Account Management, Financial Analysis and Reporting

Let our staff of professional lab billing experts at Coronis Health provide you with a detailed assessment of your laboratory’s billing functions. We are highly experienced at analyzing and identifying revenue cycle problems. Our assessments are customized to the needs of the client and their particular situation at the time, but can include:

• Review of in-house compliance programs and CPT coding 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 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 CPT coding, 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.

What We Offer

Reporting & Analytics

We know how important it is that our clients have proper financial reports and analytics so that they can make the best business decisions. Coronis provides outstanding and comprehensive analytical data back to the client in various ways. Clients have complete access to Coronis Health’s systems for complete control and all patient financial data, transactions, notes, and reports are available to clients at all times.

Reports

Coronis Health provides clients with system reports which cover all aspects of billing and accounts receivable management. These reports can be run by the client or may be requested from Coronis. We can also arrange to have end-of-month reports sent automatically to the client electronically, eliminating the need for the client to access the system.

PBI Analytics

Coronis Health provides clients with our industry-leading Precision Business Intelligence (PBI) analytics system. This is an interactive reporting and analytics tool which provides incredible insight into your data. Data can be viewed in a number of ways and can be filtered and sorted accordingly. Additionally, reports can be exported (ie. to excel). Coronis Health analytics provides you with the detailed information you need to make the best business decisions to improve your bottom line.

Actionable Business Intelligence

Along with expert lab managers and billing professionals, Coronis Health wants each of our clients to have business intelligence that they can quickly interpret and act upon. That’s why we developed our Client Dashboards.

The Client 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 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.

Actionable Business Intelligence -> Laboratory Financial Dashboard

A Business Intelligence dashboard or BI dashboard is an information management tool that utilizes data visualization to display the status of key performance indicators (KPIs) to assess data points and other business metrics while generating actionable insights. In essence, a BI dashboard allows any business to employ a tech-driven approach to analyzing and visualizing data (e.g., charts and graphs on a single screen), providing users with a big picture of a situation it is assessing and managing.

BI dashboards avoid potential clutter from complex sets of information by organizing data cohesively. Data representation tools allow you to produce various visualization instruments that let you interpret data and transform them into insights that provide your laboratory with unrivaled value. Specifically, these are the benefits of using a BI dashboard:

• Multiple data visualization possibilities make data more understandable and useful
• Business analytics metrics and number-intensive data become more comprehensive for everyone, whether a skilled analyst or not
• Better-informed decision-making and strategic planning 
• Ability to identify business trends, allowing you to address problems and capitalize on opportunities
• Increased efficiency through collaborative data analysis and information sharing
• Self-service BI applications provide company-wide access to data that is more mobile and agile compared to traditional data –all possible without the need for technical IT knowledge and skills
• Real-time access to data allows for more accuracy in planning, analysis, and reporting
• Flexibility that leads to increased productivity by gaining access to business data and insights from a multitude of devices, 24/7, regardless of your location

Financial Reporting for Labs

Automated financial reporting for labs streamlines processes for your team. You will no longer have to go through the tedious and time-consuming task of sifting through paper trails or multiple systems to retrieve or update financial statements. Instead, a software application will automatically pull data from the system/s for easy consolidation and generation of financial reports in a timely manner. Not only will automation free up plenty of time for your team, but you will 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.
• Reduced fraud – With automated processes and the quicker completion of reports, you are more likely to catch discrepancies and other issues sooner rather than later.

Payroll for Labs

Because payroll involves large amounts of data, the task not only is time-consuming but requires a lot of precision as well. An automated process, therefore, ensures a smoother accounting process by utilizing a computerized system to record all wage details, calculate deductions and benefits, and provide reports to tax authorities in an accurate, efficient, and timely manner.

Additional reasons to use payroll automation include:

• Timely and accurate payout – A manually-operated payroll system requires the need to calculate hourly wages and time clock data, making it a time-consuming process. An automated system enables easier and more efficient recording and calculation, resulting in a timely and error-proof payout.
• More accurate tax calculations and reporting – The preset tax rate codes automatically pull relevant data to perform the calculations. This not only ensures a timely payout but also reports the taxes accurately to the authorities. And since the automation system also helps you stay abreast of the latest tax regulations and amendments, you remain compliant and get to avoid fines and penalties.
• Better security – You can enhance the security of your data with an automated system. Data cannot be stolen or leaked, and you can employ specific security features to establish who can access what information.
• Easy data updates – Updating new employee information becomes hassle-free because payroll automation eliminates manual data entry for information such as wage details, tax status, deductions, and preferred payment options.
• Smooth payroll reconciliation – Since every step of automated payroll data is verified, payroll data is more accurate, and payroll reconciliation becomes a smoother process.
• Multiple reporting options – Payroll automation allows you to run various types of reports like payroll reconciliation reports, MIS reports, PT data reports, or customized salary registered reports. These reports can be scheduled and instantly accessed, so you don’t have to wait to run these reports.
• User-friendly – A robust automated payroll system allows users to navigate features without any hassles. The system can also be customized according to the lab’s needs.

Accounts Receivable for Labs

By going digital, you enable the streamlining of your accounts receivable which shortens long order-to-cash (OTC) cycles, maximizes your cash flow, helps you avoid compliance and security risks, and ultimately positions your lab as an industry leader.

Break free from old, manual accounting processes and switch to digital to enjoy the following benefits.

• Speed and Efficiency – A typical AR invoicing process takes 50 to 72 days per invoice. But with an automated system, invoices are immediately processed, validated, and archived to meet regulatory requirements which takes mere minutes for the system to complete.
• Increased cash flow and cost savings – AR automation streamlines the entire process, allowing you and your accounting department to focus more on other tasks, such as focusing on patient care, working on strategies to lower costs, decreasing debt, investing in innovation, and improving overall growth.
• Enables cash forecasting – BI dashboards, ad hoc reports, and other automated tools enable transparency throughout the AR process, allowing you to instantly access crucial data such as amount owed, payment due dates, and delivery status. This empowers you to perform cash forecasting that delivers valuable insights, as well as opportunities for improvement.
• Security and compliance – Automated accounts help you avoid data breaches, fraudulent invoicing, and phishing attacks, along with its associated financial losses.  

Your Lab Financial Consultant

Coronis Health is more than a billing company. We also provide consulting services to physicians and other healthcare practitioners looking to start a business, improve business operations, or develop strategies for enhanced business opportunities. Our a la carte consulting services allow us to act as your financial consultant, tackling your healthcare practice’s strategic business challenges and goals.

Coronis Health is a leader in providing tailored business solutions that positively affect the bottom line of forward-thinking integrated health systems, hospitals, a multitude of outpatient centers, laboratories, clinics, and physician practices across the nation. As technological innovators, we don’t just focus on the most advanced software and applications, but the most cutting-edge systems and processes too, enabling our healthcare partners to thrive and grow. We empower our partners to prosper by maximizing their revenue opportunities and facilitating focus on patient care. We achieve our goals by delivering world-class financial results via the best financial and digital infrastructures available today.