Are You Using Analytics to Maximize Your Laboratory’s Reimbursement?

August 22, 2023 By: Quadax

Improve outcomes and take your revenue cycle to the next level using actionable analytics!

Laboratories are facing unprecedented challenges in today's healthcare landscape. As the industry grapples with labor shortages, it has become imperative for labs to optimize their operations efficiently and identify areas for improvement that can drive meaningful actions.

To help navigate these complexities and unlock hidden opportunities, our recent webinar, Maximizing Insurance Reimbursement with Advanced Analytics, explored innovative approaches and actionable strategies to maximize your lab's revenue cycle performance. Tom Cronin, Vice President of Client Services (Quadax) and Brean Bark, Vice President of Product Management (Quadax) broke down the challenges faced within laboratory reimbursement and how powerful analytics tools assist in identifying and executing solutions for areas of improvement.

Analytics Webinar for Labs Overview

“Analytics can drill into specific processes, but to be more impactful, they really should tie together the entire revenue cycle.” ~Tom Cronin

Key takeaways include:

  • Ability to gain deep insights into the complex payer environment and empower data-informed decisions.
  • Utilizing actionable analytics to avert reimbursement issues and fuel the capabilities of automation.
  • Explore strategies that use analytics to predict, prioritize and take corrective actions to maximize cash flow.
  • Combining reimbursement data with clinical data produces powerful analysis that will find opportunities for improvement within your revenue cycle process.

Whether you are a laboratory administrator, revenue cycle manager, or healthcare professional involved in laboratory operations, this webinar is designed to provide you with practical insights and actionable strategies to enhance your revenue cycle performance. Collaboratively, we can unleash your complete revenue capabilities using actionable analytics. “All of these analytics can help drive strategies and focus in on where there will be the most value, either by volume or by success rate, said Cronin.

“Quadax's Predictive Intelligence solution empowers clients with advanced metrics that steer decision-making and prioritize the processing of claims. This prioritization hinges on gauging the likelihood of denials and foreseeing reimbursement results. The methodology is flexible and customized to suit the unique needs of individual clients. The tool elevates the accuracy of patient data, claims processing, and billing protocols. By fine-tuning workflows and enhancing staff productivity, it drives heightened efficiency, ultimately leading to increased revenue generation.” said Bark.

We understand the complex challenges faced by laboratories when it comes to navigating insurance reimbursement. Let's discuss the integration of analytics into your laboratory's revenue cycle to improve your outcomes. Contact one of our reimbursement experts here.

To view the recorded webinar, click here. 

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