How to Sell Leadership on Your Lab’s Value as a Profitable Business

Laboratory outreach programs operate in the golden era of diagnostics. National trends are pressuring our industry, yet laboratory testing is more important to the care and monitoring of patients today than it has ever been. In order to sustain a successful outreach program, you must be able to communicate the value of your lab’s business to leadership.

Critical Success Factors

Profitable lab outreach programs have identified several key factors critical to their success, including:

• Solid billing practices
• Competitive pricing structure
• Focus on customer service

Industry Trends: Opportunities and Challenges

Nationwide, labs have been presented with common opportunities and challenges that are influencing their business and its profitability. Tune in to these trends to learn how your lab can make the most out of available business opportunities, and prepare for current challenges, including:

• Patient consumerism
• PAMA’s impact on reimbursement
• The need to increase test volumes to better utilize staff

“Have you ever had to justify the existence of your laboratory outreach program?” More than half of polled lab administrative directors and outreach managers—65%—answered “yes” to this question.

Data-Driven Success

Only 25% of polled webinar registrants said they had “easy access to the information and reporting” that’s needed to understand their lab’s revenue, and how it contributes to their healthcare organization’s bottom line. A laboratory without the ability to demonstrate basic business metrics risks being invisible to leadership. Additionally, industry-wide, 40% of outreach claims have missing or incorrect information, and 50% of denied claims are never corrected or resubmitted.

In order to mind the money, grow your profits, and articulate your lab’s financial worth, fast and easy access to real-time, high-quality data and sound medical billing software is imperative.

XiFin, Inc. can help you put the right laboratory information system in place to help get your lab business on track.

Contact us to explore the solutions to grow your success 

Guest Blogger

Jane Hermansen, Manager, Outreach and Network Development, Mayo Clinic / Mayo Medical Laboratories

Jane Hermansen has over 30 years of clinical laboratory experience, within community hospital and academic medical center settings. At Mayo Clinic since 1988, she currently manages the outreach consulting and health plan contracting network activities for hospital laboratories across the country. Jane holds a B.A. in Medical Technology from Concordia College in Moorhead, Minnesota and a Masters of Business Administration degree from the New York Institute of Technology.Jane is President of the international Clinical Laboratory Management Association (CLMA). She has contributed to the laboratory industry by presenting at over 100 state and national professional meetings, has written numerous articles for industry publications, and has personally trained over 1,800 laboratory professionals in the art of customer service. Her experience includes clinical research, process engineering, consulting, training and facilitation and project management.