Coronis Health, Laboratory & Pathology
Laboratory RCM Process
An integrated RCM process is the only way to ensure your lab collects maximum reimbursement for services rendered.
Developing a fully integrated RCM system is essential for your laboratory to scale and maintain a competitive service advantage. From patient registration and satisfaction to doctors’ office experience and accessioning, laboratory medical billing is unique in that it plays a critical role throughout the entire RCM process — not just the payment portion.
At Coronis Health Laboratory & Pathology, we approach billing like you treat a pending lab test. We implement proprietary analytics from the beginning to identify and remove holes in the RCM process, maintaining complete transparency every step of the way.
From incomplete to inaccurate data, our advanced systems instantly address RCM problems. That way, we can find the most effective solution right away. This process allows for tremendous scale, accuracy, and effective problem-solving to reduce RCM roadblocks and maximize lab collections.
Challenges With Lab Revenue Cycle Management
Since 2016, claim denials have crept up by as much as 23%. What makes many of these cases frustrating is how many denials can be directly attributed to human error. The wrong CPT code, spelling errors, or a single piece of missing information on one form are often grounds for a claims denial.
Claim denials aren’t the only challenges for growing labs. Adjusting to new technology, integrating with laboratory information management systems (LIS), and staff turnover keep many labs from succeeding.
These challenges aren’t just headaches to fix; they disrupt your entire revenue cycle. While some large labs might have the cash-flow to weather these storms or adjust to the status quo, many facilities don’t. Rising A/R, lower net revenue, and low collection rates are telltale signs that your lab can benefit from a thorough evaluation of your RCM capability through outsourcing.
The Coronis Health Lab and Pathology has the unique qualifications to manage these lab billing challenges. When you partner with us, we not only get you paid quickly and efficiently but work with your lab to more aggressively pursue revenue opportunities that make a material difference to your bottom line.
Why Partner with Coronis for Laboratory RCM Services?
Coronis Health is more than just a medical billing company. When you partner with our team, your success is our success. Laboratory billing and RCM are our only business. We hire top lab billing specialists and invest in the latest technology to keep your revenue cycle running efficiently so we can collect every last dollar for your lab.
- Advanced laboratory analytics platforms
- Our complete laboratory analytics system offers benchmarks assessments, profitability analysis, collection opportunity and threat analysis, and so much more.
- Lab industry knowledge
- Many of our billing experts are former lab professionals.
- Proprietary technology
- Our RCM Clarity™ seamlessly integrates laboratory LIS systems with our laboratory billing software systems.
- Dynamic service offerings
- We never follow a one-size-fits approach with our clients.
- We always create an individualized transition plan to ensure you don’t lose revenue when onboarding.
- Our trial period lasts up to 30 days to make sure our services are a good fit for your lab.
- National billing experience
- Coronis Health Laboratory & Pathology manages billing and RCM in all U.S. states. We’re well-versed on the various regulations and compliance rules in each state, so you never have to worry about changing billing and coding procedures.
- Multi-specialty expertise
Questions About Lab Revenue Cycle Management? Contact Us Today!
Are you interested in seeing how Coronis Health can maximize revenue for your laboratory? We find missing revenue in 95% of our financial health audits. Schedule a free financial health checkup with our expert laboratory medical billing team today to find out how we can collect more revenue for your lab.