Myndshft understands that revenue cycle management is different for diagnostics labs.
You often receive orders and specimens at the same time, so you have to submit claims before you’ve even verified eligibility. You can’t rework all the claims that get denied because there are just too many. And you’re expected to somehow stay on top of all the fluctuating payer rules. Add to that the surge of prior authorization requests that now land on your desk and it’s easy to see how so many claims get written off as bad debt.
Throwing more personnel at the problem isn’t the answer. Instead, Myndshft enables diagnostics labs to automate the time-wasting, error-prone manual tasks that currently complicate billing and lead to unnecessary write-offs and bad debt.
You collect more revenue, faster, without all the effort. Even better, Myndshft integrates with EHR, HIS, LIMs and RCM systems, so you don’t have to make any changes to your workflow or systems.
Specialty pharmacies have special challenges. Like distinct handling and administration requirements. Specific patient monitoring needs. More complicated therapies and higher priced prescription drugs.
These requirements introduce more revenue cycle management complications than traditional pharmacies experience. Prior authorizations are much more common and denial rates tend to be higher.
As a result, the revenue cycle workflow often becomes interrupted, requiring a lot of manual intervention. And that delays prescriptions from being dispensed for patients with chronic, rare or complex conditions.
Myndshft enables specialty pharmacies to accelerate care by automating the time-wasting, error-prone manual tasks that currently slow the prior authorization process. We enable you to reduce your referral response time by over 90% so that you win more business.
Molecular and genomics labs are pioneering innovative tests that can more accurately predict and prevent a variety of health conditions. But since many of these tests are new, there is no consensus by payers about the clinical validity of each screening. As a result, each payer has a different policy, and molecular and genomics providers are left to navigate them all.
Keeping the rules and policies straight for thousands of different payers isn’t something that you can memorize or jot down on a sticky note. And cutting and pasting them into a spreadsheet won’t work either since the rules are always changing and your spreadsheet can’t automatically share data with your other systems.
With our built-in rules engine and direct connections to 93% of U.S. covered lives, Myndshft enables molecular and genomics labs to verify patient eligibility, financial responsibility, and the need for priority authorization — in real-time, at the point of service. We then automatically submit and monitor the status of prior authorizations. More claims get approved on the first submission and you collect more revenue.
Infusion therapy is one of the fastest growing segments of specialty pharmacy, especially in treating chronic conditions and aging populations. But despite growing adoption, infusion providers struggle to keep pace with complex reimbursement rules and constantly changing prior authorization requirements that negatively impact speed to therapy and revenue integrity.
With Myndshft, infusion providers can directly connect with over 700 payers and seamlessly integrate real-time medical and pharmacy benefits data into their existing workflows — improving clean claim rates, boosting revenue, accelerating patient turnaround times, and improving collections in a value-based care environment.