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Of the respondents that indicated that they conducted outreach, 72 percent said that the hospital viewed them as a revenue center. Conversely, 30 percent viewed the lab as a cost center.

Strategic Options
Setting strategic direction and priorities. Achieving goals.

Setting a strategic direction and priorities to achieve our goals is a challenge we all face. When it comes to evaluating your options for key revenue-producing diagnostic services such as laboratory and imaging, having an objective, outside party involved can be beneficial. Our most common requests for options analyses are listed below. We typically explore several options at a high level and then conduct a detailed analysis of one or two selected options. 

  • Mergers and Aquisitions - Acquisition of a laboratory or imaging center and merging operations, or development of an exit strategy and sourcing potential buyers
  • Consolidation and Integration - Best models to consolidate operations across multiple sites  
  • Outreach - Implementation of a new outreach program in lab or imaging, or enhancement of existing programs, with application of best practices to your organization  
  • Business optimization - Identification and quantification of the best opportunities to improve business processes, including: Analytical processes, pre-analytical or post-analytical processes, infrastructure requirements to support business strategy, billing and revenue cycle management, change management capability
  • Facility Design - Overcoming barriers to new revenue or cost reduction through analysis of design options for existing facilities and new facilities
  • Structure and Governance - Not-for-profit versus for-profit; separate company or under the hospital; provider number for billing; governance
 
Based on 25 years of experience in the industry, Chi can share options that have worked elsewhere and define the common characteristics of successful models. We analyze each option from a balanced scorecard perspective to determine the financial, service, efficiency and workforce impacts. Our approach offers the customization needed to implement these industry best practices in your laboratory.

 

"I know we can count on Chi." -Charlotte Taylor, MedStar Health