
According to the poll results, 88 percent of those surveyed said they would continue spending on technology and automation, citing the need for a digital transformation to ensure survival and position their businesses to thrive in the new normal post-pandemic.
From the laboratory perspective, shrinking margins and complex payer requirements were already major threats even before the negative impact of COVID-19 with lab leaders looking for an alternative approach to laboratory revenue cycle management (lab RCM, lab billing). The coronavirus has since magnified the need for innovative billing software for labs to navigate these uncertain times and come out even stronger than before the pandemic.
So, if the budget for diagnostic lab software technology and automation remains, what laboratory billing solutions should laboratory CFOs pursue?
Learn More: Six Reasons Why You Should Choose an Integrated Laboratory Billing Solution for Your Medical Lab
Unlock Your Lab’s Revenue Potential with a Fully Integrated Medical LIS & Lab RCM Platform
At LigoLab, we believe the industry is undergoing a much-needed paradigm shift, and the key to unlocking your lab’s full revenue potential lies in a fully integrated medical LIS & lab RCM informatics platform. This seamless pathology lab management solution provides end-to-end coverage, ensuring the lab billing/RCM cycle begins when the order is received.
The traditional back-end lab RCM process with siloed systems for medical LIS and laboratory billing workflow leads to inconsistent data, high denial rates, costly reworking of claims, and sizable write-offs.
Compare that frustrating scenario with the maximum efficiency, real-time patient and insurance data verification, clean claim validation, and laboratory insights that come with fully integrated medical laboratory solutions on one shared informatics platform, and you can see why this new RCM cycle/LIS model is taking hold.
The thought of undergoing a laboratory information system software/laboratory billing upgrade during an economic slowdown can be hard to comprehend, but, in reality, medical labs should always make time for lab innovation.
Remember those lab information system bottlenecks that caused headaches pre-pandemic? They won’t magically go away.
With a new mindset and a new lab RCM/LIS model for collections that connects all clinical lab workflow, labs can gain insights into all departments and processes, minimize the effects of COVID-19, and prepare to hit the ground running post-pandemic.
Learn More: Understanding the Real Costs of Non-Integrated RCM Systems
Make Lab Revenue Cycle Management Your Priority
Operating a successful laboratory is challenging enough without being hindered by outdated and disconnected laboratory billing systems and processes.
As noted earlier, in-house lab billing has been viewed for a long time as merely a backend RCM process initiated after services are rendered. However, this outdated approach overlooks significant opportunities that become clear when a lab is open to adopting a more integrated and proactive strategy.
Integrating your LIS laboratory information system software with advanced lab revenue cycle management/laboratory billing solutions provides immediate access to advanced third-party RCM tools. This integration enables real-time capture and validation of essential billing information, including patient demographics, address verification, insurance discovery, and eligibility checks.
Seamless connectivity between healthcare LIS and lab RCM modules eliminates data silos, empowering laboratories and pathology groups to track procedures as they happen.
With combined modules and LigoLab’s advanced automation engine, integration creates a transparent environment ideal for precise coding and accurate revenue capture. Processes burdened by manual entry and error-prone activities become automated, beginning with precise pre-coding within the LIS system and seamlessly transitioning to the Billing Encounter entity in the lab RCM module.
Discover More: Maximizing Your Lab’s Profitability: The Case for In-House Lab Billing
At LigoLab, we've consistently advocated for this transformative shift within our industry. We’re encouraged to see more medical laboratories recognizing the substantial benefits of integrated LIS systems and laboratory billing solutions, prioritizing accurate and efficient lab billing from when lab orders are initiated.
Unfortunately, many laboratories are driven to change only by necessity.
As shrinking reimbursements, escalating labor costs, increasingly complex payer requirements, and tightening regulations significantly impact labs, they will eventually discard their traditional RCM cycle processes to remain viable businesses.
LigoLab Offers Advanced Laboratory Billing Solutions to Transform Clinical Lab Workflow
LigoLab's integrated laboratory billing solutions significantly improve clinical lab workflow by boosting revenue by 15-35 percent, achieving a 95 percent first-pass claim payment rate, and reducing manual labor by 30 percent.
This integrated approach enhances efficiency, profitability, and compliance, offering substantial advantages over traditional standalone laboratory revenue cycle management systems.
Learn More Today by Contacting a LigoLab Product Specialist!
