Is it time for a joint venture with your health system?

June 8, 2020

The following is a column from Vachette CEO Mick Raich:

Hospitals across the country are experiencing monumental losses. Often, these companies have narrow margins of just four to five percent. With the economic changes spurred by COVID-19, these hospitals will be struggling to make up lost revenue for a long time. 

Perhaps now is the time to chat with your administrators about ideas that can help generate revenue. For example:

  • Many hospitals have outreach laboratories that could benefit from a savvy business partner. Perhaps now is the time to open this discussion. 
  • Another option may be to purchase the histology laboratory from the hospital. Again, since the system may see this as a cost, you may be able to joint venture with the hospital to help them save revenue in this time of need. 

We are constantly thinking of ways for our pathology and laboratory clients to generate revenue. Our next webinar will include a list of ideas for laboratories and pathology groups to move forward. 

Who's reviewing revenue strategy with you at this time?

Are you billing all the correct CPT codes? You’d be surprised at what you might be missing. We will review your Fee Schedule/Charge Master at no cost.

That’s right. For free.

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