Increasing revenues in your medical lab may seem like an impossible task, but it’s actually very easy to do. There are several ways to go about it.
Make Sure Labs are Completed
The first way is very simple: Make sure your patients actually get their labs done. Remember, you aren’t paid for labs that are not completed. While it seems like a no-brainer, sometimes patients can forget to do their annual labs.
Patient engagement can alleviate this problem. Make sure to remind your patients about their labs, and make sure you follow up. Put procedures in place that track your patients; this way, you will know when labs have been completed.
Another idea is to offer cash prices for labs. Since lab test prices are subject to stricter guidelines than supplements are, the best way to increase revenue is simply by offering cash prices for labs. This is legal and offers benefits to your patients, too.
If your patients have high deductibles, with extremely high lab work costs, they can pay you directly, at your prices, rather than the high prices set by their insurance companies. This allows you to generate a revenue stream based upon your prices.
The prices you set will be much lower than the prices billed by the insurance companies, so your patients save money, and you make a marginal profit, too.
Additionally, you can generate bills for patients marked with the proper procedure and diagnosis codes for their insurance companies. Then, your patients can submit those bills to work against their deductibles, and perhaps even for reimbursement.
Add New Tests
And finally, your medical lab may want to consider adding new tests. The more tests you offer, the more revenue you can generate. Plus, when you offer new and different lab tests, you will draw in new patients.
To determine which tests to add, look at the tests physicians are already ordering but are outsourced to other labs. Consider offering those, so there’s no reason to outsource.
If you can add a new test with little or no need to increase staffing, these new labs can really generate the revenue. This is especially true of new labs that can be run on the same sample you’ve already loaded onto that analyzer. This can double your revenue, with no extra costs.
These simple steps can have you increasing your medical lab’s revenue in no time.