Calculating Return on Investment in your Laboratory

What is an ROI? And how does it affect your laboratory?

It's a performance measure which ASPYRA continues to excel in. It is used to evaluate the efficiency of an investment or to compare the efficiency of a number of different investments. To calculate ROI, the benefit (return) of an investment is divided by the cost of the investment; the result is expressed as a percentage or a ratio. The return on investment formula is as follows:

ROI = (Gain from Investment - Cost of Investment)/Cost of Investment

Recapturing Revenue with CyberLAB®
Users should expect to see immediate return in additional revenue that stems from reducing the number of write-offs due to improper diagnosis coding. CyberLAB screens ICD-9 codes, testing frequency and experimental procedures during order entry and will flag all potential reimbursement issues. If a problem is identified, CyberLAB will generate an ABN (advance beneficiary notice) and assign the appropriate modifiers if the ABN is signed or not.

CyberLAB’s rules-based technology, which you establish, will determine whether to add or suppress billing/CPT codes to reflect the testing performed and then automatically drops the bill into the patient’s account via the billing interface.

Missing Money
A key area where revenue can be realized is in missed billing.  Many laboratories lose additional revenue by add on tests due to inefficient paper processes for charge entry. Due to insurance company contracts, tests can be routed to the wrong lab, and that reimbursement is lost. CyberLAB’s built in rules-based technology flags these errors for review.

Eliminating Errors with CyberLAB
For many Health care organizations, there is a lot of potential revenue tied up due to improper diagnosis codes and other billing errors that result in denied claims. With the CyberLAB, many of these errors can be identified during order entry, and these delays can be reduced and even eliminated.

Billing Interface
CyberLAB offers a billing interface that will drop clean laboratory charges directly into the EMR or billing system which reduces errors by eliminating the need to hand-key charges and ensures that complete charge information is captured.

Contact ASPYRA, LLC and let's have a dialog on how we can help.

800-437-9000 ext. 8671 or email value@aspyra.com