Low collections are often attributed to two major challenges: flawed software that limits collections potential, and difficulties in finding skilled professionals or competent billing services. Addressing these barriers requires a strategic approach tailored to the unique needs of your laboratory.

For years, technology has lagged behind the growing complexities imposed by payers. Billing teams remain reliant on manual processes and outdated tools to manage prior authorizations, missing information, denials, and appeals. Deciding on the right software is critical but can be overwhelming. Should you opt for a cost-effective practice management system that may lack specialized functionality? Should you invest heavily in a robust solution with long-term ROI potential? Or should you consider an “out-of-the-box” solution that meets current needs but may lack scalability as your lab grows or regulations evolve?

Simultaneously, building a high-performing billing team has become increasingly difficult. The pandemic reshaped workforce dynamics and finding experienced revenue cycle professionals can feel like an uphill battle. While outsourcing billing operations to another country might seem like a quick fix, this approach often introduces new risks, including potential compliance challenges, data security concerns, and diminished control over operations. To succeed, leaders must adopt innovative approaches to recruitment—prioritizing skills, adaptability, and cultural fit over traditional criteria. This is equally crucial when vetting external billing services.

In this session, we’ll explore how to align your laboratory’s reimbursement strategy with the right technology and talent to maximize collections and streamline operations.

Key Takeaways:

• Strategically assess your lab’s billing needs to identify software solutions that meet operational, financial, and regulatory demands.
• Compare software options of practice management systems, enterprise solutions, and customizable platforms—to find the best fit for your organization’s maturity and growth trajectory.
• Reimagine workforce strategies by evaluating innovative recruitment practices and selecting billing partners who align with your lab’s goals.
• Understand the risks of offshore outsourcing and why keeping billing operations local ensures compliance, security, and greater operational control.