Similar to dating, laboratories need to synchronize their objectives and motivations with payers to form effective partnerships.
As the healthcare reimbursement landscape undergoes continual changes, constantly reshaping itself with new policies, regulations, and technological advancements, improving market access becomes an indispensable strategy for laboratories that aim to thrive and achieve sustainable success. This requires understanding the evolving environment and adapting their market access strategies to remain competitive.
On October 9, we hosted a webinar with Abby Wright, the founder and CEO of PHAZE 4 Medical, and Tom Cronin, the Senior Vice President of Revenue Cycle Strategy and Analytics at Quadax. The session, aptly titled "The Market Access Dating Game," draws parallels between building relationships with payers and the dynamics of dating. Abby and Tom shared actionable insights and discussed strategies to improve market access and optimize reimbursement, all while navigating the unique challenges laboratories are facing in the health care environment today.
Just like in dating, laboratories must align goals and incentives with payers to establish successful partnerships. The process involves meeting payer expectations and overcoming barriers to secure ongoing engagements. Abby's broad experience in life sciences and market access strategy, along with Tom's proficiency in revenue cycle management, offers invaluable insights into overcoming the challenges laboratories encounter today.
In the first part, Abby and Tom discuss how to get the "date" with payers by aligning laboratory goals with payer requirements. They emphasize the importance of presenting clean claims and the role of a strong revenue cycle management partner in maintaining compliance and enhancing appeal success.
The second part focuses on transitioning from initial interactions to long-term commitments. Abby and Tom highlight the importance of nurturing relationships with payers, addressing their concerns with data-backed evidence, and maintaining transparency. They stress that understanding payer goals and consistently demonstrating value through claims and appeals are vital to sustaining these relationships.
Ultimately, the presentation underscores that market access is about more than just securing initial coverage—it's about building enduring partnerships that benefit both the laboratory and the payers. Equipped with actionable insights and strategies, lab professionals are ready to seize partnership opportunities and sustain them, ensuring long term success.
Watch the on-demand recording.
Quadax is proud to collaborate with our clients, viewing it as essential to achieving our goal of maximizing reimbursement and providing exceptional customer service. To discuss your revenue challenges with our reimbursement experts, schedule a strategy call here.
