Leveraging the Laboratory: Mining Your Hidden Revenue Stream
Today’s evolving health care landscape creates new opportunities to leverage your health system’s assets beyond traditional forms of revenue. The laboratory can be one of the top income generators for the hospital. Mayo Medical Laboratories sponsored an event to address the current forces that are shaping and impacting health care, discuss the evolving needs of providers, and identify the role of the laboratory, not only as a hidden revenue source, but also as a catalyst for further success. Conference attendees learned how to effectively leverage the laboratory to develop, implement, and grow a successful outreach program.
This education conference was presented in Rochester, Minnesota from September 26 through September 28, 2012 and began with a series of presentations that focused on high-impact issues facing health care providers today and in the future. Conference presenters spoke to factors that determine the success of a laboratory outreach program and practical tips on what can be done to ensure success.
Day 1 began with Dr. John Noseworthy, president and chief executive officer of Mayo Clinic, welcoming conference attendees to Rochester. This year’s keynote speaker was Maureen Bisognano, the president and CEO of the Institute of Health Care Improvement. She described how the technologies of patient genome sequencing and systems biology promise to change the way medicine is practiced forever. Doctors Farrugia and Ferber from the Mayo Clinic Center for Individualized Medicine spoke to key emerging issues in the field of science. Health care reform initiatives remain uncertain and Kathleen Harrington, division chair of government relations at Mayo Clinic, offered insights to help medical leaders anticipate and plan for the changes that will certainly come.
The second day of the conference offered case study presentations that examined current challenges that laboratories face and what can be done to positively meet these challenges. Afternoon breakout sessions addressed several issues facing laboratory outreach programs. The session on payor contracting focused on the trends and events that affect hospital laboratory participation in health plan contracts. Father Nick Mezacapa, rector of Calvary Episcopal Church in Rochester, Minnesota, described how a group can work together as a team with shared goals and a common vision. In addition, an interactive session presented by subject-matter experts, offered useful information on sales, marketing, patient service centers, billing, customer service, and outreach financial profitability.
Day 3 offered a look at test utilization efforts from the laboratory perspective and offered helpful suggestions as to how the laboratory can keep up with compliance challenges.
Conference attendees also had the opportunity to tour Mayo Medical Laboratories and to network with Mayo Clinic staff and other conference attendees.
We hope you will consider joining us next year for this interesting and informative conference on laboratory outreach. Information on this and all education conferences offered by Mayo Medical Laboratories is available at www.MayoMedicalLaboratories.com.