Each year NC TECH recognizes North Carolina-based companies for their innovation, excellence and...
How To: Driving RCM and Operational Workflows in Pathology Practices and Laboratories
In our modern world, where data has become a ubiquitous resource, the importance of leveraging integrated insights for effective decision-making cannot be overstated. This is especially true in the healthcare industry, and even more so for pathology, a medical specialty that analyzes, monitors, and evaluates copious amounts of data daily. ImagineSoftware and Quinsite have partnered to offer a comprehensive approach to healthcare revenue cycle and business analytics management. By integrating Quinsite’s Comprehensive Healthcare Analytics Platform™ directly with ImagineSoftware’s autonomous billing platform, pathology (and all healthcare) leaders can leverage both systems to operate with a bird’s eye view, driving growth strategies and data-driven business decisions.
Helping combat a variety of challenges, such as key developments in laboratory legal, regulatory and compliance requirements to the supply-demand gap for skilled pathologists, laboratory administrators are looking to automation and business intelligence for support. During a joint webinar, Quinsite’s Chief Executive Officer and Co-founder, Jeff Maze, shared how data can be used to drive decisions and improve operational efficiency. Healthcare providers, especially within the pathology industry, often face challenges when it comes to the collection and processing of payments. As pointed out by Jeff, an astonishing 11% of the time, providers do not receive payment for their services. As this number is growing, it is estimated that the global market for direct-to-consumer lab services will double in the next two years, growing to $2.4 billion annually by 2025. This might sound alarming, but it is a reality that many healthcare industries are facing.
This is where ImagineSoftware’s automation and artificial intelligence technology comes into play, completely automating the pathology billing process. From new legislation, changing compliance requirements, and ever-evolving volumes, Imagine’s billing platform automatically processes claims and posts payments – including individual test billing. Leveraging accurate RCM data empowers pathology administrators to focus on more complex billing cases and harness better data from which informed business decisions are made.
In addition to payment collection, Jeff also explores the possibilities that data presents when it comes to patient demographics and location. With the aid of external data sets, like census data, healthcare providers can gain insights into where their patients are located and where potential patient populations reside. This data can guide strategic decisions, such as where to locate new practices/laboratories or which services to offer. The idea is to align services with demographic trends and patient needs, thereby optimizing operations and improving patient satisfaction.
“You guys are busy, right? Your data is everywhere. There's lots of demands on your time. Let's harness the power of data,” states Jeff Maze, Chief Executive Officer and Co-founder of Quinsite.
But how do healthcare providers start harnessing this power of data? ImagineSoftware and Quinsite’s solution is a seamless integration. By integrating ImagineSoftware’s autonomous, AI-drive billing platform with Quinsite’s near real-time dashboards and reports, pathology professionals not only have access to their revenue cycle analytics, but better understand and act on them. Instead of spending time manually hunting down information from different systems, pathology practices and laboratories can have all the information they need at their fingertips. This approach is made possible with integrated insights from multiple data sources and holistic visibility across your entire practice.
“Let's start implementing and integrating innovative technologies. And let's put those in your hands so that your valuable time is used taking action on insights rather than hunting them down across a dozen different systems. Start driving more impactful decision making.” states Jeff Maze, Chief Executive Officer and Co-founder of Quinsite.
The power of data in pathology goes far beyond just billing and payment collection. It presents opportunities for operational efficiency, strategic decision-making, and improved patient care. The key is to harness this power effectively, which requires the integration of data sources and a focus on actionable insights.
Request a Demo and learn more about ImagineSoftware and Quinsite.