Battle for Improved Lab Profitability Must Begin in the Billing Department

Posted: 4/24/2001 @ 7:12am via FreshNews.com

"Clinical laboratories use sophisticated technologies to perform diagnostic tests, but they manage billing and collection with manual methods that destroy profitability," said Lale White, a leading industry consultant and former senior laboratory executive. "If laboratories managed their billings and collections with the same intensity they bring to growing revenues, most would easily double their net income."

White, founder and CEO of XIFIN™ Inc., will lead the first-ever national gathering of lab billing and collections experts on May 10th at the Sixth Annual Executive War College on Laboratory and Pathology Management.

This one-day intensive workshop is designed to help laboratories improve their overall profits by using the latest Accounts Receivable management techniques and strategies. In addition to White, six speakers will cover management strategies and techniques that include work flow redesign, staff productivity, new information technology, and innovative legal and skip-tracing techniques. Case studies will showcase how innovative labs have dramatically improved billing and collections operations.

"Lale and her fellow presenters represent the leading edge in management of laboratory billings and collections," said Robert L. Michel, director of the Executive War College and Editor of THE DARK REPORT, the lab industry's bible on innovative management. "Most labs fail to unlock the potential of their billing department to collect more dollars and improve overall profitability. This workshop provides practical solutions and gives lab managers the confidence they need to develop a top-performing billing and collections department."

Lale White, CEO of XIFIN Inc., is a nationally recognized expert in the field of financial management and regulatory compliance. She lectures and consults extensively on these topics to major laboratories and laboratory associations throughout the U.S. She has over 20 years in financial management, information systems development and medical billing with several of the largest clinical reference laboratories where she held senior financial management positions. She worked with CMS and the US Office Of The Inspector General to develop the current "OIG Model Compliance Program.

" XIFIN Inc., San Diego, is an Application Service Provider (ASP) focuses on the financial management needs of laboratories. Their initial offering is a fully compliant, Web-based order entry, accounts receivable and financial management system and service for clinical laboratories. The system is designed to address the three most significant challenges facing billing operations: errors, compliance, and costly systems and processes. Through e-Automation(TM), all routine transactions are automated -- from order entry through payment posting -- driving out cost while improving quality and reliability.

The Dark Group Inc. and THE DARK REPORT Intelligence Service provide intelligence and strategic market analysis exclusively to senior laboratory executives, pathologists and investment professionals. Annually The Dark Group convenes the Executive War College on Lab and Pathology Management, attracting leading industry executives and innovators from throughout the United States, Canada, Europe and Asia to learn about the financial and productivity performance of successful clinical laboratory companies and organizations. The 2001 Executive War College will be held May 8-9, 2001 at the Hyatt Regency Cincinnati, Cincinnati, Ohio. Additional information about THE DARK REPORT Intelligence Service and The Executive War College on Lab and Pathology Management is available at www.darkreport.com