Understanding the key statistics that impact laboratory revenue cycle management (RCM) is essential for optimizing operations and ensuring financial stability.
40K–80K deaths occur annually from preventable diagnostic errors
Our recommendation: Enhance diagnostic accuracy and efficiency by implementing comprehensive RCM solutions and advanced diagnostic tools.
70% of medical decisions depend on laboratory test results
Our recommendation: Ensure the accuracy and efficiency of testing processes by employing advanced laboratory management solutions.
Denied claims for inheritable genetic disorders increased 70% since prior authorization program implementation
Our recommendation: Streamline pre-authorization workflows and utilize advanced denial management strategies.
10–30% of lab claims are denied or rejected the first time they are submitted
Our recommendation: Implement robust claim submission processes and leverage advanced denial management solutions.
Molecular claim denials average 27% and are among the highest denial rates across all lab segments
Our recommendation: Adopt comprehensive pre-authorization protocols and employ specialized RCM solutions.
Medicare cuts of up to 15% for ~ 800 laboratory services expected in 2025
Our recommendation: Optimize RCM processes with an end-to-end solution and explore alternative revenue streams.
Would you like an in-depth explanation of our recommendations? Request an assessment today.
