Kathy Murphy was a featured speaker at The Dark Report's audio conference "Achieving Financial Success with Hospital Laboratory Outreach: Six Proven Ways to Boost Net Revenue."
Survey after survey says that a consistent weakness of hospital laboratory outreach programs is a billing and collections department that leaves big money on the table.
In fact, one major survey shows a full 72% of lab outreach programs admitted having serious collection problems that result in low net revenue, high bad debt, and internal inefficiencies. If this describes your laboratory outreach program, here's some good news for you.
You can measurably improve the performance of your lab's billing and collections team, which in turn can directly increase net collected revenue while boosting your lab's cash flow and operating margins.
There are simple and highly effective strategies your laboratory outreach billing and collections department can quickly implement to:
You know what increased revenue and cash flow could mean to both your laboratory outreach program and your parent hospital: It lets you offset years of declining inpatient testing and reduced reimbursement for many lab tests. More important, it helps ensure the financial sustainability of your laboratory outreach program.
The cornerstone of financial success is an effective billing and collections system. But do you know what a good system should include? And what should it not include? And are you up to date on the newest and best possible billing and collections procedures for your outreach program?
For more information , please visit The Dark Report website.