For past few months, we have been working on building tools to help you understand your business from organizations & referrals. We have worked on Lab improvements every week to put blocks into place for enabling better monitoring for your business. These enhancements are made after studying different business models, with our collective experience in the diagnostic Industry for the last 5 years managing over 1200+ diagnostic centers and an incredible team of software engineers, data science, and project managers.
Upgrades to Service lists (Test list master), and other fields
In the new Laboratory Software Update, fields added in Service (Test) are the following :
- Cost of Test (CoT): Use this field to add the cost of your test which calculates profitability
- Minimum Selling Price (MSP): Use this field to cap/limit selling price of the 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 organizations & referrals): Add monthly revenue targets to organizations & referrals.
Update these prices individually for each service/test or in bulk using Bulk Edit in `Profile & Report Management`. While creating lists for these tests,minimum amount for each test caps to a minimum of the MSP (Minimum Selling Price). No organization is given a test price lower than the MSP.
A 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 organization lab performance and growth over time. Below is a sample screenshot of the Lab Improvements over time with growth rate and a historical chart of run-rate.
A (Organisation Management > Performance): You can find the organization performance view in this section. We are rolling this out in phases, please contact your account manager in case
B (Growth %): Calculate Percentage growth on run-rate is 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 the monthly target for your organization.
Total Due: View the total due for the individual organization, and due aging (in Excel view).
Run Rate (daily): View the daily run rate of each organization with total transactions & total revenue for each (excel view).
Gross Margin (excel view): If the cost of the test is available, get profitability for each organization. And soon you’ll be able to identify more profitable organizations and optimize the rate for them.
CrelioHealth’s(formerly LiveHealth) Data Science Strategy
We have been learning from millions of transactions every day on our platform about how people transact, how businesses win or lose 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 a series of upgrades in the coming months starting this month. This will help you apply this learning in your day-to-day business decisions and lab Improvements and will also prevent your Lab Operational cost.
The goal is to help you make your business decisions with more certainty backed by data. With organization performance, we help you make better & informed decisions about your B2B organizations. Identify ones that are consistent, and identify bad debts or high-potential organizations.
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 lab operational costs and errors.