Business Intelligence Reporting Measures Profitability and Growth
Whether you work for a commercial lab or a hospital-based laboratory outreach program, many of the challenges you face today are also shared in common with your peers. One of these challenges is to produce reporting that monitors key performance indicators in multiple areas.
Financial Analytic Reporting
Tracking expected versus actual reimbursement by payor can help uncover potential payor errors that can improve your bottom line. RCM’s Financial Analytic Reporting offers tools that can help you monitor your billing and collections efforts.
These tools provide operational transparency and accountability for commercial labs and hospital-based laboratory outreach programs and give them the ability to examine the efficiency of their billing and collection services. These tools include the following features and functionality:
- Financial summary by charges, payments, contractuals, and adjustments
- Aging by financial class and payor
- True reimbursement tracking at the test level that examines payments, underpayments, zero payments, and denials
With RCM’s Financial Analytic Reporting, modeling of potential utilization is available to assist with contract negotiations when working with capitated and managed care contracts.
Laboratory Outreach Analytic Reporting
The ability to look at a laboratory's operation through many different views—and with many levels of granularity—is an important method for managing your outreach laboratory business. RCM’s Laboratory Outreach Analytic Reporting offers reporting tools to help monitor growth and profitability. These tools include the following functionality:
- Profitability by physician, physician office, physician specialty, and nursing home
- Revenue monitoring by market/sales area, courier route, and laboratory department breakout
- Monitoring of tests by ordering patterns, reimbursement, and laboratory department breakdown
- Reviews of individual ordering physician volume and payor mix breakdown used to determine if low-/high-margin tests and major payor groups are being routed to your lab
