As a lab, you are probably processing specimens for which you know you will not get payment in return. It’s part of the cost of doing business and a challenge that small- and mid-sized labs everywhere are facing. With shrinking reimbursements and increasing hurdles for the specimens that do get paid, this is a challenge that prevents labs from growing as they could and accomplishing their goals.
Clinical Lab Optimization Specialists
LabSynapse creates a seamless, uniform workflow to route all specimens to an in-network laboratory. When a doctor is placing an order for lab services, LabSynapse will display a notification if the patient’s insurance is not in-network with the primary lab. It will list other laboratories that are a match for the patient’s insurance, and the doctor can simply choose from one of the available matches. All of the specimens that were being run with low likelihood of reimbursement can be routed to an in-network lab with one click of a button.
Example use case
DemoLabs processes 10,000 specimens per month and 2,000 of those are unlikely to be reimbursed due to out-of-network payers.
With LabSynapse, those 2,000 specimens are now offloaded to a laboratory that is a better match for the patient’s insurance and can offer the needed testing. DemoLabs is alleviated of the cost associated with processing all those specimens that are unlikely to get paid.
Additionally, DemoLabs will get some orders coming in that are a good match for them, based on the patient’s insurance. These are brand new orders for them, ones that they would never have received without being part of LabSynapse. Now, DemoLabs processes 9,500 specimens per month and is highly likely to be paid for services rendered on all 9,500. They are running 500 fewer specimens and still gain some cost savings, but now are also getting paid for 1,500 more specimens. The revenue from every paid specimen gained via LabSynapse goes straight to the bottom line!