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laboratory finance problems and solutions

The Biggest Finance Control Mistakes Labs Make & Their Best Solutions

Finance management is far beyond just calculating bills and accounting end-of-day balances. For a pathology lab where there is a huge network of varied centers involved, finance management is never a piece of cake. These networks include referrals, outsourcing centers, organizations, hospitals, collection centers, partners, and other connected entities.

If we dive inside the management side, we know handling the finances of this network is a very complex task. And most businesses yet are unaware of the biggest mistakes they make in management which further increases complexities in finance handling & control.

Biggest Finance Control Mistakes

Manual Handling

Bills, finances, and relevant documents are super chaotic to maintain & account manually. Bigger the business, the bigger the chaos to record, track and account for them. As a result, your medical lab business is more prone to leakages which hamper the finance numbers at audit.

Know how CrelioHealth identified & resolved financial issues that iGenetic Diagnostics faced with their previous LIMS system.

Paper Trails For Dues & Discount Management

Dues & discounts, a common practice in any business often is the biggest hurdle that affects ROI. This is because medical diagnostic labs follow traditional approaches utilizing paper trails to manage them. These are highly subjective to manual errors, misplacement & data loss, affecting accounts & settlements at the end of the day. 

Fragmented Or Incomplete Information

Handwritten bills are among the major causes of recording fragmented, incomplete or incorrect information. In lab finance management, manual entries at maintaining bills, invoices, or other financial records are highly error-prone. So you are introduced to a lot of unknown leakages in your lab’s financial statements.

Lack Of Tracking System

The traditional approach or an ERP/ accounting software in your lab doesn’t help to track every step of the in-flow & out-flow of finance. From the front desk to billing, to the collection, accounting, and settlements you cannot track numbers end to end. This is because it lacks user controls or logs in the system you use. This makes auditing a complex and very lengthy process.

Best Solutions To The Biggest & All Finance Problems In A Lab

Digitize Finance Management & Take Control

Digitization sets control on every financial credit or debit and logs it into the system, enabling traceability. Integrate online payments, and digitize billing, invoices, and most of your transactions with integrated systems to record every step of your lab’s financial movement. So you know the end-to-end flow for every stakeholder.

CrelioHealth LIMS streamlines your laboratory finance with integrated payments, 3rd party API integrations with other software, etc. Know how it outgrows your business – view a free demo using the link below.  

Monitor Direct & Indirect Leakages

Use systems or tools that help you monitor all the gaps & bottlenecks for all financial transactions and flow in your lab business. The right LIMS system enables you to process all financial data to generate meaningful information in the form of MIS reports, analytics, and dashboards. This information helps you monitor direct & indirect leakages to find the best solutions for business enhancement.

CrelioHealth offers real-time financial analytics that can be viewed both on your system or on the dedicated app which is super helpful to track potential leakage points & bottlenecks within your business flow. This results in making quick and informed decisions on active financial issues and essential financial ends enhancing business management for your laboratory.

Centralize Fragmented Management

Managing laboratory finance for multiple locations calls for more effort and less productive outcomes. With traditional management, you spend more time calculating end-of-day balances rather than fixing bad debts, enhancing business performance & maintaining relationships with stakeholders. 

Centralize management of these fragmented areas using the best all-in-one LIMS software boosts everything – tracking, accounting, and decision making. So you can take control of all your centers, collection centers, organizations, referrals, and patients from a single place, and in real-time.

CrelioHealth’s Multi-center financial dashboard feature allows you to manage, monitor, and take control of all your lab centers from a single location.

Book a slot to get a FREE Demo and know all about CrelioHealth LIMS software using the demo button below.

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