PRESS RELEASE
THE DARK REPORT
21806 Briarcliff Dr.
Spicewood, TX 78669
512-264-7103 o
512-264-0969 f
FOR IMMEDIATE RELEASE
Media Contact: Chris Garcia
chris@darkreport.com
AUSTIN, Texas (May 1, 2019) – The Dark Report and DARK Daily, leading sources of exclusive business intelligence for the laboratory and pathology industries—in partnership with Quadax, an Ohio-based firm specializing in revenue-cycle optimization—have released a FREE special edition White Paper that explores the effective new ways for clinical labs and pathology groups to reverse the trend of uncompensated care and uncollected revenue in this era of higher patient requirements and reimbursement pressures.
This White Paper, entitled “Patient Access Antidote: Retaining More Revenue with Front-End Solutions,” covers common trends having an impact on revenue cycle management, best patient access practices, recommended strategies that labs and pathology groups can employ to take a proactive approach to their collection practices—and why it’s so important for the process to begin upfront.
As discussed in the White Paper, because patients are increasingly becoming the new payers, not only as a result of the drive toward consumer-driven healthcare, but also because of the trend of rising health insurance deductibles—efficient patient access management is now viewed as critical to reversing the resulting trend of uncompensated care, and to meeting the lab’s revenue cycle objectives.
“As patients take on more risk and assume more of their own healthcare costs, and as registration errors, authorization and medical necessity continue to contribute to a large percentage of claim denials, lab leaders need to examine new patient access technologies and modernize their collection practices,” said Walt Williams, Director of Revenue Optimization and Strategy for Quadax, during his Master Class presentation this week at 2019 Executive War College
in New Orleans. “In order to continue to profitably provide quality care, and to meet revenue cycle objectives, it’s crucial for labs to get a handle on plummeting accounts receivable.”
Just one example of the best practices covered in this White Paper is that labs must provide consumers a clear explanation of their financial policies—along with a detailed, reliable estimate of their out-of-pocket expenses—as early in the revenue cycle as possible. Additional highlights from the paper include:
- Reversing the problem of uncollected revenue and eliminating wasted time and resources on ineffective back-end collection efforts
- Maximizing patient access early in the revenue cycle to preempt unnecessary denials, payment delays, and uncollected balances
- Trends in rising consumer healthcare costs and patient collection issues
- Determining patient responsibility and factoring in prior-authorization and medical necessity
- Identifying patients’ financial clearance or propensity to pay and incorporating collections best practices into the patient’s lab experience
- Steps to complete at the time of the patient’s or referring physician’s first contact with the lab
The overall goal of the White Paper is to provide useful insights regarding front-end patient access management and equip clinical laboratories and pathology groups with the expert tools and solutions they need to optimize their cash flow and successfully meet key revenue cycle objectives.
Clinical laboratory and pathology professionals can download this exclusive FREE White Paper, “Patient Access Antidote: Retaining More Revenue with Front-End Solutions,” by clicking here. For additional information about the White Paper, The Dark Report, or DARK Daily, contact Chris Garcia at 512-264-7103. For information about Quadax, visit https://www.quadax.com.
About THE DARK REPORT
Established in 1995, The Dark Report is the leading source of exclusive business intelligence for laboratory CEOs, COOs, CFOs, Pathologists and Senior industry executives. It is widely-read by leaders in laboratory medicine and diagnostics. The Dark Report produces the famous Executive War College on Laboratory and Pathology Management every spring.
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