At the end of the day, it is results that matter for our clients. Laboratory Billing Solutions (LBS) has achieved significant operating results for its clients in terms of reduction in billing spend and higher collection rates. Below are some examples of significant client successes:
- LBS recently improved a client’s yield on collection 5% while reducing their total lab bill spend by almost two-thirds.
- A large hospital-based independent lab had its DSO’s cut in more than half while the business increased by one-third over a two year period.
- LBS reduced the DSO’s of another hospital lab to under 30 days and reduced the AR greater than 120 days to less than 8% of the total AR.
- Several clients have realized up to 50% reductions in bad debt through our process to better qualify patients’ insurance eligibility.
We also offer the most actionable information available to evaluate payor, client, and patient relationships in the industry.
- LBS assisted one of our clients in negotiating and obtaining a $900,000 underpayment from an insurer. Our reporting capabilities for reviewing the paid claims experience were far superior to what the insurer could extract from their own system.
- Another lab client leveraged our client revenue reports to identify unprofitable accounts and develop and implement guidelines to improve the performance of many of their referring practices.
And the best part is that the above results and many more have been delivered at a lower expense. Typically, the cost of using LBS in either a supported or full service arrangement can be 20% to 50% less than the cost of performing the billing internally or with another billing vendor. We believe that we not only have to do billing better, but we must do it better with less resources. LBS’ commitment to improved performance is unrelenting. We are constantly looking at ways to improve our processes and bring additional value to our clients’ business.
Interested in learning more? Contact LBS to see how we can help your lab here, or call us at 603-766-8230.