A recap of P. Thomas Hirsch’s talk at G2: Lab Institute on “Using Billing Information to Grow Your Lab Profitably”
Not all growth opportunities for outreach programs represent good business for the laboratory. In addition to making sure that you can adequately service the new clients you are pursuing, it is important to understand whether the growth meets your financial objectives. This article will help you to:
- Learn what type of billing information you should be looking at to determine whether your program is meeting your financial as well as service objectives.
- Understand the factors that determine client profitability and what variables can be affected to improve the contribution margin of a client or line of business.
- Recognize the collections pitfalls that should be mastered to ensure that you optimize the financial benefit of your program. What Type of Information is Helpful?
Keep Reading… Using Billing Information to Grow Your Lab Profitably