For more than twenty years, hospital-based laboratories have become the primary providers of clinical laboratory and surgical pathology diagnostic services to physician offices and other healthcare providers. With a well-designed and operated laboratory outreach program, hospitals are able to significantly decrease their testing costs, increase their in-house test menu and provide a level of service excellence that enhances their reputation in the community. Based on the hospital size, location and commitment to success, a well-designed and operated laboratory outreach business may commonly yield net revenues of $5-10 million or more annually in additional net revenues.
LabPath's Phase I in assisting a laboratory in developing a successful outreach business or enhancing the growth of a current outreach business normally begins with a high-level feasibility study to evaluate the following:
- Laboratory outreach market potential
- Outreach laboratory billing financial management assessment
- Laboratory service assessment (evaluation of equipment, staff and excess capacity)
- Information technology assessment
- Profit and loss financial proforma (5 year)
- Implementation road map
- Potential partner relationships (joint venture or otherwise)
- Organizational structure options
During Phase II, which is optional, LabPath will provide assistance in implementing the changes required to successfully compete in the marketplace and begin to grow their new outreach business.
In Phase III, LabPath will provide management services in various areas of the laboratory as needed to ensure success.
In the development of many laboratory businesses, organizations often consider the option of acquiring another laboratory, reorganizing their laboratory to become more competitive in the market place, or selling their laboratory business to capitalize the equity.
In any of these situations, having a trustworthy, knowledgeable, and an experienced laboratory consultant assist in providing an unbiased opinion concerning the value of the assets or benefits of the new or existing business or organizational change being considered is paramount in achieving the organization's business objectives.
LabPath leadership has a wealth of experience in laboratory mergers and acquisitions (M&A) and reorganizations. Having a combined 40 plus years of hospital-based and national laboratory senior leadership experience and 15 years of laboratory consulting experience, LabPath has first-hand experience and is fully equipped in assisting organizations in successfully achieving their business objectives.
LabPath's unique experience and expertise in sales & marketing, laboratory operations, billing financial management, profit and loss (P & L) tracking, regulatory compliance and organizational re-structuring provides the foundation of understanding necessary to clearly value the potential of the new or existing business.
With LabPath's assistance and support, organizations are able to confidently negotiate a merger or an acquisition deal or both and rapidly complete a reorganization transition without making costly mistakes.
LabPath's Medicare Part B claims review is a cooperative interactive process designed to determine if the organization's clinical laboratory test ordering, registration, medical necessity checking, result reporting, coding, and billing practices are in compliance and result in full collections.
LabPath's approach exposes the strengths and weakness of the current process flow steps (i.e., requisition design, registration test order entry, medical necessity checking, result reporting and billing process) that play a role in billing Medicare for laboratory services.
Through LabPath's cooperative interactive approach, organizations can easily identify areas requiring corrective action improvement. Additionally, having the key process flow department leaders involved in the review process gives them firsthand knowledge of the critical steps and issues involved in ensuing accurate billing and rapid collections.
Having a sound LIS in place with the functionality to manage the processing, testing, reporting and storing laboratory results in a retrievable electronic medical record (EMR) is the key to sound patient care, effective management, and regulatory compliance.
LabPath has an in-depth understanding and is experienced in assisting laboratories of all types in selecting high-performing cost-effective LIS solution with the state-of-the-art modular functionality required to meet the organizations business objectives.
LabPath's LIS selection advisory and support services include:
- Preparing and distributing a request for proposal (RFP) to qualified vendors
- Comparing analyzing the vendor RFP responses and managing the selection process
- Managing or assisting in the transition implementation
The availability of a sound connectivity solution in place is critical for successfully competing in the laboratory marketplace and growing any type of outreach business. A fully functional robust connectivity solution is required to create a level field of competition when marketing against national and other hospital-based and independent laboratories.
LabPath has an in-depth understanding and is experienced in assisting laboratories in selecting a high- performing cost-effective connectivity solution with the state-of-the-art functionality required to meet the organization's business objectives. Some of the key functionality requirements include:
- Physician office electronic patient registration and test order entry
- Third-party coverage validation and co-payment determination
- Front-end medical necessity checking and ABN signed authorization
- Transfer of the test order information to the LIS
- Transfer of patient registration and test order entry information to the billing financial management system
- Reporting of the patient test results back to the ordering physician and into the designated electronic medical record (EMR)
LabPath's connectivity solution selection advisory and support services include:
- Preparing and distributing a request for proposal (RFP) to qualified vendors
- Comparatively analyzing the vendor RFP responses and managing the selection process
- Managing or assisting in the transition implementation