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Lucid Diagnostics
Case Study and Interview

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Lucid Diagnostics is a medical diagnostics company advancing groundbreaking technologies to revolutionize cancer prevention. Their innovative, non-invasive technologies are transforming the detection of esophageal precancer, empowering clinicians and enabling timely interventions.

BACKGROUND

Before partnering with Quadax, Lucid worked with two other revenue cycle management (RCM) companies. The previous RCM provider was chosen for its “perceived cost savings,” but ultimately led to increased costs and poor return on investment due to shortcomings in process management, data availability, and customer service. This prompted Lucid to seek a new partner. Lucid connected with Quadax and began a new collaboration and partnership in March 2023, going live in June of that year.

REASONS FOR CHANGE

Lucid’s main priorities in seeking a new RCM partner were twofold:

🔸Data & Analytics: The ability to understand in real-time what happens post-claim submission.

🔸Customer Service: Direct, accessible communication with the Client Engagement team and support staff.

SELECTION PROCESS

Lucid conducted thorough research and evaluation before choosing Quadax. A key factor was the potential cost savings. President and Chief Operating Officer Shaun O’Neil remarked, “We are a small company, so cost savings is always important. Quadax has experience with small companies like ours, particularly in unique situations such as launching proprietary sole-source tests with PLA codes.” He further explained, “This process isn’t just about general claim submission but also leveraging prior authorization and an efficient appeals process to provide medical justification.”

PREVIOUS CUSTOMER SERVICE CHALLENGES

Lucid’s experience with previous RCM companies was fraught with poor customer service. O’Neil recounted instances where basic inquiries, such as verifying the number of received claims, were met with insufficient responses and delays. "Even when we could reach someone, they were unresponsive to even the simplest requests. It was always a struggle, like pulling teeth to get any usable data,” O’Neil shared.

TRANSITION TO QUADAX

After a year of frustration with their previous RCM company, Lucid decided to switch to Quadax in March 2023. O’Neil noted that even a year later, in July 2024, Quadax is still picking up slack and addressing issues that were left by the former company. “Quadax embraced the partnership in tandem with us; working side-by-side and collaborating,” said O’Neil.

IMPLEMENTATION

Lucid had thoroughly researched potential RCM partners and understood that the transition wasn’t just about switching RCM providers —it was about rectifying the chaos left by their previous partner. Lucid was apprehensive about switching due to their previous experiences with uncertainty on how to manage the old claims that were not completed by the previous vendor. Upon deciding to move to Quadax in March 2023, Quadax took over the unresolved claims that had been submitted by the old provider, resubmitting them and running these in parallel with new submissions.

“We knew we were taking a risk by halting all at once with the old provider, but the Quadax team was committed to getting us up and running by mid-June, which was a very tight timeframe,” said O’Neil. “This commitment was critical to us to prevent any further backlog and to move the old claims through.”

The first phase focused on swiftly establishing regular operations with Quadax and training the Lucid team. Customer service was pivotal in addressing the current challenging situation, as there was an urgent need to implement quickly to resume claims and receipts processing due to the previous vendor’s shortcomings, which had halted revenue flow.

Quadax provided a dedicated Account Executive, streamlining communication and tightening processes to expedite claims and maximize reimbursement. The experienced implementation team adhered to a disciplined and well-defined process. This process included thorough planning, detailed documentation, onsite meetings with experts, and clear milestones, all of which contributed to successfully achieving the set goals.

The implementation process began with training the Lucid team. 

"We were welcomed with open arms in Cleveland at Quadax corporate, where our team received really important training from subject matter experts on the systems and gained access to comprehensive documentation. This was something we did not receive from our prior RCM providers." 

— Shaun O’Neil, President & Chief Operating Officer at Lucid Diagnostics —

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Intelligence by Quadax

Lucid is also leveraging Decision IQ by Quadax, an analytics and reporting tool accessible to the entire finance and executive team.

“I could not ask for much more in a tool, to be honest. It allows us to monitor our claims weekly and monthly and check our revenue streams with payers to ensure everything is running smoothly. It’s like an insurance policy, with checks and balances in place. If something goes wrong, whether in the lab with DNA or with claim submission, we can manage it more effectively. The robust Quadax front-end solutions and clear data access enable us to drive internal improvements,” said O’Neil.

RESULTS
(from Lucid’s Q3 2023 earnings release)

Upgraded RCM infrastructure showed sustained impact, driving:

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Advice from President and COO Shaun O’Neil of Lucid Diagnostics

"Having gone through this process three times, I can attest that Quadax consistently meets all these criteria.
For me, it's about building relationships and meticulous due diligence.”

🔹Ensure you conduct a thorough due diligence process.

🔹Understand your company's landscape and specific needs in RCM. 

🔹Interview multiple companies to find the best fit, focusing on customer support and data analytics.