Making revenue cycle management decisions can be challenging for independent labs especially. Systems are either not scaled to work well for independent labs, or they are not flexible enough to handle the lab’s needs. Oftentimes, labs struggle with understaffing and miss out on operational insights because they simply don’t have time to access the knowledge. 

Labs then have to operate in the dark, with operators making decisions blindly. Our iNsight BI tool for RCM is giving independent labs the power to make business decisions through data that provides real-time insights about profitability, fiscal solvency and sustainability, billing and coding, denials, and more—easily, quickly, and accurately. Time is critical for labs, and iNsight gives them knowledge and time back so they are empowered to work more efficiently. 

What is the iNsight BI Tool for RCM?

The iNsight tool is a business intelligence tool from Credence Global Solutions. This is a revenue cycle management software that focuses on providing streamlined data that independent labs need most to make the most effective and beneficial business decisions. 

With iNsight, labs can experience having the data they need at their fingertips to make the best business decisions possible. Information is power, and iNsight provides labs with streamlined data that will inform them without overwhelming them with irrelevant data.

Decision-Making in RCM

When independent labs work without a business intelligence tool like iNsight, they are forced to work without the critical data that would otherwise empower them to make decisions that improve operations, cash performance, and billing. This software allows labs to accept multiple payment methods, understand where most of their payments are coming from, evaluate key metrics like cash performance, and more. Decisions can be made confidently and easily.

Who Does iNsight Serve?

The iNsight tool is a business intelligence tool designed specifically with independent diagnostic laboratories in mind. This tool is not designed for megacorporations. Instead, it works to meet the needs of many independent labs across that country by providing efficient revenue cycle management processes and data that can help inform leadership and operations management to improve nearly every aspect of the business side of the lab.

When iNsight was designed, it was created with flexibility— for labs with strict budgets or different staff structures that can make collecting and evaluating data a challenge, let alone positioning them to create a successful strategy that uses the data. 

What Insights Does iNsight Provide?

iNsight provides labs with the data they need to make revenue cycle management decisions that improve cash flow and streamline operations.

Cash Performance and Forecasting

With the iNsight BI tool for RCM, you’ll know where your cash comes from and get the data that matters. View trends, sorting by payer or billed amounts, and even harness the capability of forecasting cash flow in the future. This can help you build a more realistic budget and make informed spending decisions.

Understand Your Lab’s Financial Performance

With an executive summary providing data across several key performance indicators, you’ll easily, quickly, and accurately get a complete picture of your lab’s financial performance. Learn about charges and visit counts, rejection and clean claim rations, hold status, billing log data, and more. Use this data to make important decisions about the business of your lab and figure out where issues may occur, such as rejection rations on specific claims, for example. 

Data Your Lab Needs

Revenue Per Specimen

Labs need to know what work brings in volume, which are high-value labs, how well they are reimbursed for the work, and more. With iNsight, labs can track revenue per specimen and sort data in a number of ways, including by practice, by payer, by payer class, along with overall trends. The iNsight BI tool for RCM provides labs with a multitude of ways to sort, review, and understand data. 

Knowing how particular specimens essentially payout will help your lab make decisions about promoting different types of work, identifying practices that benefit your lab’s business, and more. This data will help you understand the reimbursements for your lab and help you know what relationships need more attention and which ones are thriving because you’ll know who the favorable and unfavorable payers are based on real data at your lab.

Data Your Lab Needs

With iNsight, your lab can access the comprehensive data that drives your business. iNsight opens the door to information and actionable insights about your lab, so you can figure out what choices need to be made, whether it’s based on payers or providers. No matter what data you’re reviewing, from AR aging trends to denial performance, you have the power to see the big picture. You’re then able to better address issues, right at the source, instead of guessing what the cause of a problem is. Optimize your lab with data that counts.

How does iNsight Work?

The iNsight BI tool for RCM puts you in control of your lab. Until iNsight hit the market, labs often struggled to understand their revenue cycle. As a result, they would make poor decisions that wouldn’t benefit their business. Now, independent labs can be informed and completely understand all aspects of their RCM, which puts them in a better position to navigate problems, celebrate successes, and have a better overall knowledge of all the lab’s fiscal operations.

iNsight focuses on independent labs with RCM software that’s designed with their needs in mind. With long reimbursement periods, insurance, multiple payers, and more, making decisions can be difficult because you often don’t have the full picture without having to dig through multiple layers of records over time to understand the different aspects of your RCM. This is a simple software that our team can help you implement and understand. 

With iNsight, the software takes the guesswork out of running your lab. It empowers you to keep your lab ahead of the curve and operate in a way that is functional, profitable, and efficient. Make informed decisions with iNsight and enjoy the fruits of your labor. 

Lab’s Financial Performance

Get iNSight Today

Credence Global Solutions is leading the charge in revenue cycle management software specifically for labs. Our intuitive software is designed to be user-friendly, provide the data healthcare businesses need, and perform at a higher level than any other program.

If you’re ready to propel your lab to new heights, contact Credence Global Solutions to get a demo of our iNsight BI tool for RCM. Revolutionize your lab’s revenue cycle management process today!