Essential MIS Reports to Monitor Key Aspects of your Laboratory Business
Learn about the key business reports that can help you monitor your business ends effectively and manage it with no hassle.
Medical Diagnostics has widely emerged and matched the growing business criteria in the healthcare sector. Digital adoption & data management has been the pillars of such growth. Industries of all shapes & sizes are aligning to a robust lab management system as it provides actionable insights in the form of reports.
Management Information System (MIS) Reports are vital for a healthy flow in your company. They give you in-depth knowledge of your operations and finance using where you can track, analyze, evaluate, compare, learn and make decisions to improve future outcomes of your lab.
So, if you are using a LIMS system, ask yourself if you can monitor all key aspects of your business using these reports? To help you understand the varied types that can be useful to analyze & compare various ends of your business and identify loopholes, here is a list of reports that you must have in your LIMS system.
Billing Reports
By recording end-to-end billing details to represent them into a comprehensive output helps you improve financial tracking. You can learn about dues from patients from a single place and maintain track of pending bill amounts.
Total Billing Report — Gives you a complete representation of all customer billing data.
Total Billing Report Department-wise — Most effective to study and monitor billing information categorized by departments.
Collection Reports
These help you learn about your daily/monthly collection from various sources. With in-depth and accurate data you are enabled to tally your financial inflow. It is most useful to account and reconcile to your bank.
Total Collection Report — It records and presents meaningful information right from the collecting person to the source of collection and everything in between.
To have a separate and categorized analysis you can also check the following -
- Cash Collection Report
- Cash Collection Report with Expenses
- Cheque Collection Report
- Credit Card Collection Report
- Credit Collection Report
- Debit Card Collection Report
- Collection Summary Report
- Day Collection Report
- Online Payment Report
- Cash Collection Reports with Expenses
User-wise Collection Summary — Provides a detailed summary of collection based on the user-types which becomes easy for the lab to keep a check and analyse differences in numbers.
Revenue Reports
These are useful to evaluate revenue coming from patients and B2Bs becoming critical to compare from previous days or months in order to study profit and loss areas in operations. It also becomes important to track bottlenecks with clear analysis and enables the lab to plug leakages that hamper business. Using such reports, lab authorities can make informed decisions by implementing a better revenue management strategy for their company.
Organisation Revenue Report — Helps lab determine the information on the B2B revenue cycle that can be categorized organisation wise.
Patient Revenue Report — Useful to draw revenue information based patient-wise.
Apart from finance reports, one of the most essential types of MIS includes Exception Report. It consists of data that shows if any lab authorities have made edits at entries while billing. The data is most essential in tracking and analyzing leakages and identifying points that can be fixed in order to have smooth finance management in your organization.
For better traceability, analysis, and improvement of your lab, it is crucial to track important business ends regularly. Knowing the essential MIS that contributes to growth and success can help in scaling your business.
Read more about Business Reports here.
