How can you improve efficiency in the laboratory services revenue cycle?

2 Streamline specimen collection

Specimen collection is the step where the laboratory obtains the samples from the patients or the providers. This step requires careful attention to the specimen identification, labeling, handling, and transport. To improve efficiency, you can use barcodes or radiofrequency identification (RFID) tags to label the specimens and track their location and status. You can also use standardized protocols and checklists to ensure the quality and integrity of the specimens and avoid contamination or misidentification.

3 Enhance testing and reporting

Testing and reporting are the steps where the laboratory performs the analysis and delivers the results to the providers and the patients. These steps require high accuracy, speed, and reliability. To improve efficiency, you can use advanced technology and equipment to automate and optimize the testing process and reduce turnaround time. You can also use digital platforms and interfaces to communicate and share the results securely and promptly with the authorized parties.

4 Optimize coding and billing

Coding and billing are the steps where the laboratory assigns the appropriate codes and charges for the services rendered and prepares the claims for reimbursement. These steps require compliance with the coding guidelines and payer policies and regulations. To improve efficiency, you can use a coding software or a coding service that integrates with your LIS and your billing system. This way, you can ensure accurate and consistent coding, reduce claim rejections and denials, and expedite claim submission and processing.

5 Monitor and improve performance

The last step in the laboratory services revenue cycle is to monitor and improve the performance of the cycle and identify the areas of improvement and opportunity. This step requires regular measurement and analysis of the key performance indicators (KPIs), such as days in accounts receivable (DAR), net collection rate (NCR), denial rate (DR), and cost per test (CPT). To improve efficiency, you can use a dashboard or a report that displays and compares these KPIs and helps you evaluate the effectiveness and efficiency of your cycle and implement corrective actions and best practices.

By following these tips, you can improve efficiency in the laboratory services revenue cycle and increase your revenue, profitability, and customer satisfaction.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?