8 Tactics to Increase Your Lab’s Revenue in 2022
Laboratories face a wide variety of financial pressures each year. In addition to struggling with customers failing to pay their lab bills on schedule, laboratories must compete for a share of the $6.1 billion annual clinical lab tests across the U.S.
Therefore, independent and hospital-based medical labs must generate a bigger revenue to ensure their survival and growth. Here are eight tactics to increase your lab’s revenue in 2022.
1. Improve Turnaround Time for Test Results
Most laboratories strive to provide a 24-to-48-hour turnaround time for patient results. If your lab is falling short of this deadline, it can lead to frustrated customers who are less likely to pay their bills on schedule, or they may not renew a contract.
Avoid chasing clients by improving your laboratory’s turnaround time, as people will be more likely to pay immediately for a quality service. Plus, the fast, accurate results can increase trust in your laboratory, and your positive reputation can lead to repeat custom and additional customers.
2. Invest in a Medical Data Exchange Platform
Save your laboratory both time and money with a dependable medical data exchange platform. The single cloud-based software will allow your facility to monitor and manage all data connections, such as electronic medical records, registries, and instruments, plus more. Also, it will lower your lab’s IT costs, and streamline lab resources to your connections. As the innovative platform will support vendor-to-vendor relationships, it will encourage them to pay their bills on schedule and in full.
3. Transform Internal Accountability & Communication
Poor communication and collaboration and a lack of accountability can lead to low morale, reduced productivity, and customer dissatisfaction. As the customer experience and test accuracy can shape your lab’s reputation, you must strive to improve accountability, communication, and teamwork each day.
If your team learns from mistakes, treats their colleagues with respect, and works together to deliver accurate, fast results, it can lead to happier customers, a stronger reputation, increased word of mouth, and a large revenue.
4. Build Strategic Lab Partnerships
As your customers will have different needs, some may require tests or calibrations that your lab cannot perform. When this happens, you may need to refer the task to another laboratory or subcontract it. Unfortunately, this could result in a customer turning to the external lab permanently.
Rather than losing out on a customer, boost your annual revenue by forming strategic partnerships with other laboratories. Teaming up with a lab that has complementary services can provide a mutually beneficial relationship. Plus, you and your partner could introduce an extensive package that other labs cannot offer, which will result in a better customer experience and annual profit.
5. Never Use Laboratory Jargon on Invoices
Transparency is crucial when sending laboratory invoices to customers. If it is full of technical laboratory information or industry jargon, a customer might question what services they are paying for, which will lead to missed or delayed repayments. Instead, skip the jargon and clearly articulate the billed services to encourage customers to pay in full and on schedule.
6. Include Relevant Information with Results
Impress every customer by featuring relevant information related to the lab results. The extra details, analysis, statistics, or common treatment options for the results can help healthcare practitioners deliver more accurate, effective medical care to their patients. As medical professionals will receive professional lab results time and again, they will be more likely to renew a contract, pay their bills on schedule, and recommend your lab to others.
7. Respond to Customer Inquiries ASAP
Do you know your lab’s average response time for customer inquiries? If you don’t, it is time to identify how long it takes your team to deliver a quote to a potential customer. If your lab takes longer than 24 hours to send a quote, a customer might believe your test result turnaround time will be the same. As a result, you might lose out on their custom to a quicker competitor. It is a small change that could increase your conversion rate and annual revenue.
8. Transform Internal Lab Efficiency
An efficient laboratory is a profitable laboratory. Start by mapping out every process in your laboratory, and then test and track its performance at every stage. After identifying a weakness, identify and introduce a solution to improve efficiency.
If you are torn between solutions, use A/B split testing to identify the option that provides your lab with the biggest improvement and greater value for money.
Your lab will provide communities and healthcare organizations with an essential service. However, it is important to remember you’re running a business, too. Maximize profits in 2022 by following the above helpful tips, from responding to customer inquiries within 24 hours to introducing a medical data exchange platform.