The success of today’s healthcare providers comes down to one thing: actionable patient data. Given that laboratory data is estimated to comprise more than 80% of a patient’s health record, no other healthcare group has as much potential to deliver improvements through the power of actionable patient data than labs. Additionally, labs stand to demonstrate tremendous cost savings in the future—not by slashing testing costs, but by analyzing and creating a clear connection between the proactive use of appropriate testing and the improved management of patient populations resulting in successful outcomes.
To reach this pinnacle of lab value, you must first face PAMA. The Protecting Access to Medicare Act, or PAMA, is aimed at continuously monitoring payments for the growing mass of data produced by laboratories. Unfortunately, PAMA is one of the most taxing laws to ever be faced by independent labs.
Many labs simply are not prepared to meet the rigorous requirements imposed by this multi-year effort and, as a result, are likely to incur a fine of $10,000 per day for failing to produce the data mandated by the law.
In order to tackle PAMA head on, labs must take steps today that will drive increased revenue and improved efficiencies. While the task may feel daunting, powerful cloud technology solutions can integrate live data, automate performance reporting, and drive action to increase profitable revenue by facilitating proactive workflows.
Here are three proven strategies laboratories can use to prepare for PAMA:
- Maximize and Retain Revenue: To maximize revenue, organizations must improve collaboration, visibility, and communication between all lab departments. Clearly understanding high value payers, CPT codes, ordering provider accounts and provider reimbursement rates will enable your lab to create a value-driven culture with maximum transparency leading to success with your customer relationships.
- Monitor Live Lab Performance: Even without the demands of PAMA, laboratories are under pressure to improve quality and performance while reducing overall costs. In most cases, performance reports have been static spreadsheets that are outdated by the time stakeholders receive them.
- Capture New Revenue: Laboratories that capture new, profitable revenue through sales pipeline visibility and live analytics are best positioned to withstand the hard-hitting effects of PAMA. Prospects, opportunities, and leads should be tracked and monitored across reps and territories continuously. Managers and executives should use this data to understand where sales initiatives are succeeding and where strategies need to change.
In summary, improved laboratory performance and reduced manual efforts are key to surviving PAMA regulations. Through effective planning and execution with a leading cloud HRM partner, your lab will be positioned to thrive in the years to come. Healthcare relationship management solutions help laboratory teams get a step ahead of PAMA by knowing where to focus in order to maximize the value of each client relationship.