Changing Perspectives

Regulation changes continue to arise – sometimes evoking apprehension from fear of what the impact will be and the uncertainty of how you’ll remain profitable. This forces laboratories to realign their perspectives with new realities on a regular basis.

How is your laboratory strategizing to meet these changes? Common sense tactics include finding the right way and the right tool to be more efficient in your revenue cycle, thereby reducing costs. When you’re properly equipped, change loses its ominous tone and becomes opportunity.

Driving Profitability

Improving profitability starts with being able to measure profitability and having the ability to automate routine tasks wherever you can. Using the right tools to measure profitability allows you to know if your efforts at change are being effective. Steps should involve process review, establishment of metrics, implementation of change and measurement of the impact over time. In the end, positive collections improvement and efficiency gains require willingness to change and real-time analytics to support your goals.

There are many areas on which to focus.

  • Productivity metrics to maximize your efforts for resource allocation and setting employee performance expectations.
  • Reduction of claim denials to improve your cash flow.
  • Understanding your reimbursement strategies for appealed claims – know what works and when you should increase efforts.
  • Evaluate payer remittance trends to affirm you are being paid according to contract.
  • Improving patient collections.
  • Sales analytics to know which business relationships are profitable.

Pick one strategy at a time, follow the plan and measure the outcome against your metrics. Once you have the process defined, move to the next area and repeat. Make this your routine and keep repeating the process to fine tune and maximize your outcomes.

The TELCOR Solution

TELCOR customers have a solution. We have always stayed in front of regulatory changes and provided tools that adapt to change. Staying profitable requires a cutting-edge solution to improve efficiency, reduce costs and improve collections. Our version releases continuously enhance the solution helping customers meet these demands and reach their goals; allowing them to embrace continuous change and become better for it.

All areas of your revenue cycle benefit from rules-based automation. Streamlining workflow through routine billing task automation lets your team focus on areas that require their attention. Establishing performance expectations and measuring staff productivity provides you the knowledge necessary to appropriately staff work areas and know each team members’ performance.

TELCOR RCM gives you the tools to drive collections. Unparalleled visibility to all your Accounts Receivable with the tools to collect for the work you’ve performed drives positive collections’ efforts. With more patient liability, automating prompt-pay discounts, leveraging payment plan options and providing easy access with online portals for patients to receive and pay their bills, positions your lab to improve collections without adding resources.

Our solution has all the analytics you’ll need to know your profitability and support your efforts to improve. Driven by your needs and provided within the RCM solution, you’ll have your reporting scheduled for delivery when and how you need it. From productivity through profitability analysis, make proactive decisions with real-time reporting. Place your business ahead of the curve and make change an opportunity.

TELCOR RCM is your solution. Ask us today how we can help power your profitability.

Kurt Matthes, vice president, RCM reengineering and service, has more than 25 years of experience in laboratory systems. Since joining TELCOR in 2007, he has performed various responsibilities including implementation, service and sales support working with TELCOR customers to help ensure success.