Tom Hirsch is the President and Co-Founder of Laboratory Billing Solutions (LBS), located in New Hampshire.
Billing can be a challenging function for laboratories, and building out billing strategies often ends in frustration. Billing is a nuanced, complicated, and ever-evolving area that requires focused effort and sophisticated technology. No one enters the lab business to focus on billing – a lab’s core competency is providing great patient care via diagnostic testing. Billing is clearly an afterthought and can oftentimes lack appropriate support and attention.
Through the LBS & hc1 partnership, we hope to provide labs with the solutions necessary to increase efficiencies, sharpen analytic focus, and facilitate the transformation of billing data into communication that ensures effective follow-up action. Labs can now go beyond just supporting the billing department by linking them with lab leadership, client services, sales, and customers. LBS & hc1 want to enable lab billing departments to move from being a required function of the laboratory to an asset that brings increased value and support to your entire organization.
This is the first in a series of articles that will focus on the synergies between billing solutions and CRM. We look forward to your comments and feedback as we hope some of these topics spark discussions around how you may be able to improve performance at your lab:
- How does your lab’s billing program stack up to the competition? – A look at a few simple metrics to gauge your performance against best practices. An examination of productivity, spend, and effectiveness in collections.
- Overlooked KPIs and the key metrics billing needs to provide lab leadership – Examine the key – and often basic – information that laboratory managers and executives need to get from their billing departments.
- Why is cash posting potentially the most important part of your billing operation? – Dive into the details of the last step of the billing process to illustrate how crucial it is for supporting the analytics that drive business decisions.
- CRM and Billing Connectivity: The difference between billing and Revenue Cycle Management – Billing and RCM are often used as interchangeable terms. We’ll examine the why they are not and why billing cannot operate in a silo within the laboratory.
This is the first post in our summer series "CRM & Billing: What You Need To Know." Check back soon for the next entry!