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The laboratory industry today is plagued by market turmoil, rising cost and financial instability. In this highly regulated and very competitive environment, there are no easy solutions. Laboratories are faced with unique marketplace issues, practice patterns, reimbursement and compliance issues. Colaborate's approach is to assist clients in navigating these uncertainties and to position the organization for a successful sustainable future. Our knowledge of the laboratory industry and ability to work seamlessly with client management teams allows us to develop custom-designed, creative and sustainable solutions. We use a comprehensive approach that reflects the fact that most organizations experience difficulties due to multiple, interrelated problems. We balance financial, strategic and operational initiatives in offering support and developing implementation plans for our clients.
One of the most common problems laboratories experience is not having a handle on their billing processes. A number of laboratories bill through their hospital billing systems and do not necessarily know whether they're collecting all they should be, or if there is a high number of write-offs being performed in patient accounting. Colaborate will perform all billing functions needed, maximizing reimbursement and revenue. Each laboratory using Colaborate's billing service will also have individualized reports readily available, assisting in the determination of whether money is being lost due to any number of factors (e.g., due to a lack of Medical Necessity).
Chargemaster Review
With the ongoing CPT changes and legal ramifications of billing for incorrect testing, it is important to ensure the chargemaster has all of the proper codes connected with the Laboratory Information System (LIS). Colaborate, utilizing the services of our subject matter experts, will review the laboratory's chargemaster ensuring the test coding is correct, beginning with a review of each LIS test and the code attached in the billing system. Included in this comprehensive review is an assessment of the revenue code attached to each test. A final report will be given to each organization, outlining each suggested CPT and revenue code change. An evaluation of rational charging is included with this report, along with a suggestion of pricing rational taking into account market sensitivity.
Click here to learn about Colaborate's no cost, no obligation Laboratory Chargemaster Pricing Review...
Transfusion Services
With today's transfusion world becoming more complex, and with more products and services becoming available, billing for this important service shouldn't be taken lightly. Colaborate has provided client laboratories with a comprehensive review of their chargemasters' CPT, HCPC, and revenue codes to help ensure the organizations are billing for test and products with the most appropriate code according to industry standards. Colaborate, employing subject matter experts in Transfusion Services, provides a comprehensive compliance review of the Transfusion Departments' processes related to CMS, AABB, and CAP standards.
Colaborate offers experienced professionals that have assisted clients with the development and expansion of laboratory outreach programs. Our consultants will evaluate your current capabilities in great detail and identify the market opportunity, as well as operational gaps that would need to be addressed to successfully expand the outreach business. Projections of growth potential are included in the review, as well as a high level assessment of any potential investment that would be necessary with the development of the identified market opportunity.
Joint Ventures
Recent acquisitions and joint ventures by publicly traded companies as well as venture funds demonstrate that there is considerable interest in investment in the laboratory sector. Colaborate has been retained continually to identify and implement approaches that will optimize our clients' potential for success in these endeavors. Our strategies may be used to evaluate the potential for successful sale, consolidation, or joint venture, as well as to provide perspective on any potential risk factors.
Core Lab Analysis & Development
As many health systems begin to grasp the promising dynamics of their laboratories, the option and challenge of developing a core laboratory becomes an important consideration. Colaborate's experts have assisted in the analysis, development and implementation of numerous organizations' core laboratories. In addition, we have assisted in the organizational and fiscal improvement of several existing and underperforming core entities. Drawing upon our experience and expertise in the structure and function of clinical and hospital-based laboratories, Colaborate has been able to provide dramatic and long-lasting changes to troubled and failing organizations.
Consolidations and Reorganizations
Hospitals, physicians groups, and other healthcare organizations are facing increasing pressure to ensure that expensive and limited physical space is used to its highest potential. With this in mind, Colaborate has lead the successful development, redesign, relocation, expansion, and contraction of laboratory space for a number of hospital systems and healthcare organizations throughout the country.
