The Power of Laboratory Billing Analytics

Many revenue cycle software solutions provide some analytics. However, not every solution offers the same depth and breadth of data to give laboratory executives the power to make sound business decisions affecting lab profitability. With dozens of billing software solutions available, it is important to understand the advantages of choosing a lab billing software that offers comprehensive analytics about your lab’s revenue cycle.

Advantages of a Powerful, Modern Lab Billing Software Solution

TELCOR revenue cycle management solutions—whether our customer-managed SaaS solution or our billing service—offer several features and functionality which set us apart from other laboratory billing vendors.

With TELCOR RCM, you will have confidence in your analyses with complete access to your revenue cycle data and real-time intelligence directly from our billing software solution.

 “One of the biggest ways that TELCOR protects our investment is the monitoring, the analytics.”

Goldie Mandella, Interpath Laboratory, Inc.

The ability to monitor cash and drill down to the underlying data is critical when making smart business decisions. As a Microsoft partner, TELCOR RCM is built on a powerful and familiar framework making it easy to manipulate data to understand every aspect of your AR. This information helps determine where cash is not being collected such as with denials, underpayments, or other areas causing slow or no receipts. With TELCOR RCM, there is no need to run multiple reports to close gaps in data.

Our proprietary Decision Support infrastructure displays business analytics in a pivot grid making it easy to select, drill-down, view, and share performance indicators. All management reporting including AR reports, productivity metrics, profitability, and financial reporting can be scheduled for automatic distribution to your email in a PDF, Excel, or CSV file at whatever frequency meets your management needs.

By client, procedure, payer, sales representative, and more, you can easily analyze:

TELCOR RCM analyzes payer reimbursement data to identify discrepancies and ensure payers meet contractual obligations. This provides valuable insights for executives to understand which payers significantly impact business profitability.

  • Analyze claim quantities and averages of expected, billed, allowed, paid, and adjustments per payer.
  • Review specific revenue cycle procedures to determine if payers are meeting contractual obligations.
  • Proactively determine which payers have the greatest impact on your business profitability.

Understanding sales trends is crucial for maximizing profitability and driving growth. Analyzing sales trends with TELCOR RCM allows for informed decision-making, strategic adjustments, and optimized resource allocation, ensuring laboratories can adapt to market changes and sustain their success.

  • Review client sales by revenue or payments.
  • Assess each client’s profitability.
  • Analyze sales production by region, territory, sales representative, and more.

With more patient responsibility, more elaborate payer requirements, and increased billing complexity, maximizing revenue by streamlining the appeals process is paramount to the success of every laboratory.

  • Monitor turnaround time and expected reimbursement of claim denials.
  • Analyze advice codes and denial trends.
  • Analyze success of appeals.
  • Utilize dynamic workqueues to strategize how to target the hard-to-collect dollars.

Being able to access historical data, view current statuses, and identify future trends are critical in understanding the entire revenue cycle. Identifying slow-paying clients or unprofitable contracts gives you the power to better manage cash flow. At any moment in time, TELCOR RCM can provide this information without sacrificing performance.

  • View real-time gross and net AR.
  • View historical AR.
  • Analyze AR aging by Post Date, Service Date, Submitted Date, and Invoice Date.

Setting performance targets helps drive revenue collection. Billing data can be used to assess how well staff are performing. Using TELCOR RCM, you can identify quantifiable ways to measure employee productivity.

  • Measure user productivity based on more than 1,700 tracked system and user events such as correcting errors and resolving denials.
  • Assign productivity units to events to compare the relative work contribution of each employee.
  • Compare team-to-team productivity.

Customer Success Stories

Conclusion

Because technology changes quickly, it is critical to know what information is important to your lab and identify the best solution to access that data. An older solution might be like riding a bicycle—it gets you from point A to point B, but it’s slow and requires a lot of manual labor. The right solution gives you the right data, at the right time—giving you the analytics to power your lab’s profitability.

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