Clinical Lab Consulting, LLC

Laboratory Business and Financial Consulting Services

Clinical Lab Consulting offers laboratory business and financial consulting services through our experienced laboratory business and financial consultants. Our consultants have served as CEOs and COOs in successful hospitals and independent clinical laboratories. They specialize in mergers, consolidations, outreaching, billing, marketing and sales. Among services that our experts offer are:

Organization:

Create Industry and/or Company Specific Key Reports
P&L Review, Trend Analysis, and Industry Comparisons
Business and Strategic Plans, Financial Reports, and Supporting Documentation
Funding Negotiation, Documentation Preparation, and Financial Model Presentation
Mergers, Acquisitions, and Dissolutions
-Acquisition Candidate Search, Due Diligence, and Negotiations
-Financial Pro-Formas (what if analysis)
-Acquisition assimilation, Conversion, and Seamless Client Rollout
In-House training

Accounting:

Reconcile Historical Records and Restate Financials
Determine Reporting “Confidence”
Expand / Enhance Existing Systems and Reports
Create “Management Useful” Financial Reports
Select, Convert, and Implement Financial and Reporting Systems
Internal Controls Review
Audit preparation

Revenue and Reimbursement:

Revenue per Accession and per Test Reporting
Review Accounts Receivable Aged Trial Balance and Define Problems
Billing Completeness and Accuracy Audit
CPT-4 Coding Review and Correction
Denial Analysis and Recovery Procedures
Review Billing Edit Processes, Error Backlog, and Correction Process/Timeline
Determine “Unbilled” Backlog, Define and Implement Corrective Action
Reduce Paper Filings and Submit Invoices Electronically
Client Sales Reporting, Analysis, Retention, and Growth Targets
Sales Payer Mix, DSO, and Reimbursement Reporting
Create KEY Revenue Reports (Daily & MTD Cash Collections, Write-offs, etc.)

Expenses:

Payroll/Employee Expense and Productivity Analysis
Employee Full Time Equivalent (FTE) Reporting and Control
Cost per Accession and per Test Reporting
Reagent and Expendable Supply Expense Analysis and Renegotiation
In-House vs. Send-out Testing Expense Analysis
Production Standards Selection, Setting, and Variance Reporting
Alternative Testing Platforms Reducing Cost or Enhancing Productivity
Testing Schedules and Work Process Review
Equipment Reagent Lease/Conventional Lease/Buy Analysis
Purchasing Procedures, Controls and Bid Effectiveness
Contract Review, Negotiation, and Renegotiation