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         Capitalize on your Revenue Cycle

         Capitalizing on revenue cycle performance in today’s   of an effective AR system is that it enables the lab to
         hospitals has become increasingly difficult, as payments   access financial and operational reports in real-time,
         are changing almost on a daily basis.  To stay on top, it’s   thus allowing management to accurately make decisions
         important to leverage today’s technologies and align   that could affect the program’s outcome.
         processes to create additional income.
                                                                A revenue cycle management system designed
         Research indicates that hospital outreach laboratories   specifically for laboratory billing offers advanced features
         have positioned themselves and are holding their own in   that meets specific billing requirements in the laboratory.
         market share, as compared to national laboratories.    These features are designed to support complex
         A recent survey reported the contribution margin       business workflows and improve operational outcomes,
         (less incremental outreach cost) for successful outreach   thus ensuring a profitable gain to laboratory revenue.
         labs that continue to gain is in the 23.0% to 32.9% range.    When exploring options for a revenue cycle management
         (Chi Solutions, Strategic Implications of Chi Laboratory   system for laboratory outreach program, look for features
         Outreach Survey Findings, September 2016)              such as those shown in Figure 1. ˜

         Starting or enhancing an outreach program—             With so many revenue cycle management vendors to
         by implementing additional technologies and a revenue   choose from, ensure that your vendor of choice
         cycle management system—will add measurable revenue    understands and can work within the IT structure to
         to your hospital’s margin as compared to the traditional   achieve the hospital’s objectives and goals.  Building a
         way of performing laboratory billing.  Laboratories can be   solid and strong collaboration will secure future revenue
         part of the billing process using the AR system and focus   that will positively impact the hospital’s bottom-line profits.
         on high-volume, low-dollar claims.  A notable AR feature

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