In every industry, change will inevitably become a requirement to remain competitive. For course-changing directions of the large scale, you need more than just another opinion. You need industry-specific expertise from professionals with first hand knowledge. Colaborate has the expertise to provide our clients with comprehensive assessments, including facilities operations and observations, workflow analyses, test menu offerings, send-out assays, equipment selection and inspection, outreach offerings, test menu and volumes evaluations, fee schedules, and billing and collections analyses, as well as profit and loss reviews by location (where and when possible). We take this knowledge and apply proven performance improvement tools for the benefit of our client organizations.
Billing & Accounts Receivable
Today, even the best performing laboratories are leaving revenue on the table due to billing and collection issues. The dollar amounts laboratory procedures represent - especially compared to other hospital procedures - compounded with onerous regulatory and payment requirements, necessitate improved laboratory billing and collections systems almost universally, and sometimes require outsourcing to laboratory billing specialists.
Colaborate experts have frequently identified opportunities in our clients' laboratory billing and collections systems, and have assisted organizations in capturing those opportunities. Colaborate is experienced in diagnosing billing and collection issues and will formulate the strategies necessary to rectify any problems and facilitate optimal efficiency of the revenue cycle process.
Compliance
Colaborate is skilled in assisting hospitals, clinical laboratories, pathology practices, laboratory billing companies, and other laboratory service providers in implementing effective compliance programs, correct coding audit processes, and employee compliance training. Colaborate has developed a widely-used, best practice laboratory compliance audit assessment, a 'report card' measurement tool, and various training programs to assist clinical laboratories, anatomic pathology diagnostic service providers, and billing companies in their regulatory compliance efforts. Colaborate's work with these organizations has resulted in impressive improvements in efficiency, service quality, billing processes, accounts receivable revenue cycle process flow, and compliance with related laws and regulations.
Core Laboratory Development & Consolidations
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 experts have been retained to assist 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. Using our experience and expertise in the structure and function of clinical and hospital-based laboratories, we have been able to provide dramatic and long-lasting changes to troubled and failing organizations.
Instrumentation Selection
Choosing the proper instrument for your laboratory needs can be stressful and cost your business thousands of dollars if the wrong instrument is chosen. With expertise in laboratory instruments, as well as processes and reorganization, Colaborate will assist organizations in making an appropriate selection for their specific needs, without the worry of a hidden agenda. Colaborate is not owned or affiliated with an instrument manufacturer or supply company. Therefore, the unbiased advice is made with our clients' best interest in mind.
Reorganizations
As hospital laboratories throughout the nation 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.
We know from our experience that the more successful outreach programs - those with margins exceeding 20% - are professionally managed, have a sound marketing plan, and an efficient infrastructure to support the program. Our knowledge of the laboratory outreach business and ability to work hand-in-hand with you, as our client, will allow you to build a highly profitable outreach program that can compete effectively in the surrounding market.
Test Menu Analysis
Having the correct mix of tests readily available for your customers is essential to your laboratory's business viability and growth, yet the importance of the "make vs. buy" analysis is more important than ever. Colaborate has the expertise to assist in evaluating a laboratories test menu and determining the most cost effective mix of test being performed, both in-house and referenced out.
Interim Management
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 the following interim management - even on short notice - until permanent personnel can be identified, hired, and trained:
- Compliance Officer
- Lab Manager
- Billing Manager
- Outreach management
- Controller
- CFO
- IT Manager
Outreach Service Operations
As hospital laboratories throughout the nation 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 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.
Brand Development, Marketing Assistance
Brand development and marketing are critical components to building and growing any successful business, particularly one that competes in a highly competitive marketplace. Colaborate's experienced marketing consultants will help you develop a uniquely creative and engaging brand for your laboratory and related services, position your brand above all competitors, and communicate your offerings in ways that help you build your customer base.
Market Analysis
Colaborate takes a holistic approach to gain a comprehensive understanding of market opportunity by assessing the current marketplace by numerous segments (e.g, hospital, physicians, long-term care, etc.). We examine payer mix data and how it is controlled/dictated, and review contracts to determine opportunity, desirability by price, and current market share. Additionally, Colaborate addresses the tools necessary to compete, presents costs associated with implementing such tools, makes recommendations on primary and secondary market opportunities, provides key competitor analysis, and addresses the "readiness" of the existing lab and the test menu offering, growth targets etc.
Pricing Strategies
With the latest court ruling relative to laboratory pricing and potential inducements, Colaborate's expertise in this area provides peace-of-mind and competitive strategies necessary to complete in today's potentially profitable yet complicated outreach market.
Sales Development & Training
To be successful, businesses must market their products to potential customers, and having well-trained sales representatives to market those products is essential to any business. Colaborate's experience and expertise in marketing and sales exceeds all others. Colaborate, with its subject matter experts and business partners, can supply your business with the sales training skills, tools, and guidance needed to implement a comprehensive and successful sales strategy.
