The Dark Report
21806 Briarcliff Dr.
Spicewood, Texas 78669
FOR IMMEDIATE RELEASE
Media Contact: Ron Martin
AUSTIN, Texas (August 9, 2011) — Seventy two percent of laboratory outreach programs admitted having serious collection problems that resulted in low net revenue, high bad debt, and internal inefficiencies, according to a recent survey. However, laboratory outreach programs can quickly implement strategies to produce more clean claims that are paid on first submission, collect surprisingly large amounts of bad debt, and generate substantial increases in net revenue and cash flow.
Such efforts can directly increase net collected revenue while boosting a lab’s cash flow and operating margins. Ultimately, this will help to ensure the financial stability of a laboratory outreach program.
In The Dark Report’s latest information-packed audio conference, Achieving Financial Success with Hospital Laboratory Outreach: Six Proven Ways to Boost Net Revenue,” on Wednesday, August 24, 2011, at 1 p.m. EST, laboratory leaders will learn what a good system should include and what it should not include, as well as get up to date on the newest and best possible billing and collections procedures. LINK: http://darkdaily.com/audio-conferences/achieving-financial-success-with-hospital-laboratory-outreach-six-proven-ways-to-boost-net-revenue.
First, presenter Kathleen Murphy, PhD, CEO of Chi Solutions, will help listeners to better understand why a laboratory may have trouble collecting its outreach revenue and what it can do about it. Attendees will learn how to identify and avoid possible weaknesses in billing processes and take away several possible collection strategies and how to prioritize them.
Next, Larry Siedlick, CEO at The ARx Group, will detail techniques that a lab can use to improve the financial success of its outreach programs. Laboratory leaders at all levels will come away with a better understanding of billing best practices and how these can translate into better financial results.
Registration to this audio conference is now open. Laboratory leaders who want to get the most current information on how to develop billing processes that will improve collections and generate increased revenue and profitability for an outreach program should be sure to attend.
A valuable question-and-answer session will follow the presentation. Members of the press who would like to learn about strategies and tactics for addressing common weak spots in lab outreach billing operations should contact Ron Martin at 512-264-7103.
For additional information, Contact: Ron Martin, 512-264-7103
About The Dark Report
Established in 1995, The Dark Report is the leading source of exclusive business intelligence for laboratory CEOs, COOs, CFOs, Pathologists and Senior industry executives. It is widely-read by leaders in laboratory medicine and diagnostics. The Dark Report produces the famous Executive War College on Laboratory and Pathology Management every spring, which showcases innovations by the nation’s and globe’s leading laboratory organizations. Dark Daily is an Internet-based e-briefing intelligence service, read worldwide by thought leaders in laboratory and pathology management. Other well-known conferences conducted by The Dark Report are Lab Quality Confab (on the use of Lean and Six Sigma methods in labs and hospitals), Molecular Summit (on the integration of in vivo and in vitro diagnostics). The Dark Report co-produces Frontiers in Laboratory Medicine annually in the United Kingdom; Executive Edge bi-annually in Canada; and The Business of Pathology bi-annually in Australia.