The Power of Analytical Frameworks & Data in Laboratory and Pathology Practices

Any discussion about converting data into valuable assets begins with understanding the significance of usable information. In the realm of laboratory and pathology practices, raw data generated by information systems often appear chaotic and indecipherable. Terms like current procedural terminology (CPT) codes, diagnostic (Dx) codes, payers, and American National Standards Institute (ANSI) code rejections can seem perplexing. 

But the truth is, without analytical frameworks, this data lacks meaning. It’s similar to looking through a microscope without focusing the lens or obtaining an automated clinical test result without a numerical value. 

Analytical Frameworks Unveil the True Value of Data

Data holds the potential to become actionable information when analyzed and structured within digestible segments. Applying analytical frameworks paves the way for valuable insights and informed decision-making. However, the value of information expands significantly when contextualized within the surrounding factors and their impact on its meaning and applicability.

Unlocking Revenue Cycle Management Insights

Consider the concept of “backing up” into a laboratory or pathology practice. By integrating reportable revenue cycle management (RCM) information with laboratory processes, it’s possible to align tests with revenue and expenses, fostering a comprehensive understanding of profitability. 

Overlooked rejection reasons can also highlight process issues upstream in labs, practices, hospitals, or surgery centers, hindering clean claims. When RCM information is properly developed and utilized with an open mindset, it can profoundly impact operations and profitability.

Seeking Reliable Sources of Information

Identifying the right sources of information that create a strong framework is crucial to take actionable steps from any data. Traditional “billing reports” often fall short, offering disconnected and unhelpful bits of information that fail to draw meaningful conclusions. The presence of indigestible data elements in these reports can perpetuate confusion rather than clarity. That’s why exploring alternative sources of sophisticated information and moving beyond outdated data is imperative.

The Potential of Artificial Intelligence

Artificial intelligence (AI) stands as a powerful tool for harnessing the potential of data analysis. However, approaching AI implementation with caution is essential to avoid empty promises and seek tangible results. AI can offer unparalleled depth and breadth of perspectives, offering actionable insights, conclusive findings, and answers to long-standing challenges.

Leveraging AI for RCM

Integrating AI technology with a robust accounts receivable (A/R) process, enriched with fundamental follow-up procedures and comprehensive claims adjudication, is the key to success. The focus shifts toward the probability of payment, guided by AI software. By adopting a holistic approach that considers hundreds or even thousands of claims, AI tools can identify patterns and issues within or across multiple payers. 

Augmenting AI with Traditional Tools

While AI presents an innovative solution, traditional tools still play a critical role in RCM. Augmenting AI software with targeted tools, such as the Accounts Receivable Aging Report (ATB) and advanced Appeals Tracking software, ensures you can identify and resolve every account at every level. This synergy optimizes results and enhances the efficiency of the A/R process.

Coronis Ai4AR: Generating Tangible Results

Coronis Health’s Ai4AR revolutionizes A/R tasks in laboratories and pathology practices, leading to increased cash generation for clients. The results speak for themselves:

• More cash, more quickly
• Increased efficiency
• Reduced A/R task costs
• Improved success rates, enhancing staff and client satisfaction
• Streamlined process management upstream

At its core, applying AI is not solely reliant on software solutions. The key lies in integrating software with time-tested processes and expert knowledge, driving enhanced cash realization.

Data without Framework Means Nothing

Data without analytical frameworks lack meaning and fall short of delivering actionable insights. Adopting robust analytical frameworks for laboratories and pathology practices unlocks the true value of data, leading to improved profitability and operational efficiency. By harnessing the potential of AI and integrating it with traditional tools and expertise, practices can navigate the complex landscape of RCM, paving the way for increased success and cash realization.

Schedule a complimentary financial health checkup today to find out how Coronis Health can transform data into revenue for your laboratory or pathology practice.

from
https://www.coronishealth.com/blog/the-power-of-analytical-frameworks-data-in-laboratory-and-pathology-practices/