One of the most significant fixed costs in a clinical or hospital-based laboratory is the labor component. The manner in which this valuable commodity is used (or unused) dramatically impacts the margins and financial health of the laboratory. Colaborate appreciates the critical importance of the labor component and has developed a number of proprietary tools to maximize employees while maintaining high quality results.
Best Practice Benchmarking
A best practice benchmark is developed by comparing a number of performance measures, ideas and strategies from other companies to improve your company's performance while developing competitive strategies. With Colaborate's extensive experience with large health systems, a successful best practice can be formed for your business, giving your business the advantage needed to become a leader in the markets in which you chose to compete.
Pathology Compensation
Without question, pathologist compensation is one of the most highly controversial issues impacting employee satisfaction in laboratories today. Colaborate has been called upon on a number of occasions to analyze and assist in the design of compensation and productivity models for all types of physician specialties. Colaborate offers professionals experienced in developing creative base salary recommendations, along with aligned incentive production and compensation.
Colaborate employs industry experts with years of experience in the day-to-day management of complex laboratory operations. For organizations facing critical gaps in personnel, Colaborate can provide interim management - even on short notice - until permanent personnel can be identified, hired, and trained.
Industry analysts predict that molecular testing will continue to grow by over 20% annually in the coming years. Since repeat esoteric tests are often necessary to diagnose, monitor, and determine the success of treatment of diseases such as cancer, HIV, hepatitis, and sexually-transmitted infections, the demand for high-margin molecular tests requiring advanced reagents, sophisticated instruments, and well-trained technicians is escalating rapidly and increasing profit margins within the segment. Colaborate has been retained to assist numerous organizations in the assessment and development of their potential in this rapidly developing field.
As hospital laboratories around the country continue to look for ways in which to capitalize upon their laboratory investments by lowering costs per test, Colaborate can be of enormous benefit. One of the avenues by which to meet this goal is the expansion of existing laboratory outreach programs. Colaborate has successfully assisted numerous hospital systems in the creation and development of outreach programs, including strategic planning and execution of plans. Colaborate has the ability to assess the situation comprehensively and assist in the realization of a successful outreach business through our proven outreach management solutions.
Client Connectivity
In today's clinical laboratory environment, laboratories are looking to connect to their clients, compete against the national laboratories, and comply with government regulations. Colaborate can provide structured guidance and support to move your outreach program into the new client connectivity environment. Our consultants can facilitate the planning, selection, and implementation processes for client connectivity. Additionally, there are a number of product suites available today to face these challenges, and Colaborate can assist in the selection of the best fit.
Market Assessments
Having an outsider objectively assist in the development of a true market opportunity assessment is priceless. Naturally, many times an organization either views their market with "rose-colored glasses," or simply overlooks competitive advantages and opportunities, both of which can dramatically change the competitive landscape. Colaborate has objectively guided our clients in hundreds of markets assessments and provided our clients the objective advise necessary to accurately assess existing and future market opportunities.
Sales Management
Having roots in the commercial lab industry and having managed some of the most recognized sales teams in the country, Colaborate understands the requirements to successful compete in the trenches with the national laboratory chains. Furthermore, having been "inside" the industry allows a vast understanding of the weaknesses these industry giants are straddled with. Collaborate shares this knowledge with our clients and provides the competitive advantages necessary to compete. This "insiders" guide can provide insight into existing veteran's sales professionals, as well as those just starting out in the laboratory sales field. Colaborate can either fully manage your sales activities or can supply a short-term laboratory sales manager.
Sales Training
To be successful, businesses need to market their product/business to potential customers. Having well trained sales representatives to market a product is essential to any business. Colaborate's expertise in laboratory sales and marketing exceeds all others, hands down. Colaborate, with our subject matter experts and business partners, will be able to supply your business with the sales training skills, tools and guidance needed to implement a proven strategy, thereby propelling your business forward.
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