Coronis Health, Laboratory & Pathology
Laboratory Analytics
Analytics shouldn't stop you from efficiently running your lab. Let us take care of the analytics, while you leverage the data to make informed decisions about your day-to-day operations.
As laboratories continue to grapple with high-volume, low-dollar testing, high staff turnover, and evolving COVID-19 guidance, it’s now more important than ever to implement data analytics that allows your lab to run as efficiently as possible.
Billing systems generate massive amounts of data in an increasingly complex reimbursement and regulatory environment. Coronis Lab’s analytics cut through the noise to bring valuable business information to make informed decisions and monitor performance.
Why Coronis Laboratory and Pathology?
A lab’s business is in analytics — providing high-quality test results and reports to providers. Your billing company should share the same passion – high-quality revenue information about your laboratory.
Coronis Lab’s analytics are focused on key lab metrics and needs — not general RCM data.
Complete Lab Analytics
- Benchmark Assessments
- Actual vs. Theoretical Collections
- Collections Forecasting
- Collection Opportunity and Threat Analysis
- Client Profitability Analysis
- Payer and PSC Profitability
- Enhanced Claim Flow and Status Reports
- Sales Performance Analytics
- Intuitive Accessibility
- No need for a team of data analysts to monitor metrics
- Data Accessibility
- Access your data anywhere — mobile, desktop, tablet — at any time
Coronis Health Dashboards
The Coronis Health Dashboards were developed by our industry experts in concert with outside advisors to provide lab management with a framework and key indicators for evaluating and improving performance. In today’s ever-changing and increasingly challenging healthcare environment, it is more important than ever to understand how you are being paid, by whom, and where cash is being left on the table. The Coronis Health Dashboards leverage Date of Service based reporting so that lab directors and management can quickly understand these complex relationships and act on financially lucrative opportunities.
Each dashboard highlights a different area of the business where the lab could improve billing outcomes or take actions to increase collections. In addition to the standard month-end reporting dashboard, there are dashboards that look at the client, payor, edit, sales, and patient payment performance. However, the summary dashboards are only the starting point to examine trends and define possible initiatives. Each dashboard can be immediately broken down and/or trended by a vast number of parameters including; Financial Class, Payor, CPT Code, Specialty, Client, etc. to permit lab leadership to fully understand what specific levers should be addressed.
Financial Health Assessments
- Review of in-house compliance programs for laboratory procedures
- Detailed analysis of the laboratory’s billing and collection history to pinpoint areas of opportunities for performance improvement
- Operational reviews of billing functions to determine the appropriateness of systems and resources to perform activities
- Analysis of revenue loss from medical necessity with recommended changes to follow-up procedures to ensure greater compliance
- Examination of fee schedules, provider arrangements, and recommended changes to address situations where claims are denied or inadequately paid
- Review of internal processes with recommendations for streamlining patient registration, the pursuit of missing information, and the collection effort
We are confident that our detailed assessment and follow-up recommendations will translate into major cost savings and revenue recovery opportunities for your laboratory.
Automated Financial Reporting
Coronis’ automated financial reporting for labs streamlines processes for your team and brings you actionable analysis at your fingertips. You no longer have to go through the tedious and time-consuming task of updating databases and models to get effective information from your billing system. Instead, Coronis automatically pulls data from the system/s for easy consolidation and generation of financial reports in an accurate and timely manner. Not only does automation free up plenty of time for your team, but you will also reap additional benefits, such as:
- Faster approvals – Financial reports will need some type of approval and without automation, the process can be delayed when just a single person overlooks the task of reviewing a document and sending it to the next person assigned. Automation keeps the process on track and prevents hurdles from occurring, hastening the report’s approval time.
- Data accuracy – There’s always a margin for error when it comes to manually managing data. Automation tools give you the confidence and peace of mind that the data is accurate.
- Increased efficiency – Shifting from manual to automatic will streamline and speed up your processes. The slow execution of manual data entry, data retrieval, data consolidation, and approvals become things of the past.
- Enables audit trails – Because real-time data is organized efficiently, it is easy to review older payments or reports to help monitor discrepancies that may arise in the future.
- 100% transparency – Streamlined data systems give you a clearer picture of your financials. Every time you pull data and run reports, you easily recognize patterns and trends, empowering you to make better-informed decisions for your business.
With proprietary technology, experienced lab billing professionals, and state-of-the-art laboratory analytics, Coronis Health will lower your AR and optimize your reimbursement.
To find out how our billing specialists can improve your cash flow, schedule a free financial health checkup today. We find missing revenue in 95% of cases and are confident we can fix any holes in your revenue cycle.