What they do
Significantly increase collections for hospital-based laboratory outreach programs.  In addition, they
assist in creating or expanding these programs, streamlining their operations and optimizing their
profitability.

Why it's the Best
This company is laser-focused on the hospital lab outreach market.  They have extensive
experience in this micro niche and a long track record of success in optimizing these programs.

Approach and Scope of Services
Our partner works closely with its clients to develop customized support solutions that best maximize
existing resources without compromising performance.  Their approach is two-fold:
  • Improve the billing and collections process to maximize revenue
  • Provide strategic advisory services to facilitate growth of the business

Improving Collections
The company analyzes all facets of a lab’s operations in order to design a system that maximizes
collections and profitability.  They seamlessly extract client information from a hospital’s registration
system for claims submission (where applicable), and automate the pursuit of missing and medical
necessity information.  The company’s billing system provides detailed financial reporting, facilitates
systematic client follow up, and proactively identifies business/financial trends and opportunities
that need to be addressed.  All payment information is line-item posted to provide detailed
reimbursement analysis at the CPT code level. Any denials are reworked, and patient statements
are automatically generated for outstanding co-pay &/or deductible balances.  

Financial Reporting
The actual revenue per patient encounter and CPT code is tracked on a client and payer basis. In
addition the company can sort revenue and associated lab activity by service location, sales
territory, courier route, specialty or type of business, or any other designation the lab requires.
Examples of additional support that would be provided as part of the overall service include:
  • Providing supporting detail and analysis for establishing fee schedules and negotiating third
    part contracts.
  • Reviewing profitability of existing clients and working with lab management to recommend and
    implement changes that will improve performance.
  • Assisting with the analysis and development of detailed proposals or responses to RFP’s on
    institutional business opportunities.
  • Ongoing management of the lab’s client billing accounts, including fee schedule
    maintenance, special pricing, and resolving client questions and any bill discrepancies
  • Providing whatever additional financial analysis that is requested.

Company Background
The company was founded by laboratory executives and software developers who have managed
some of the most successful independent and hospital-based laboratories in the industry.  The
enterprise employs a SurroundLab AR billing system that has been highly customized to meet the
needs of its hospital-based laboratory clients.  In addition, they have made significant investments
in scanning software and imaging technology to integrate client information that can not be readily
interfaced or accessed by the billing system.

The company’s management team is renown in the industry and provides over fifty years of
collective experience in developing and managing independent and hospital-based laboratories.