Lab Revenue Cycle Management Services
Increase Lab Revenue While Saving Your Time for Improved Diagnostic Services
Solve in-house pitfalls and make your laboratory grow more profitable with improved optimized revenue cycle ops like patient registration, insurance verification, lab coding, medical billing and collection so you can focus on patient care.
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Most Comprehensive, Lab-Specific RCM Solutions
We specialize exclusively in laboratory revenue cycle management, making us the most comprehensive solution on the market. Our team of RCM experts has a deep understanding of the unique challenges faced by labs for boosted reimbursements. We streamline patient registration, confirm eligibility verification, ensure accurate claims submission and authorization, implement proper charge posting, manage follow-ups and payer contracts, excelling in lab billing and collections. With our end-to-end RCM solutions, labs can improve cash flow, reduce denials and days in A/R, increasing overall financial performance.
Why Outsource Lab RCM Operations
Delivering patient-centric diagnostic and other lab services is easier said than done for medical laboratories. That’s why, growth-oriented labs outsource revenue cycle management to scale their ops according to their bigger healthcare vision.
Incomparable Lab RCM Expertise
When you partner with us for your laboratory's RCM needs, our experienced medical billing professionals offer a deep understanding of the complexities of the revenue cycle within the lab industry, reducing errors and increasing reimbursements.
No Extra Laboratory Overheads
Outsourcing your lab RCM functions saves you the costly investments in staff training, software, and infrastructure. By leveraging our economies of scale and advanced tech, you can save on resources while also improving collections and decreasing overheads.
Improved Workflow Efficiency
Our optimized RCM workflows and expert handling of insurance follow-up help you process your lab claims faster while also reducing claim denial rates. We as your outsourced RCM provider drive efficiency, compliance, and profitability for your lab.
Get Up To 31% Lab Revenue Boost in the Next 12 Months (Case Study)
In-House Lab Billing
LBS Lab RCM Solutions
Proven Outcome
Charges (on average)
In-House Lab Billing
$143,537
LBS Lab RCM Solutions
$143,537
Gross Collection Rate (GCR)
In-House Lab Billing
$60,285 (42%)
LBS Lab RCM Solutions
$78,945 (55%)
Proven Outcome
13%
Increase in Gross Collection Rate
Increase in Gross Collection Rate
Billing Costs
In-House Lab Billing
$6,000
LBS Lab RCM Solutions
$4,000
Proven Outcome
$2,000
Decrease in monthly cost of RCM service
Decrease in monthly cost of RCM service
$203,822
Yearly Net Benefit
(monthly gross collection for 12 months)
(monthly gross collection for 12 months)
≈ 31%
Overall lab collection increase
Disclaimer
The outcome for your laboratory may vary depending on factors like size of the lab, type of lab services offered, payer mix, market conditions, and more.
Seal Cracks in Your Lab Revenue Cycle
We help you identify opportunities to manage and increase revenue without even doing any agreement with us!
All you need is to connect with us, and we’ll do a detailed RCM audit for absolutely nothing!
All you need is to connect with us, and we’ll do a detailed RCM audit for absolutely nothing!
Why Only Us for End-to-End Lab RCM Solutions
We equip your laboratory with advanced reporting, superior functionality, strong security, and dedicated patient satisfaction, starting from your lab’s credentialing to getting you paid.
Real-time Communication
Clear communication is the key to successful revenue cycle management. We ensure that our lab RCM specialists, your patients, and insurers are on the same page.
Multi-Location, Lab-Specific Support
Manage and grow a multi-location laboratory without sacrificing organizational excellence with our 24/7 lab-specialized RCM support available for everyone involved.
Faster Lab Reimbursement
Expedite your lab reimbursement process with our special service features like claim scrubbing and automatic secondary claim submissions for phenomenal finances.
Foolproof Lab Billing
Our lab RCM specialists keep up with the recent medical lab billing trends and are well versed in implementing the best practices to ensure error-free laboratory billing.
Net Collection Rate
0
%
First Pass Rate
0
%
Unbilled Claims
0
%
Revenue Increase
0
%
Partner With the Leading Lab-Specialized Revenue Cycle Management Company
Average Third-Party RCM Company
VS
We As Your Lab-Specific RCM Partner
Constantly delayed payments or insurance reimbursements, leading to cash flow issues.
Lack of transparency about the status of claims and payments.
Inefficient handling of denied claims, resulting in lost revenue.
Unclear communication and follow-up with patients.
Insufficient data analytics to optimize revenue cycle performance.
We As Your Lab-Specific RCM Partner
Ensure timely and accurate processing of claims and reimbursements for consistent cash flow.
Transparent reporting for easy tracking and monitoring.
