Healthcare software company McKesson has launched a laboratory financial management system, designed to help clinical laboratories manage their outreach finances by streamlining workflow and optimizing pricing, billing and collections.
The company says that the application, called Horizon Lab Financials, also features a powerful profitability tool to help management predict, monitor and manage profitability, down to sales territory, client and test level.
Hospitals increasingly view laboratory outreach programs as a source of margin, yet the majority of them are unable to determine whether their programs are actually profitable, said Scott Liff, vice president of laboratory services and imaging development at John Muir/Mt. Diablo Health System.
Most hospital billing systems are not designed for the multiple fee schedules and higher-volume transactions associated with outreach testing. McKesson has taken a major step forward by offering laboratories insight beyond gross charges to reveal net revenues tied to each account. The system offers flexibility to build in variables and addresses the real-time editing required to increase billing reimbursement and decrease account receivable days outstanding.