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The ultimate goal of any commercial venture is to increase profitability. Significantly increasing overall profitability frequently requires substantial changes to a business (e.g., mergers/ acquisitions, in-licensing or developing new products, or divestiture of unprofitable business units). Building on earlier white papers in the CEO’s Guide series, this white paper will look at relatively benign changes that clinical laboratory management can undertake. Although less dramatic than other options, they can still result in a doubling of lab profitability.
Before zeroing in on specific measures to increase profitability, let’s recap some of the forces buffeting the medical diagnostic industry (more details can be found in a previous Dark Report White Paper, “A CEO’s Guide to Next Generation Revenue Cycle Management”. Many of these changes, while external, have profound impacts on the profitability of laboratories and for the most part are outside of the control of the lab’s management team.
The Dark Report is happy to offer our readers a chance to download our recently published FREE White Paper “A CEO’s Guide to Doubling Profitability: Using Technology to Reduce Back-Office Costs” at absolutely no charge. This report will address these issues above, provide solutions, and show you your lab could potentially double profitability with relatively benign changes.
Among other topics, this FREE White Paper specifically addresses:
- Reimbursement Models and Amounts
- Evolving Technologies
Next Generation RCM Solutions… and much more
For more about closing the medical data gap in your lab, please CLICK HERE.
Table of Contents
Introduction — Page 3
Chapter 1: Situation Recap — Page 4
- Profitability — Page 8
- Revenue — Page 9
- Costs — Page 8
- Specific Back-Office Cost Centers — Page 11
- Processing Claims — Page 11
- Eligibility Checking — Page 15
- Patient Service — Page 18
- Client Services — Page 20
- Internal IT/Data Group — Page 21
- Is a Measureable, Avoidable Loss the Same as a Cost? — Page 23
- Economies of Scale — Page 25
- Purchasing Vendor Services — Page 25
- Information Technology (IT) Costs — Page 26
- Knowledge Costs — Page 27
Summary — Page 28
Conclusion — Page 30
A-1 About the Authors — Page 36
A-2 About XIFIN — Page 38
A-3 About DARK Daily — Page 39
A-4 About The Dark Intelligence Group, Inc., and THE DARK REPORT — Page 40
A-5 About the Executive War College on Laboratory and Pathology Management — Page 41
A-6 About the Editor — Page 42