Independent labs, which operate on a smaller scale and with more limited resources than larger conglomerates, are often forced to be as efficient as possible. They typically don’t have significant infrastructure or financial resources, nor do they have the same staffing. Whereas more extensive labs have more resources, staff, and access to technology and software, independent labs must be flexible to adapt to changes in demands and regulatory standards.
Although independent labs face nuanced challenges due to their size and resources, the iNsight Dashboard for labs offers independent labs the access they need to data that can help them operate more efficiently, make data-driven decisions, and easily adjust to changes. All of this helps independent labs continue to do what they do best: provide consistent quality control that healthcare organizations, care teams, and patients can trust.
What Data Do Labs Need and Why?
Although laboratories provide scientific testing to healthcare facilities, they also operate a business. In order to make business decisions that are founded on facts instead of ideas, data is necessary. This means labs need data about their revenue cycle management or RCM.
Ultimately, RCM includes accounting data, such as profits and losses, cash flow, accounts receivable and payable, and profitability. Additionally, general operations numbers, including sales data, overhead costs, customer data, and more, help complete that picture.
Having this data is important for any business, but with independent labs, the information is more nuanced as healthcare regulations apply, they deal with insurance and medical billing and coding, and other factors complicate how they operate. It is often complex; there is a ton of sensitive data, and it takes people who have gone through specialty training to understand it, which makes it challenging, especially for independent labs that don’t have extra staff and resources.
That’s where having specialty software comes in. The only problem with that is that independent laboratories often don’t have the extra funds to pay for it — until now, with the introduction of the iNsight Dashboard for labs.
With iNsight RCM data, labs and providers have insight into how their business is functioning and its solvency, which empowers them to make decisions about the future of the lab itself. This data can provide answers to questions about scalability, such as whether they can afford new laboratory equipment or if they can move to a larger facility. It can provide facts about whether they can afford and have the budget for additional scientists and even whether they need to cut ties with a client. It can also provide valuable insights into what services are profitable, which ones aren’t, and what types of work they should pursue. The value of the information gained from assembling these key data points is nearly limitless.
Understanding iNsight Dashboard for Labs from Credence
What is iNsight, and how does it work? iNsight is revolutionary software explicitly designed for independent diagnostic laboratories’ agile needs. There are several data points that can be sorted, reviewed, and compiled into easy-to-read charts and graphics, helping anyone within the lab’s operational team understand and be able to interpret the data’s implications for the lab efficiently and quickly.
An executive summary offers several key performance indicators across six different categories, providing the team with a comprehensive summary of the most critical information. Know your lab’s performance inside and out, from getting data on revenue per specimen, by specimen type, by provider, and more, to things like reimbursement trends. Trends can help you identify which accounts are unfavorable and, conversely, which are more reliable.
Curious about how different payers are performing? Effortless sort data by the payer to track billed amounts, giving you the power to forecast cash performance and better budget for the current year and in the future. Get stats on reimbursements, billing and coding approvals and denials, and much more. The limits to how you can configure the data are nearly limitless.
There is so much included in just the executive summary that labs can genuinely get a clear understanding of their lab’s performance at every level quickly and easily.
How iNsight Dashboard for Labs Provides Data Empowers Decisions?
iNsight from Credence Global Solutions provides data that empowers decisions. Lab professionals with the clearance authority to access the data can do so from anywhere with an internet connection on the web-based platform. Labs can trust the high level of data security that protects patient, accounting, and operational data.
The data is also compiled in user-friendly formats, meaning that it’s easy to read and doesn’t require advanced training and degrees to operate and understand. Access valuable insights about the operations of your lab with the click of a button.
Get the data in nearly any format, from charts and graphs to raw data. Additionally, you can easily export data into reports, which are perfect for reviewing at important stakeholder meetings. Prepare for each quarter and the years ahead with hard data that will give you solid footing instead of guesswork when making decisions about your lab.
Get iNsight Dashboard for Labs
Credence Global Solutions is focused on helping healthcare organizations, independent labs, and other businesses operate more efficiently, with expertise in revenue cycle management and accounts receivable management. Our team is experienced, highly trained, and dedicated to our clients.
If you have an independent laboratory and need to access actionable data about your facility, contact us at Credence Global Solutions. Get a free demo of the Insights Dashboard for Labs and learn how it can help your facility’s operations.
