Aug 18, 2011 | Coding, Billing, and Collections, Laboratory News, Laboratory Pathology, News From Dark Daily
However, medical laboratory billing/collections is often weak, even at top-performing outreach programs
If there is one bright spot in the revenue picture for many hospitals and health systems, it is how well-run hospital laboratory outreach programs produce strong growth in net revenue and contribution margin. Because of double-digit growth rates for outreach and outpatient procedures, clinical laboratory programs that target office-based physicians can produce impressive results.
“In our annual survey of hospital and health system laboratory outreach programs,” a significant number of participating hospitals report very strong rates of growth in specimen volume and net collected revenue,” stated Kathleen Murphy, Ph.D., who is CEO of Chi Solutions, Inc., based in Ann Arbor, Michigan. “We are regularly surprised at how many of these better-performing hospital lab outreach programs are growing at rates of 12% to 25% per year, sustained over three to more consecutive years. (more…)
Mar 31, 2009 | Coding, Billing, and Collections, Laboratory Pathology, Management & Operations
Essential action area for clinical laboratory management and pathology management
With the American economy in a tailspin, payers and patients want to delay or avoid payment for laboratory testing services. That is not good news for clinical labs and pathology groups. It means their billing and collection departments must perform at an even more productive level just to stay even!
At the same time, during poor economic times, “cash is King!” Clinical laboratories and pathology groups can protect cash flow and increase their revenues by boosting the effectiveness of their billing/collection efforts. This is a proven management strategy. In response to the glum economic news of recent months, proactive clinical lab directors and pathologists have begun devoting more attention and resources to their laboratory’s billing and collection department.
A variety of experts in laboratory coding, billing and collections have been tapped to share their expertise at the upcoming 14th Annual Executive War College on Laboratory and Pathology Management . It takes place on April 28-29, 2009 at the Sheraton Hotel in New Orleans, Louisiana. These experts can help you take your lab’s coding/billing/collection performance to the next highest level. That means more cash flow and increased revenue just when it is most needed by your laboratory.
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