The Executive's Guide to Measuring Total Cost of Billing in the Laboratory

The Executive'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, 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:

  • Staffing
  • System edits and claims submission
  • Administration, reporting, and financial analysts
  • Coding and classification development
  • Hardware maintenance, software licensing,
    and upgrades
  • Clearinghouse costs
  • Contractual allowances or bad debt
  • FASB

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.

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