A CEO's Guide to Measuring Total Cost of Billing in the Laboratory

A CEO's Guide to Measuring Total Cost of Billing in the Laboratory

Do You Know Your True Total Cost of Billing as a Percent of Revenue?

When assessing billing solutions and options, many organizations fail to take into account all the various elements that comprise the organization’s true cost of billing.

This white paper specifically addresses how increasing revenue and cash collection can contribute significantly to lowering the Total Cost of Billing by reviewing:

  • System Edits and Claims Submission
  • Administration (End of Month/Reporting)
  • Future Upgrades/Customizations
  • ICD-10 Development
  • Hardware Maintenance
  • Software Maintenance
  • Software Licensing
  • Reporting
  • Clearinghouse Costs

Laboratories try to improve their billing performance by reducing the cost of these individual components, without recognizing their true cost may be much higher and that there are other, more effective, means to achieving a lower cost of billing. This excessive focus on individual components comes at the expense of the bottomline, and can lead to a significantly poorer financial picture and inferior laboratory accounts receivable performance.

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