Revenue leakages in a diagnostic lab business are the root cause of unstable profitability. Any smaller or bigger gaps in the operational or accounting processes become a source of leakage in the revenue process. This majorly affects overall lab finance and the efficiency of your lab. It is important for labs to identify these causes of revenue leakage.
However, with daily upgrades in the medical diagnostic space and growing competitors, your laboratory needs periodic revenue leakage analysis. Implementing innovative ideas and revenue management solutions that will plug in such drops. This will also reduce revenue leakage and ensure the growth of the company.
Enlisted below are some revenue leakage control practices that can be set in motion for a lifetime boon. By implementing these revenue management solutions, labs can reduce revenue leakages and optimize their revenue streams. Also, this leads to a healthier diagnostic lab business.
Better Lab workflow Management prevents Lab Revenue Leakage
Fragmented processes, challenges linked with collections, and decentralized sales are among the many problems that occur in a pathology lab. For smooth patient experience with revenue leakage control, laboratories must have step-wise control over all tasks as lab workflow management. Perform this right from patient entry to the laboratory billing process.
Streamlining end-to-end information with step-wise control helps you track and monitor your lab in a better way.
By keeping such practices in effect, the chances of recording incomplete user details, unknown or unforeseen billing, or undercharging for services can be abolished. It also becomes useful to trace invoice errors, preventing unnecessary losses and maintaining transparency in the diagnostic lab business.
Keep Check over Discounts for your revenue labs
Offering discounts more than defined, can be one of the main causes of revenue leakage. This is difficult to trace at the time of profit evaluation. For effective laboratory revenue management, maintain a record at the time of registration and billing. Furthermore, proper revenue leakage analysis eliminates inappropriate data entry or misuse of authority.
Keeping track and record for every process right from patient registration to laboratory billing process allows better revenue management solutions. This keeps discount rates within their defined value and maintains the traceability of laboratory revenue management. An end-to-end track enabled by medical lab software ensures finer financial management of your revenue lab.
Smart Management of Stock Usage and Inventory
To efficiently manage inventory at a pathology lab you require to timely log stock details like the number of stock purchases, consumed, and wasted. Revenue labs experience leakages in income due to inappropriate management of inventories. Improper revenue leakage analysis and failing to keep a hold on the revenue process, you end up spending extra expenditure which can be actually controlled with better revenue management solutions.
Inventory management is one of the many advantages that come with LIMS software. Lab automation allows better stock control and has a record of every new user. It is also useful in checking the quality of supplies and helps you to take decisions on future purchases for your lab; thus eliminating causes of revenue leakage and allowing effective financial management over stock expenditure.
Automate your lab finance and Operational Reports
Operational and financial management reports are much needed in a diagnostic lab business, to make quality business decisions that incur success. In order to study all areas of profit and loss, it is important that you produce precise reports that cover all operational and financial management practices. Aiming at that, pathology centers prefer lab software that produces MIS reports.
These MIS reports are comprehensive and clear, and they provide useful information about all small to large laboratory processes at your fingertips. By automating your lab, you can have a daily and monthly TAT analysis, report your inventory, and generate complete collection details for all collaborators. Moreover, you can have an exception report study and many more that adds value to your revenue process.
Record and Monitor Customer Feedback
In the healthcare service sector, customer satisfaction is valuable. If you constantly record and monitor user feedback, it becomes easy to track areas of unnecessary outflow. User feedback sheds light on a few customer-faced issues and enables laboratories to take constructive actions in order to address them well in time and keep such gaps from growing. Such ideas might act fruitful for both the diagnostic lab business and its beneficiaries.
To experience seamless lab workflow management, installing a laboratory information management system is the optimal solution. However, go for the one that provides all the benefits that can help you to reduce revenue leakage or even get rid of such leakages and acts as a viable revenue management solution for your lab finance.
By implementing these revenue management solutions, labs can reduce revenue leakage and optimize their revenue streams, leading to a healthy financial bottom line.