Millennium Lab Drives Significant Revenue Growth Using LiveHealth

Kiran Gosavi, CEO of Millennium, shares how they reduced revenue leakages from 22% to less than 5% and thus see a significant revenue growth, using LiveHealth

Millennium Special Lab Pvt. Ltd., earlier known as Dr. Vaidya Laboratory, has been operational since 1979. With 15 years of NABL accreditation, it’s operational 24 hrs. & 365 days a year. The founder — Dr. Ulhas Vaidya, the CEO — Mr. Kiran Gosavi & their team of experts supervise lab operations from dawn to dusk. They cater to a sizeable volume of 1K+ samples and over 1.5K tests per day, with 3 operational locations and processing centres across Mumbai and Nashik.

One of the biggest challenges that Millennium Labs faced was the size of its losses due to inefficiencies in its analytical and pre-analytical processes. Not to mention the revenue leakages due to its growing fragmented process. With a decentralised sales & collection, handling finance of remote collection centres, the difficulties in lab operation management continued to grow. These unresolved concerns continued to grow with the expanding business that demanded a modern software for a holistic approach to the multi-centre lab business.

Resolving Data Security Concerns with LiveHealth Cloud LIMS

Among multiple challenges that came along with the expansion of the lab across geographies, the most crucial one was the Data Security. After using multiple softwares and continuously evaluating others, Millennium lab decided to switch their entire Lab network to LiveHealth .

“All the data is kept recorded on cloud and it can be retrieved anytime without any leakage, so we chose to use LiveHealth for our Lab”

— Dr. Ulhas Vaidya | Founder

Crucial factors, like LiveHealth being a HIPAA compliant software that uses 256-bit encryption (the Global standards) for high data security, gave them complete confidence about security and lifelong storage of data. Hosted on the world’s leading cloud service provider — AWS, LiveHealth enables Millennium Lab to stay absolutely carefree for their data.

Significant Revenue Growth & Reduced TAT
Monitoring every activity of multiple centres and managing operations related to finance, inventory, sample management, outsourced tests was a challenge. Growing remote collection centres, decentralised billings & revenue collection caused serious revenue leaks in the process.

“We used to lose 20–22% of our revenue in leakages, we have been able to fix that after implementing LiveHealth to less than 5% of revenue.”

— Mr. Kiran Gosavi | CEO

With automation, manual work required in patient registration, generating and sending out reports, managing bills and finances especially for B2B business has reduced to only confirmatory & monitoring roles. Moreover, readily available detailed MIS reports on any given aspect of the lab helped them improve efficiency of processes and quality of results with important actionable data.

“20–30% of overall reduction can be seen in TAT because of reduced efforts in registration of samples from source and ease in delivering report through auto-generated push notifications on mobile app and emails.”

Cashless Operations during Home Collections
Earlier, cash handling during home visits was another major challenge for Millennium Labs. With multiple resources rendering this service it was hard to keep track of the collected cash. After implementing LiveHealth, Millennium is now able to perform all monetary transactions during home visits completely online.

“Major challenges was cash handling during home visit. This was totally avoided by implementing this software because it allows patients to make payments online”

— Mr. Kiran Gosavi

With LiveHealth Patient App, their patients can pay through various online payment options available in the app sitting at home.

Monitoring Lab Performance using Mobile Apps
With end-to-end automation and connecting all centres on cloud, Millennium Lab now has access to the entire business related information at the touch of a button. Mr. Kiran now monitors the performance of the entire laboratory chain remotely and in real-time. Detailed MIS reports on department-wise information and other analytical data on web login or Mobile App, helped Mr. Kiran identify bottlenecks and streamline operations for greater productivity.

“Main advantage after implementing LiveHealth is we are able to monitor & streamline our internal processes and find bottlenecks in the process and improve them to meet our growing demand”.

-Mr. Kiran Gosavi

Achieving a desirable balance between quality services and business profitability is no more a challenge for Millennium Labs now. With error-free operations, reduced overall TAT and better control over the entire laboratory chain, Millennium Labs now focuses on business expansion to even more locations with LiveHealth cloud based LIMS