Maximizing Revenue and Efficiency
Clinical laboratories face numerous financial challenges, including increased oversight, audits, rising operating costs, and falling reimbursement rates. In a highly competitive market with client turnover, it's crucial for labs to tighten their documentation and billing processes to recover costs effectively. The impact of the Protecting Access to Medicare Act (PAMA) in 2014 and subsequent payment rate changes in 2018 were initial shocks for many labs. However, with additional restrictions, reporting requirements, and upcoming PAMA payment cuts, labs are preparing for the full impact. Small and medium labs, in particular, may struggle to make a profit and face difficulties in obtaining insurance contracts and receiving appropriate reimbursement. Narrowing insurance payments and challenges in collecting patient payments further exacerbate the situation.