Proactive denial management, reducing denied claims.
Effective patient communication and engagement strategies.
Continuous improvement and optimization of revenue cycle ops.
Manage Your Lab Revenue Cycle More Efficiently
We follow the best revenue cycle management practices to ensure you get much higher than the industry’s standard benchmarks.
- Charge Lag Below 24 Hours
- 99% Clean Claims Ratio
- Slashed Denial Rate to 0%
- 99% Gross Collection Rate (GCR)
- Less Than 15 Days A/R Aging
- Zero Bad Debt for Labs
- Efficient Lab Workflows
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Offering the Best Lab Revenue Cycle Management Solutions in the USA
As the leading revenue partner of your laboratory, we ensure you consistently up your profitability. We’re paid for our cutting-edge RCM services only if you’re paid faster on time, always!
Detailed Insurance Verification
Our lab RCM experts go above and beyond standard checks when verifying insurance plans. We confirm not only traditional Medicare or Medicaid coverage but also verifies dual eligibility, additional TP coverage, and even out-of-state resident coverages.
Efficient Prior Authorization
The LBS revenue cycle system automates prior authorization from to following up on authorizations, ensuring all laboratory services meet required criteria before they’re performed. This reduces claim denials and expedites approval times and collections.
Streamlined Payment Posting
Automate your lab revenue cycle using pre-registered payment methods so you can discover patient payments, insurance checks from ERAs, and insurance payments in EOBs on-the-go. This improves payment efficiency and cuts down manual efforts.
Effective Lab A/R Management
Healthcare facilities lose almost 15% of their revenue because of improper accounts receivable management. We help reduce outstanding lab A/R balances, fine-tune workflows, and do the diligent follow-ups to ensure stable cash flows for your laboratory.
Error-Free Coding & Documentation
When optimizing revenue cycle for your laboratory, we ensure our medical laboratory coding solutions adhere to the latest regulations and standards. The results? You get accurate reimbursements on time while capturing important clinical information about patients.
Data-Driven Reporting & Analytics
Stay ahead of your financial game with our robust reporting and analytics dashboard. It offers critical insights into your lab revenue cycle performance, enabling data-based decisions that boost your lab profitability through opportunities for improvements.
Foolproof
Revenue Generating RCM Process
Our end-to-end revenue cycle management process always ends with laboratories getting paid fast, on time.
Henry William
US-based Lab Director
“After working with LBS’s lab RCM solutions, we have seen a significant boost in our revenue. Our gross collection rate has increased by an impressive 13%, resulting in a yearly net benefit of approximately 31%.”
Jacob Matthew
Lab Manager
“Their lab RCM expertise skyrocketed our net collections by 35%. Their in-depth coding knowledge minimized denials by 21% and boosted revenue 29% year-over-year. The team at LBS is knowledgeable and easy to work with.”
Daniel Robert
Clinical Lab Specialist
“A/R issues vanished with LBS! Their team slashed days by 50%, and their 99% clean claim rate maximized lab revenue by 41% increase. Now, our staff prioritizes diagnostic services, and not paperwork anymore.”
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And just remember that this is not the first time we’ll be communicating!
We always keep our clients in loop so they know the value we bring to their laboratory.
Remember that this is not the first time we’ll communicate with you.
Remember that this is not the first time we’ll communicate with you.
FAQs for Lab Revenue Cycle Management
What is laboratory RCM?
Laboratory revenue cycle management (RCM) refers to managing and improving the financial aspects of your lab, from scheduling patient appointments and verifying insurance to submitting claims and collecting payments. LBS can streamline these processes to ensure you receive timely reimbursements for your lab services.
What are the benefits of RCM services?
LBS’s RCM services can significantly improve your lab’s financial performance. Through clear billing statements and online payment options, we can help you experience faster revenue growth, fewer claim denials, and improved patient satisfaction. Our lab RCM solutions can free up your staff’s time and reduce administrative burdens.
Will LBS's lab RCM integrate with my existing lab software?
Yes! LBS’s RCM solutions are designed to seamlessly integrate with most existing lab software and electronic health record systems, ensuring efficient data exchange and smooth workflow throughout the lab revenue cycle.
Can your lab billing RCM solutions benefits labs of all sizes?
Yes, we offer scalable and highly customizable RCM solutions specifically designed to meet the unique needs of labs, regardless of size or specialty. Our team of certified lab coders and billers can tailor our services to fit your lab’s specific requirements.
How can LBS's lab RCM services help my lab reduces costs?
LBS’s revenue cycle management helps optimize your lab’s revenue cycle operations, reducing costs, including billing staff overheads. We can save you valuable time and resources by automating tasks, minimizing errors, and maximizing efficiency.
