After studying different business models, with our collective experience in the diagnostic Industry for the last 5 years managing over 1200+ diagnostic centres, and an incredible team of software engineers, data science and project managers.
Upgrades to Service lists (Test list master), and other fields
New fields added in Service (Test) are the following :
- Cost of Test (CoT) : Use this field to add cost of your test which would be used to calculate profitability
- Minimum Selling Price (MSP) : Use this field to cap/limit your selling price of test to a minimum of this price.
- CAP Revenue Price : Use this field to cap/limit your revenue/collection fees for each test item.
- Revenue Targets (for organisations & referrals) : Add monthly revenue targets to organisations & referrals.
These prices can we updated individually for each service/test or in bulk using Bulk Edit in `Profile & Report Management`. While creating lists for these tests, the minimum amount for each test will be capped to a minimum of the MSP (Minimum Selling Price) and no organisation will be given a test price lower than the MSP.
CoT is transactional, and the MSP should be greater than the CoT at all times. These rules improve data integrity and also let you calculate profitability per transaction.
This update lets you view organisation performance and growth over time, below is a sample screenshot of the performance of organisations over time with growth rate and historical chart of run-rate.
A (Organisation Management > Performance) : You can find organisation performance view in this section, we are rolling this out in phases, please contact your account manager incase
B (Growth %) : Percentage growth on run-rate is calculate for the last 12 months of transactions, and based on the comparison of the last month, you can view the % change since last month.
C (Net Billing) : Your Net billing performance against monthly target for your organisation.
Total Due : View total due for the individual organisation, and due ageing (in excel view).
Run Rate (daily) : View daily run-rate of each organisation with total transactions & total revenue for each (excel view).
Gross Margin (excel view) : If cost of test is available, get profitability for each organisation and soon you’ll be able to identify more profitable organisations and optimise rate for them.
LiveHealth’s Data Science Strategy
We have been learning from million transactions everyday on our platform about how people transact, how business win or loose over time in this industry and how test trends affect business performance and revenues, how TAT affects revenues & what drives customer or business retention. We will be making series of upgrades in the coming months starting this month which will help you apply this learning in your day to day business decisions.
The goal is to help you make your business decisions with more certainty backed by data. With organisation performance we help you make better & informed decisions about your B2B organisations. Identify ones which are consistent, identify bad debts or high potential organisations.
We believe our data science efforts will not only help you understand your business better, but also improve sales, profitability and quality of service with reduced operational cost and errors.