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