Many revenue cycle software solutions provide some type of 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 options available, it is important to understand your options.
Advantages of a Powerful, Modern Billing Software Solution
Laboratory executives need accurate, accessible data and they need it now. Having real-time access means now, not tomorrow. The data needs to make sense for the situation being analyzed—not a static report in which the data may not answer the question needing to be solved.
TELCOR solutions offer many advantages. Working with labs of all types and sizes, we have found lab executives appreciate the ability to:
- Monitor receivables in real-time. Executives need to know the exact status of their AR at any moment in time. Having accurate and timely payment information helps provide a more complete picture of a company’s overall health. Identifying slow-paying clients or unprofitable contracts gives you the power to better manage cash flow. TELCOR RCM is truly real-time and dynamic. Status on claims, payments denials, and appeals are immediately visible.
- Easily manipulate data. When you need the right information, right now you don’t want to wait on IT or other resources to run reports for you. Many executives want to slice and dice numbers to analyze in different ways—by payer, client, or patient, or to understand sales trends, productivity, and more. 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.
- Make sound business decisions. The ability to monitor cash and drill down to the underlying data is critical when making sound business TELCOR RCM is built in layers. By simply clicking on fields, further detail is available. 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.
Tools to Improve Collections
TELCOR revenue cycle management solutions— whether our customer-managed SaaS solution or our billing service—offer several tools setting us apart from other laboratory billing vendors.
- Expected reimbursement. Along with reviewing volume, payer mix and much more, executives can review provided services and make business decisions as to if those services are providing a positive
- Profitability analysis. Executives also often have to export data from disparate systems and create multiple reports to determine profitability. Once costs and pricing are loaded into TELCOR RCM, lab profitability can be determined.
- Strongest collection tools. With more patient responsibility, more complex payer requirements and overall billing complexity, TELCOR RCM is the most flexible solution. Collecting on the last 15-25% of collections is easier with the right visibility. In addition to our patient and client portals, prompt-pay discount option and advanced claim appeals management tools, TELCOR RCM uses dynamic workqueues. These workqueues make it easy to build a strategy on how to target the hard-to-collect dollars
- AR monitoring. Being able to access historical data, current status and identify future trends are critical in understanding the entire revenue cycle. TELCOR RCM provides this information immediately and without sacrificing performance.
Laboratory analytics are key to profitability. 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. Learn more about TELCOR billing solutions.