Coronis Health, Laboratory & Pathology
Focused Accounts Receivable Process
Accounts Receivable (A/R) Management is a vital component of any healthcare provider’s overall financial health. Billing teams often feel buried under a never ending avalanche of claims. Take back the time you’ve invested in unworkable claims and focus your efforts on only those that are truly actionable. Our software captures, isolates, and prioritizes claims to close your high risk, high dollar claims and omit claims that are in process or uncollectible for a clean and clear AR balance.
How Our Focused Accounts Receivable Process Helps Your Laboratory
At Coronis Health, our revolutionary technology allows us to mitigate the most common AR challenges and, most importantly, ensure every claim is sufficiently worked.
Specifically, we get claims processed quickly and we prevent denials, unnecessary write-offs, and bad debt by:
- Identifies trends by payers, providers, locations, CPT/diagnosis data and more…
- Redefines “actionable claims”; actionability is no longer just based on the age or the dollar amount of a claim
- Predictive analytics identify claim balances before they occur. Know where your A/R is headed, not just where it was.
- Rapidly identifies claims that require follow-up and assign the specific AR problem to either system routines or dedicated AR Specialists.
- Triage low or no success claims for more elevated problem solving or collaboration with your lab to improve resolution.
- Quickly understand where and why you aren’t getting paid… No mystery balances on the AR that aren’t readily quantified.
- No claim is ever “lost in the stacks.” Coronis’ technology and processes provide the utmost accountability to ensure timely and effective follow-up.
Coronis Health also cultivates a healthy and efficient collection culture by:
Feeding business intelligence and analytics systems
- Coronis is a data driven company. Team members, managers, and executives leverage the data with the best analysis available to accurately quantify opportunities, problems, and outcomes. We don’t simply say the AR has improved at Coronis, we tell you exactly how much and why.
- Know and see that every claim is being worked as effectively as possible.
The Common Challenges Laboratories Face With The Accounts Receivable Process
Accounts receivable, without a doubt, is one of the most demanding functions in any healthcare facility. Without the proper skill, knowledge, and defined system of operations, the accounts receivable process can result in a few challenges, which can significantly impact your cash flow:
Insurance Claim Denials
One of the most common AR problems is insurance claim denials. Collecting payments from insurance providers can be a very complicated process, especially when they deny insurance claims for a myriad of reasons, ranging from claims not being filed on time, coding errors, or services provided being deemed as unnecessary. Whatever the reason for the denial, outstanding payments and not appealing denied claims are lost opportunities that will negatively affect your cash flow.
Write-offs, no matter how inconsequential they seem, will accumulate and affect your bottom line. No matter the reason for the write-offs, your facility may be writing-off money that could have been recovered with a more efficient AR management system. For instance, most patients – if given the opportunity – would be willing to work with you to reduce their balance. Allowing all these unpaid charges to simply fall through the cracks is like flushing money down the drain.
More than a quarter of the healthcare industry’s revenue is the responsibility of the patient. Higher deductibles and the rising cost of healthcare have increased the financial burden on patients, making it more difficult for medical facilities to collect due payments. This often results in unwanted write-offs, rising bad debt, and loss of revenue.
Healthcare professionals do their jobs to help patients, not to collect money from them. And while you are equipped to provide excellent patient care, collecting payments may not be your cup of tea. However, getting paid is crucial to maintaining a successful facility and providing quality care to patients. Failure to manage a sound collection culture can impact your cash flow too.
We Offer Free Financial Checkups for Your Laboratory or Pathology Practice
If your facility is overwhelmed with issues associated with increasing expenses and a shrinking bottom line, you must consider shifting these pressing problems to a dedicated team of industry experts who are singularly focused on managing your organization’s AR and revenue cycle management functions.
With over 100 years of combined experience in various niches, including laboratory and pathology centers of all sizes, Coronis Health offers our clients tailored medical billing services and high-touch relationships you won’t find at a “big box” medical billing company – because we know that billed services and accounts receivable are your most important financial assets.
We understand that A/R must be safeguarded, tightly managed, and carefully maintained. And by bringing together the best of the best in medical billing, Coronis Health can help you with collections management, allowing you to maintain financial independence and focus on what matters most. Let us help you increase your patient collections and eliminate the time-consuming task of following up. Contact Coronis Health and request your free financial check-up today.