Sales Management
Colaborate boasts a number of industry experts who have managed sales teams for the most successful commercial, independent, and hospital-based programs in the country. We are able to assist in both the interim and with long-term sales management solutions. We have a number of programs available to provide the necessary expertise, while allowing our clients the flexibility to either retain our sales professionals as employees or implement other creative solutions.
Quality
Improvement in quality is a disciplined management process based on the premise that all work can be planned, performed, measured, and improved. Colaborate ensures that the focus is on improving the quality of processes, products, and services by establishing priorities, promulgating policy, promoting cultural aspects, allocating resources, communicating lessons learned, and resolving significant management issues and problems that hinder the organization from achieving its objectives.
Lean Transformation
Colaborate's Lean Transformation focuses on assessing, training, and facilitating the implementation of lean methods in the lab. The goal is to make it easier for people to work - from how their physical space is designed to how they perform their jobs. Lean has transformed manufacturing worldwide and is revolutionizing laboratory operations across the country, as evidenced by the level of attention it has received in the printed press and at national healthcare conferences. It is the real deal.
Six Sigma
Nearly half of the top one hundred Fortune 500 companies use Six Sigma methodology in their businesses. These companies have been among the top one hundred for five or more years, and consistently report higher revenue and significantly higher profits than their competitors. Colaborate's Third Generation Lean Six Sigma program focuses on the creation of value, combines "best-of-breed" in manufacturing with content experts in laboratory management, and creates sustainable improvement that continues beyond our involvement.
Program deliverables include:
- Lean Six Sigma Leadership education
- Lean Six Sigma Green Belt and Black Belt training
- Kaizen event facilitation
- Demonstrated expense or margin improvement of up to 15% following full deployment
- Improvement in quality, customer service, financial performance, and work culture
- Creation of satisfied employees who deliver quality service exceeding customer expectations, thereby creating business growth and improved margins
- A culture that has the knowledge, tools, and experience to sustain the Lean environment going forward
In today's business environment, quality is the key to competitive advantage. Our clients benefit from implementing a Total Quality Management (TQM) program, as it becomes the onramp for constant improvement of quality for the entire organization. Total Quality is a description of the culture, attitude, and organization of a company that strives to provide customers with products and services that satisfy their needs. The culture requires quality in all aspects of the company's operations, with processes being done right the first time, and defects and waste being eradicated from operations.
To be successful implementing TQM, an organization must concentrate on eight key elements:
- Ethics
- Integrity
- Trust
- Training
- Teamwork
- Leadership
- Recognition
- Communication
Revenue Cycle
The scope of the revenue cycle begins with patient access and registration, proceeds through charge posting and billing of all claims, and culminates in cash received and the denial process. Colaborate provides end-to-end revenue cycle performance improvement solutions designed to accelerate cash flow immediately and improve the bottom line. Our firm specializes in reducing accounts receivable, enhancing net revenue, and redesigning business processes in the revenue cycle. We work with management to identify and implement solutions that provide measurable and sustainable results.
Our clients benefit from:
- Improved cash acceleration
- Increased net revenue realization
- Improved relations with key vendors
- Business process redesign that decreases the cost of collection
- Long-term system-wide improvements
Today, even the best performing laboratories are leaving revenue on the table due to billing and coding issues. Colaborate experts have identified frequently missed opportunities in our clients' laboratory billing and coding systems, and assisted organizations in capturing these opportunities. The dollar amounts laboratory procedures represent - especially compared to other hospital procedures - compounded with onerous regulatory and payment requirements, laboratory billing and collections systems, need improvement almost universally and sometimes require outsourcing to laboratory billing specialists. Colaborate is experienced in diagnosing billing and coding issues and will formulate the strategies necessary to rectify any problems and facilitate optimal efficiency of the revenue cycle process.
Process Flow Analysis
Having an insufficient process flow can cripple a business to the point of lost revenue in the thousands. Colaborate can assist in performing a process flow analysis, and, using TQM, Lean, and/or Six Sigma techniques, a process flow will be designed to suit your organization's needs, keeping in mind compliance guidelines and regulations.
Staffing - Best Practice Benchmarking
One of the most significant fixed costs to in a clinical or hospital-based laboratory is the labor component. The way in which this valuable commodity is used (or underused) 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 - using industry benchmark information - to maximize full-time equivalent (FTE) employees while maintaining high quality results. These proprietary tools also assist with pathology staffing and compensation. Colaborate uses these tools extensively in our operational assessments and provides impactful results to our clients when advising them upon their particular labor requirements.
Compensation Analysis
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.
Workflow Analysis
Clinical and pathology laboratories play one of the most pivotal roles in delivering proper medical care today. Without the accurate and timely information provided by today's laboratory professionals, physicians would not have the information necessary to provide adequate patient treatment. Because of this, it is imperative for laboratories to continually improve operational performance and laboratory efficiency.