Analytics

Optimize Your Profitability

While business management provides the toolset for timely and informed decisions, the analytics and profitability assessment functions allow you to analyze business trends to proactively make business changes to optimize your profitability.

Analyze business trends to optimize your laboratory's profitability using the analytics and profitability assessment functions.

Analysis functions include the ability to analyze payer remittance per procedure, analyze how and what is being paid for services or analyze your client sales by revenue or payments. Additionally, you can assess each client’s profitability and determine which clients did not meet their performance objectives so you can follow up with what is happening before it may be too late. All analytics functions also include extensive searching, filtering, sorting and grouping of data with export to Excel®.

 

Analytics

Each analytic function allows users to select search and filter parameters to be applied prior to the data presentation so you can customize the analysis to meet your specific objectives.

Know if you are getting paid what you expect and the impact of each payer on your business. Analyze claim quantities and averages of expected, billed, allowed, paid and adjustments per payer, define procedures to determine if payers are meeting their contractual obligations and proactively determine which payers have the greatest impact on your business profitability.
Analyze each financial class by each GL category (e.g., revenue, payments, adjustments) for a selected time frame to determine how each financial class contributes to your business.
Account Procedure Analysis allows management to review procedure quantity, charges, payer payments, payer contractual adjustments, refunds, patient payments and other adjustments by a variety of search, filter and sort parameters. This is a management tool to monitor and manage how payments and adjustments have occurred against charges processed over time by different statistical metrics.
Allows analysis to determine the source of your business — regardless of financial class billed, determine which clients or ordering providers are key to your continued success. It allows analysis of sales production by region, territory, sales representative and more.
Make better pricing decisions by comparing proposed pricing with costs, fee schedules and other client pricing prior to contract finalization. This function assists in determining that no client contract will be lower than the fee schedule of the state Medicaid agency if so required.

 

Profitability Assessment
Target clients under-utilizing your services with Profitability Exception. This report includes which clients did not meet their monthly revenue or profitability targets so you can proactively work to maintain their business.
Develop a strong understanding of revenue and reimbursement by client with profitability analysis, which allows costs and special costs unique to the client to be viewed against reimbursement to determine how each client impacts the profitability of your organization. Additionally, prospects can be modeled to determine potential profitability to your organization prior to contract finalization. Profitability analysis also allows you to determine the potential impact of performing new testing or how changing to a new methodology may affect the bottom line.
Evaluate each client’s actual profitability performance against target goals — determine if the client’s actual use of your services meets the target goals determined when initially pricing services.