Achieving Financial Success with Hospital Laboratory Outreach: Six Proven Ways to Boost Net Revenue

August 24th, 2011

The Dark Report

Audio Conference

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 laboratory 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 laboratory’s billing and collections team, which in turn can directly increase net collected revenue while boosting your laboratory’s cash flow and operating margins.

There are simple and highly effective strategies your laboratory outreach billing and collections department can quickly implement to:

  • Produce more clean claims that are paid on first submission.
  • Collect surprisingly large amounts of bad debt.
  • Generate substantial increases in net revenue and cash flow.

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 laboratory 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