MESA, Ariz., July 10, 2019 /PRNewswire/ — Myndshft, a healthcare technology company that automates and simplifies administrative processes, today released a research report that reveals the most significant revenue cycle management (RCM) challenges for leaders of diagnostics lab companies.
To download the research report, “Diagnostics Lab Executives Reveal Their Biggest Revenue Cycle Management Challenges,” click here.
Revenue cycle departments at diagnostics labs face unique issues when it comes to managing increasingly complex prior authorization, eligibility and benefits verification, and patient financial responsibility requirements. Addressing these distinct challenges with legacy technology and redundant manual processes has proven to be a chronic source of costly administrative inefficiencies and poor reimbursement, as well as a flashpoint for payer-provider abrasion and increasing patient frustration.
A complex system
The Myndshft research report leverages first-hand, in-depth interviews with revenue cycle professionals from across a spectrum of lab services types. These include large national diagnostics labs with a broad portfolio of services, as well as more specialized labs focused on oncology, radiology and genomics. The research findings present a comprehensive view of RCM executives’ most significant and vexing pain points, which include:
- Limited visibility to patients prior to service
- Claim denials and increasing prior authorization requests
- Bad debt driven by high accession volumes
- Billing complexity
- Technology and personnel challenges
“It’s a complex system. Even if you have a revenue cycle and billing healthcare background, training and proficiency take at least six months to get fully acclimated into the laboratory because it is different than working in any other healthcare system,” said the Director of Revenue Cycle for a national provider of diagnostic services.
Among other things, the interviews identified a desire by revenue cycle professionals for a technology solution that automates complex manual intake and revenue cycle processes, decreases back-end rework and speeds up the collections cycle. In addition, they shared the types of solutions that work and don’t work with existing workflows.
“We’re committed to providing revenue cycle executives with solutions that reduce the hassles and errors that currently plague the billing process at diagnostics labs. To accomplish that requires that we be good listeners,” said Ron Wince, CEO of Myndshft. “We commissioned this research to more intimately understand the challenges that RCM professionals face and to share some of the insights publicly in the spirit of transparency.”
About Myndshft Technologies, Inc.
Myndshft’s software-as-a-service automates and simplifies time-consuming healthcare administrative tasks associated with prior authorization, eligibility and benefits verification, and patient financial responsibility, freeing providers and payers to concentrate more fully on patient care again. Myndshft was founded in 2015, and works with leading providers, payers, and health information exchanges. For more information, visit myndshft.com.
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