Laboratory Financial management problems are 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, a finance management in lab is never a piece of the 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 financial issues in business yet are unaware of the common financial mistakes they make in management which further increases complexities in finance handling & control.
Biggest Common Finance Mistakes
Manual Handling
Bills, finances, and relevant documents are super chaotic to maintain & account for manually. Bigger the business, the bigger the chaos to record, track, and account for them. As a result, your medical lab’s common financial problem in business is more prone to leakages which hamper the finance numbers at audit.
Know how CrelioHealth identified & resolved financial reporting 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 trials 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 laboratory financial 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 Laboratory Financial Management Problems
Digitize Finance Management in lab & 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 finance management in lab 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 and 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 in business and essential financial ends enhancing business management for your laboratory.
Centralize Fragmented Management
Managing laboratory finance problems and solutions 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 laboratory information system and financial management dashboard feature allow 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.
