Blog 08172015 In House Lab Can Increase Profits
Many clinics, providers, and clinical managers have either tried their hand at running their own lab within their practice versus sending samples out. If you have, you know how hard it can be.
You usually have to do a lot of the leg-work on your own at the beginning, trying to determine what is the best solution for whatever tests you want to perform. You might have found out how much of a struggle it is to not only find the right equipment, but also the right staff, training, assay validations, as well as figuring out how you stay compliant with regulatory agencies. Many of you have tried working with vendors and either recognized, hopefully beforehand, that most vendors are more than willing to sell you a piece of equipment with a contractual maintenance program even when the market has changed or the future of reimbursement for a specific assay indicates that a decline is on the way.
We are constantly studying the healthcare markets, changing reimbursement schedules, and we keep tabs on major research papers indicating medical necessity as well as court decisions made for or against certain testing practices (most of you are aware of some of the abuse of medical reimbursement). Keeping up with the dynamic healthcare market and working with you to address your requirements, we offer a fully customized solution that increases your clinic’s revenue and works within the strict bounds of all legal requirements and regulations. We offer an ancillary solution that not only brings revenue back to your practice, it makes your practice more efficient and helps provide a higher level of care.
Patient samples and testing is an exact process and sample prep and handling can lead to sources of error. Imagine how this problem is compounded whenever you ship a sample out of your clinic so that it can be analyzed in some other lab. The possibility that a sample is mislabeled, mishandled, or even the wrong tests performed on the sample, are all real-world occurrences. On top of this, sending samples out to be analyzed by a reference lab or some other clinical lab,
is the equivalent of sending money directly out of your practice. Sure, if you only perform a few tests a month, you might not be able to justify the expense of lab equipment or the extra staff that might be needed.
we analyze your clinic’s structure, your billing, and we determine your options and give you a transparent view of where you are losing revenue and how you can begin to address bringing this solution to your practice.
When you are trying to determine how to bring revenue back to your practice and you want to increase your practice’s profit margin, an in-house lab solution can be key to laying a foundation for a healthy profit margin. No matter the size of clinic, if your testing requirements justify implementing a lab, we can help you through the process from start to finish. If we work with you and determine that a lab is not justified, we will work with you to help you find some other solution that will work.