What is Actionable Business Intelligence?
First, ask yourself how many times you have been given charge and reimbursement data fresh out of the billing system and said; “So what?” When you look at data from Laboratory Billing Solutions (LBS) Dashboards, we don’t want you to ask that question. LBS wants each of our clients to have business intelligence that they can quickly interpret and act upon.
The LBS 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. Too often, we studied labs that lack the fundamental information needed to evaluate the value of their payor and client relationships. In today’s ever changing and more challenging healthcare environment, it is more important than ever to understand how you are being paid, by whom you are being paid, and where cash is being left on the table. The LBS dashboards leverage Date of Service based reporting so that lab directors and management can quickly understand these complex relationships and act on 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.
To learn more about how Laboratory Billing Solutions can provide your lab with the actionable business intelligence required to make material improvements in your operating performance, contact us 603-766-8230 or fill out our information request form.