Reduce Revenue Cycle Risk for Clinical Labs & Med Device Companies

Complete and correct patient contact information is critical to avoid revenue cycle and HIPAA violation risk

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Labs and medical device companies achieve financial success and valuation by improving top line revenue, profitability, and minimizing risk. With the number of individuals turning to high-deductible health plans rising, the risk of not achieving revenue goals increases. In 2017, it’s reported that high-deductible plan patients accounted for 30% of hospital revenue – increasing the amount of bad debt. This same trend is expected to carry over to other ancillary healthcare organizations like clinical labs and medical device companies.

medical device companies

Increased patient payment responsibility makes revenue cycle management strategies more important than ever. Getting invoices into the hands of the right patient is a must. Mistakes not only leave revenue on the table but they leave labs open to HIPAA violation risk. Labs and medical device companies need the ability to maintain and protect patient information which is in a much greater state of flux than most realize. 

Protecting the patient’s confidentiality is of paramount importance, clinical labs and medical device companies are obligated to ensure the patient’s privacy as well as to deliver the bill to the correct individual. 

By downloading our white paper, you can learn how your business can take steps to avoid HIPAA violation risks by keeping patient contact information current and accurate.

Case Study

Butler Health System Tackles the Patient Identity Matching Challenge with LexID®

Patient Identity Intelligence Infographic Thumbnail
Infographic

Mismatched Patient Records Cost More Than Lost Revenue

Video

LexisNexis Risk Solutions Identity Verification and Authentication Now Available to Health Systems using Epic to Validate Users Accessing the MyChart® Patient Portal

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