Securing Revenue for an Office-Based Lab: Faster and More Efficiently

The Challenge:

Managing Growth for an Office-Based Lab.

To satisfy the growing needs of their patients, a group of physicians decided to start their own Office-Based Lab (OBL), and a few months later, Advanced Cardiac and Vascular (ACV) opened their doors. With the immense challenges that accompany starting a new healthcare business, they hit the ground running and were quickly consumed by patients. While the business was off to a great start and experiencing an influx of patients, they weren’t fully ready to handle the “business” side of things like billing, reimbursements, coding, and more.

A month after opening their doors, this very busy OBL was already falling behind on charge capture, billing, and reimbursements. An increasing patient volume, combined with extremely busy entrepreneurs, resulted in minimal revenue to show for such early success. Outside help was needed. When the team from The Business Side (TBS) were introduced to ACV, our main goal was to get a handle on carrier and patient billing and to ensure that the stream of patients coming through their doors was reflected in revenue coming back to the practice.

Finding and Collecting Revenue Faster and More Efficiently

While most billing teams are good at their job, the billing specialists at The Business Side are experts at finding and collecting revenue where most billing departments don't even look, and we can do it much faster and more efficiently. Our billing expertise and expediency provides our clients with more revenue at a much faster pace, and allows your team to focus on other tasks.

"We consider the TBS team to be partners in our success. They have supported ACV well during the rapid growth we have experienced since opening our first center in 2018."

Dr. Fadi Saab
Chief Operating Officer,
Director of Cardiology & Vascular Medicine

Need help with your Office-Based Lab? Contact us today!

ACV is now getting paid 27% faster than in Year 1

The industry standard for measuring how quickly your billing staff is getting your money in is called ‘Days AR’. It is essentially a recording of how many days on average it takes your staff to get a claim paid. The fewer the number of days, the better, and 42 days is considered very good for a complicated revenue cycle, such as is seen in OBL.

Anything below 42 is excellent. You can see that the average days AR was 52 in Year 1. Through process and diligence, TBS was able to reduce that number to an impressive 38 days. Due to the work we are doing, ACV is now getting paid 27% faster than in Year 1.

ACV saw tremendous growth during the first year of our engagement. Usually, revenue struggles to keep up with such growth in charges as the billing process gets overwhelming. That wasn’t the case with ACV and TBS. Not only was TBS able to handle this exceptional growth, but our attention to detail and constantly improving processes allowed us to increase revenues at a rate 28% higher than the charges grew.

Our partnership with ACV has provided the following results:

  • Increased payments by 28% more than charges
  • Decreased Days AR by 27%
  • The TBS team is now bringing in more money, are we are bringing it in faster
  • Full insight into the revenue cycle - uncovering opportunities and efficiencies
  • Recommendations on which procedures to perform in hospital vs. in OBL, what procedures are more profitable, if charges are at appropriate levels and more
  • Strategic guidance and interpreting patient data, allowing ACV to make informed business decisions