Do You Know Your True Total Cost of Billing as a Percent of Revenue?
When assessing billing solutions and options, it’s easy to miss all the various elements that comprise an organization’s true cost of billing, which can lead to too much focus on a few well-known line items.
This white paper specifically addresses how increasing revenue and cash collection can contribute significantly to lowering the Total Cost of Billing by reviewing:
StaffingSystem edits and claims submissionAdministration, reporting, and financial analysts
Coding and classification development
- Hardware maintenance, software licensing, Clearinghouse costsContractual allowances or bad debt
Laboratories that try to improve their billing performance by reducing the cost of these individual components — without recognizing that their true cost may be much higher — may overlook other, more effective means to achieving a lower cost of billing. The result can be a significantly poorer financial picture and inferior laboratory accounts receivable performance.