LigoLab’s Lab RCM Module Features an Automated A/R Payer Projection Tool

LOS ANGELES, CA – LigoLab, a developer of innovative and comprehensive laboratory LIS systems (laboratory information systems) for medical laboratories, has designed its lab revenue cycle management (lab RCM) module to automatically monitor, project, and balance accounts receivable cash flow. With the simple click of a button, users of LigoLab’s laboratory billing software can access this A/R Payer Projection RCM tool to view seven-day future payment amounts, issue dates, posting dates, and more. 

Learn More: How Much is Your Outdated Laboratory Revenue Cycle Management Costing Your Lab?

“With ever-changing rules and increasingly more complex insurance regulations, medical lab executives need effective financial forecasting and cash flow planning,” said LigoLab CEO Suren Avunjian. “It’s more important than ever to have a firm grasp on who’s paying what, and when. Manual laboratory billing processes are outdated, take too much time, and create havoc for high-volume labs.”

LigoLab’s response to this important issue was to develop automated A/R payer projection functionality that accurately reconciles and balances A/R for clients without the headaches associated with manual laboratory billing processes.

LigoLab’s A/R payer projection tool works as a real-time interface that connects to the thousands of payer accounts electronically registered and enrolled for Electronic Funds Transfer (EFT). 

Learn More: What is an EFT Payment?

Through a comprehensive set of filters, LigoLab’s lab revenue cycle management module automatically tags corresponding issue dates and posting dates and then compiles them into a single, easy-to-view dashboard. With the simple click of a button, a process that once took hours, if not days, can now be completed instantly. The dashboard is updated continuously, so labs can improve their financial lab workflow and maximize accounting efficiencies. 

Learn More: Understanding the Importance of Real-Time Analytics in the Modern Clinical Laboratory

“Our in-house laboratory billing specialists have extensive, hands-on laboratory and billing department experience,” added LigoLab Billing Manager Farzad Abdi. “We know how cumbersome and inefficient manual A/R reconciliation and balancing can be. This payer projection tool saves time, provides certainty, and improves financial forecasting, all of which ultimately increase revenue and profit for our clients.” 

Learn More: Maximizing Your Lab’s Profitability: The Case for In-House Lab Billing

The A/R payer projection feature is the latest example of how LigoLab’s pathology software equips its laboratory LIS system and laboratory billing clients with the keys needed to truly unlock their operational and revenue potential. 

LigoLab’s fully integrated medical LIS and lab billing platform unifies laboratory ecosystems and improves conflict resolution through extensive clean claim scrubbing, powerful automation, and improved billing lab workflow. Unlike the traditional (and outdated) two-system model, the innovative platform unites the medical LIS and lab RCM modules into one transparent, accessible, and fully informative single encounter data entity that produces clean claims paid on the first submission over 98 percent of the time. 

Learn More: Reduce Denials and Stop Revenue Leakage With Integrated Laboratory Billing Management

By leveraging the advantages that come with LigoLab’s fully integrated informatics platform, and its comprehensive audit trail, medical laboratories gain powerful LIS software solutions that ensure maximum revenue and profit while also improving compliance. On average, LigoLab’s fully integrated customers experience 30-to-50 percent improvement in productivity, and 25-to-35 percent improvement in patient, client, and payer net collections (adjusted for growth), when compared with previous non-integrated LIS system software and lab RCM solutions. 

White Paper: How Avero Diagnostics Leveraged LIS System and Lab RCM Integration to Grow its Business

Clinical laboratories and pathology groups have traditionally used standalone LIS laboratory information systems (LIS systems) for operations and laboratory revenue cycle management (lab RCM) systems for laboratory billing. However, this siloed approach to lab data has its drawbacks, namely high denial rates, revenue loss, and lab workflow inefficiencies. These drawbacks and current market pressures such as shrinking margins, staffing shortages, and increased patient financial responsibility, are causing laboratories to reconsider their approach to LIS medical and lab RCM processes to improve profitability and efficiency.

A LigoLab White Paper (linked below) explores the challenges of the traditional laboratory billing process and introduces a new integrated LIS system and lab RCM model. The traditional method begins lab billing after test reports are finalized, which was acceptable in more profitable times. Now, labs face increasing regulatory demands and reimbursement cuts, making it crucial to optimize the laboratory billing process.

The new approach involves starting lab billing at order creation using integrated RCM tools, enabling real-time patient and insurance verification, claim validation, and better operational insights. A fully integrated lab information system and lab RCM platform minimizes data inconsistencies and improves net collections by widely automating lab workflow, reducing manual labor, and enhancing data accuracy.

Avero Diagnostics is featured in a case study demonstrating the benefits of LIS and lab RCM integration. After switching to LigoLab's all-in-one pathology lab software platform, Avero saw significant improvements in efficiency, accuracy, and net collections. The integrated platform enabled real-time demographic checks, insurance discovery, and eligibility verification, eliminating redundant tasks and enhancing financial operations. This transformation led to a 31% increase in net collections and a 22% rise in submitted claims without added operating costs.

The paper emphasizes the need for a paradigm shift from outdated, siloed laboratory software systems to comprehensive, integrated LIS software solutions. Modern platforms like LigoLab's all-in-one platform allow labs to scale operations, reduce costs, improve patient satisfaction, and enhance competitiveness by leveraging automation, integration, and real-time data management.

CLICK HERE to Read the Full Avero Diagnostics White Paper

To learn more about LigoLab and how its enterprise pathology lab software can transform your laboratory into an information-driven, connected, and thriving business, CLICK HERE to start a conversation with a product specialist.

Digitally Transform Your Operations with LigoLab’s Medical LIS ‍and Laboratory Billing Software 

LigoLab is a leading provider of innovative end-to-end LIS healthcare and laboratory billing software for medical laboratories, servicing nearly 300 facilities nationwide. 

As a comprehensive enterprise-grade lab information system solution, the LigoLab LIS & RCM Laboratory Informatics Platform™ supports automated lab workflow for anatomic pathology (pathology LIS), clinical laboratory (healthcare LIS), molecular diagnostics (molecular LIS), in-house laboratory billing (lab RCM), and direct-to-consumer lab testing (TestDirectly and TestDirectly.com), all on one integrated informatics platform that removes barriers (like data silos) and ensures end-to-end data integrity while managing the full lifecycle of each processed case.

LigoLab’s forward-thinking and tech-savvy LIS software solutions enable medical laboratories to differentiate themselves in the marketplace, scale their operations, and become more profitable. 

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