Ways to Cut-down Revenue Leakages in your Lab
Revenue leakages in a lab business are the root cause of unstable profitability. Any smaller or bigger gaps in the operational or accounting processes become a source for leakages that majorly affect overall business and efficiency of your lab. With daily upgrades in the medical diagnostic space and growing competitors, your laboratory needs implementation of innovative ideas that can plug-in such drops and ensure company growth.
Staging low price strategies today may come up with heavy expenses tomorrow. If you choose quality over quantity, you may credit your lab with long term investment which does not drain out on your income rate.
Enlisted below are among the key practices that can be set in motion for a lifetime boon over managing your income-
Enable Better Process Management
Fragmented processes, challenges associated with collections and decentralized sales are amongst the many problems that occur in a pathology lab. To enable smooth patient experience, laboratories must have a step-wise control over all the tasks performed right from patient entry to billing.
Streamlining end-to-end information with step-wise control helps you track and monitor your lab in a better way.
By keeping such practices in effect, the chances of recording incomplete user details, unknown or unforeseen billing, or under-charging for services can be abolished. It also becomes useful to trace invoice errors, preventing unnecessary losses and maintaining transparency in the business relationship.
Keep Check over Discounts
Offering discounts more than defined, causes revenue leakages that is difficult to trace at the time of profit evaluation. For effective leakage control, a record must be maintained at the time of registration and billing, thus, eliminating inappropriate data entry or misuse of authority. Keeping track and record for every process right from patient registration to billing allows better traceability of revenue leakages and keeps discount rates within its defined value. An end to end management enabled by medical lab software ensures finer financial management support to your lab.
Smart Management of Stock Usage and Inventory
To efficiently manage inventory at a pathology lab you require to timely log stock details like the number of stock purchases, consumed and wasted. Labs experience leakages on income due to such inappropriate management of inventories. Failing to keep a hold on such issues, you end up spending extra expenditure which can be actually controlled with a better plan
Inventory management is one of the many advantages that come with LIMS software. Lab automation allows better stock control and has a record over every new usage. It is also useful in checking the quality of supplies and helps you to take decisions on future purchases for your lab; thus eliminating revenue leakage points and allowing effective management of finance over stock expenditure.
Automate Your Business and Operational Reports
Operational and financial reports are much needed in a laboratory business, to make quality business decisions that incur success. In order to study all areas of profit and loss, it is important that you produce precise reports that cover all operational and financial processes. Aiming at that, pathology centres prefer lab software that produces MIS reports. These reports are comprehensive and clear, and they provide useful information about all small to large laboratory processes at your fingertips. By automating your lab, you can have a daily and monthly TAT analysis, report your inventory, generate complete collection details for all collaborators, have an exception report study and many more that adds value to your business.
Record and Monitor Customer Feedback
Being in the healthcare service sector, customer satisfaction must be valued. If you constantly record and monitor user feedback, it becomes easy to track areas of unnecessary outflow. User feedback sheds light on few customer-faced issues and enables laboratories to take constructive actions in order to address them well in time and keep such gaps from growing. Such might act fruitful for both the lab and its beneficiaries.
To enable a seamless workflow at your lab, installing a laboratory information management system is the optimal solution. However, go for the one that provides all the benefits that can help you get rid of revenue leakages and acts as a viable investment for your lab.
