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Financial and Billing

Lab Billing: Lab Metrics Identifies Challenges

financialAt LabMetrics, we understand the unique billing and financial management challenges faced by laboratories. One of the key issues faced by today’s laboratories is the lack of detailed information and benchmarking.

We bring experience with lab focused data tracking models to give you critical insight into your business performance, enabling you to make informed decisions. With the goal of maximizing billing efficiency and revenue, we work closely with your team to resolve these key questions:

  • How can I capture lost revenue by improving procedure and test coding?
  • Are there opportunities to reduce operating costs?
  • How can I know my volumes and turnarounds in real time?
  • Which service lines are the most cost-effective?
  • Are any accounts overusing inventory and supply?
  • How will reimbursement changes affect our bottom line?

Technology Enabled Lab Billing Solutions

Our principals and associates are familiar with best practices and technologies in all aspects of cutting-edge life science and medical laboratory operations as well as business and accounting principles. We work closely with our clients’ teams to establish and improve business intelligence systems and optimize charge masters and reimbursements. We will even help support you in achieving operational goals by developing robust financial models and decision models.

Financial and Billing Services by LabMetrics

  • Benchmarking
  • Best Practices
  • Billing Revenue Cycle Management
  • Charge Master CPT Coding Development and Review
  • Fee Schedule Development and Review
  • Business Intelligence and Dashboards
  • Financial Modeling
  • Performance Improvement
  • Information and Decision Making

Are your billing and financial management strategies optimized to achieve maximum fiscal success? Contact LabMetrics to find out how we can develop technology enabled lab billing and financial solutions that will streamline billing and increase profits.